Purchasing a property is a significant investment, whether it's a home, land, or commercial space. That's why it's essential to understand the real estate process and industry. Whether you're a first-time buyer or an experienced one, this step-by-step guide will help you navigate the process of buying property in Calgary.

Step 1: Educate Yourself

Before you start searching for properties, it's crucial to educate yourself on the Calgary real estate market. Research and understand the current market trends, including the average property prices, the types of properties available, and the different Calgary neighbourhoods. This will help you make informed decisions about the type of property you want to buy, the location you want to live in, and the budget you can afford.

Warning: Be cautious and stick to resources that are relevant to the country or area where you plan to buy property, as the laws and procedures for property transactions can vary significantly and cause potential complications.

Here are some resources you can use to educate yourself on the Calgary real estate market:

Real Estate Websites – There are several real estate websites such as Realtor.ca, Zoocasa, and Royal Lepage that provide detailed information on properties for sale in Calgary. These sites also offer resources such as neighbourhood guides, market reports, and property-buying tips.
Real Estate Books – There are several real estate books available, such as "Real Estate Investing in Canada" by Don R. Campbell, "Real Estate Principles: A Value Approach" by David C Ling and Wayne R Archer, and "The Complete Idiot's Guide to Buying and Selling a Home" by Shelley O'Hara. These books provide detailed information on real estate investing, the home-buying process, and industry trends.
Real Estate Podcasts – Podcasts such as “The Truth About Real Estate Investing for Canadians” and "The Loonie Hour" offer valuable information on real estate investing, market trends, and the home-buying process.

Step 2: Book a Meeting with Your Real Estate Agent

Once you've acquired a solid understanding of the Calgary real estate market, it's time to schedule a meeting with your real estate agent. A local real estate group, such as SGG Real Estate Group (that's us!), can provide invaluable insight into the Calgary market, help you find a property that meets your needs and budget, and offer guidance on how current market conditions may affect your specific situation.

Skipping this step is not recommended . Having proper representation is critical in navigating the ever-changing real estate market. By sitting down with your agent, you'll be able to discuss your goals and determine an appropriate action plan, enabling you to confidently move forward with your property purchase.

Step 3: Financing Your Purchase

As you embark on your property-buying journey, it's important to have a solid understanding of how you'll finance your investment. Before you start looking at potential properties, consider your financing options to avoid disappointment later on.
There are three primary sources of financing to consider:

Traditional Banks – If you have a strong relationship with your current bank, this can be a viable option for securing financing. Typically, you can secure favourable mortgage terms and rates through traditional banks.
Mortgage Brokers – With access to a broad range of lenders, mortgage brokers can provide you with the most comprehensive selection of financing options. They can work with most of the major banks, in addition to many other lenders, to help you find the best option for your specific financial situation.
Creative Financing – If you're investing in property or unable to secure a mortgage through traditional banks or brokers, creative financing options may be available to you. These options can be quite varied and offer unique financing solutions.

By carefully considering your financing options before beginning your property search, you can ensure that you're equipped with the resources you need to make informed decisions throughout the buying process.

Step 4: Launch Your Search

With a solid understanding of your financing options and the Calgary real estate market, it's time to begin your property search. This is where the excitement really ramps up! Armed with knowledge about the type of property you're looking for and the price you can afford, you'll set up a property search that will notify you (usually via email) when a new property matching your criteria enters the market.

Once you've identified some potential properties, it's time to hit the pavement and start attending showings. Remember to keep your initial meeting's goals at the forefront of your mind , as this will make the process much easier and less stressful. During showings, if you encounter a property that doesn't align with your goals, it's easy to dismiss it. However, if it meets your criteria, you can add it to your shortlist or even make an offer.

By quickly identifying properties that align with your goals, you'll save time and avoid the frustration of viewing countless homes that aren't a good fit for your needs.

Step 5: Make An Offer

After identifying a property that suits your criteria, it's essential to prepare and present an offer, which involves several crucial steps:

Property Research – To determine the appropriate offer price, you should investigate the property's selling history and assess its price relative to the current market. This requires research into similar properties on the market and those that have recently sold.
Terms – The terms of the contract are the agreed-upon clauses that must be upheld; otherwise, a breach of contract will occur. While some terms are standard, others can be customized and negotiated.
Conditions – Conditions are contractual clauses that must be fulfilled before the transaction can proceed. The most common conditions include a home inspection and buyer financing approval. If these conditions are not satisfied, either the buyer or seller can walk away from the contract without penalty.
Deposits – To submit an offer, you’ll require a cheque and readily available funds for a deposit. This deposit demonstrates your good faith in the transaction and will be fully refundable if the purchase conditions are not met.
Price – Only two factors are negotiable in a real estate transaction: price and terms. Once you've determined your desired terms and conditions and completed your property research, you can determine the appropriate offer price. This will depend on a variety of variables specific to the property, such as market competition and how long it has been on the market.
Offer Presentation and Acceptance – After the offer is written and signed, it's up to your agent to present the offer to the seller. This can occur in person or by fax, with negotiations occurring by phone. Once a counteroffer is received or the offer is accepted, all parties will sign the documents.

Remember to keep in mind unique ways to meet the seller's needs while achieving your goals, as this can impact the negotiation process beyond just the price. By carefully considering all of the above factors, you can make a compelling and competitive offer that sets you up for success.

Step 6: Satisfy The Conditions of Sale

After your offer has been accepted, it's time to move forward with satisfying any conditions outlined in the contract. This may involve arranging and completing a home inspection, providing personal and property information to your mortgage broker or bank, or conducting additional research as needed.

As your trusted real estate professionals, we’ll play an essential role in helping you gather and verify the necessary information to ensure a smooth process. Once all conditions are satisfied, a decision to proceed is made, and written notice is provided to the seller and their agent. At this point, the sale is considered "firm," and the property will be marked as "sold" for advertising purposes, indicating that the transaction has been successfully completed.

By carefully managing the condition-fulfillment process, we can help ensure a seamless and stress-free experience as you move toward property ownership.

Step 7: Prep For Possession

As the possession date approaches, it's important to stay organized and prepare for a smooth transition into your new home or property. Here are some essential steps to take:

Lawyer – If you haven't already selected a lawyer, now is the time to do so. Your lawyer will require all necessary paperwork ahead of time to ensure a seamless closing process. Your agent can help you ensure that everything is in order before meeting with the lawyer about a week before the possession date.
Down Payment – Ensure that your down payment is readily available, as you may need to transfer funds or liquidate certain assets. Be sure to consult with your bank or mortgage broker to make the necessary arrangements.
Movers – If you plan to hire professional movers, be sure to book early, as the most common possession dates can fill up quickly.
Insurance– No insurance = no financing = no property. Both your lawyer and your mortgage lender will require proof of insurance before the possession date. Be prepared to answer questions about the age and condition of the home and its features.
Utilities– Arrange for utility services to be transferred to your new address in advance of the possession date. Don't forget to cancel services at your previous residence.
Mailing Address – Take the time to gather all important documents and make a list of subscriptions, automatic payments, and organizations with which you are affiliated. Notify them of your new mailing address and the possession date to ensure that you don't miss any important mail.

Completing these important tasks in advance can help you reduce stress and make the transition to your new home or property as smooth as possible.

Step 8: Possession Day

The big day has arrived! On possession day, it's important to meet with your agent at the property at least 30 minutes before the possession time for a complete walk-through of the home. During this time, you can inspect the property to ensure that everything is as it was agreed upon in the contract. Look out for damages that may have occurred during the move and ensure that all appliances and systems are in working order. By performing a thorough inspection, you can notify your lawyer of any issues before the keys officially change hands. In the event of any problems, the keys will still change hands, but the seller will be responsible for taking reasonable action to remedy the issue. Failure to do so may result in a breach of contract, and the buyer may pursue legal remedies accordingly.
With the walk-through complete and any issues addressed, it's time to officially take possession of your new property. Congratulations on your successful purchase!

Step 9: Follow Up

Congratulations, you're now a proud homeowner! While the transaction may be complete, you may still have questions or concerns that arise after taking possession of your new home. Don't worry, we've got you covered.

In a few days, you can expect a follow-up call to ensure that everything is in order and to address any questions or concerns you may have. Be sure to write down your questions in advance, so you can make the most of this opportunity.

Of course, if you have any additional questions or concerns, don't hesitate to give us a call. Our agents are always available to assist you and ensure that your transition into your new home is as smooth and stress-free as possible.