6 Buyer Mistakes
The six that cost Calgary buyers the most money
Six Mistakes That Cost Calgary Buyers Real Money
Most of these are not obvious until after they have happened, and a few are specific to buying in Alberta. Worth ten minutes now rather than finding out at possession.
1. Looking at homes before getting pre-approved
You have to qualify at the stress test rate, not the rate you will actually pay, so the number you are approved for is usually lower than an online calculator suggested. Find that out first, not after you have fallen for a listing.
2. Budgeting the purchase price and nothing else
Legal fees, land titles registration, an inspection, adjustments for property tax, moving costs, and possibly title insurance. Alberta has no land transfer tax, which helps, but closing still costs real money. Have it set aside before you write an offer.
3. Not dealing with the Real Property Report properly
Alberta transactions usually require a current Real Property Report with municipal compliance. It shows where the buildings actually sit relative to the property lines. An out-of-date one, or a deck or garage built without a permit, becomes your problem after possession. This is the Alberta-specific one buyers from other provinces have never heard of.
4. Skimming the condo documents
The reserve fund study, board minutes and financials tell you whether a special assessment is coming. A building with a healthy monthly fee and a funded reserve is cheaper over five years than one with a low fee and no plan. Get them reviewed properly — this is where Calgary condo buyers get hurt.
5. Walking into a show home unrepresented
The person in the show home works for the builder. You can have your own REALTOR® at no cost to you, but usually only if they are with you on the first visit. Register alone and you may lose that option for that builder entirely.
6. Waiving conditions to win
In a competitive situation it is tempting to drop the financing or inspection condition. Sometimes that is the right call and sometimes it is how people end up owning a foundation problem they cannot finance. There are usually other ways to strengthen an offer — ask before you give up your protection.
Ask Before, Not After
Every one of these is cheap to avoid and expensive to fix. Tell us where you are in the process and we will tell you what to watch for in your situation — whether you are buying this month or next year.
