First-Time Homebuyer? 5 Things You Need to Know Before Purchasing

Buying your first home is an exciting milestone, but it can also feel overwhelming. From understanding mortgage options to choosing the right neighbourhood, there are many important decisions to make. As a first-time homebuyer in Calgary, knowing what to expect will help you navigate the process with confidence and avoid costly mistakes. 

At Tanya Eklund Group, we understand that purchasing your first home is a major investment. Our team of real estate experts is here to guide you every step of the way. Whether you’re looking for affordable homes in Calgary or want to explore first-time buyer incentives, here are five key things you need to know before buying your first home. 

1. Get Pre-Approved for a Mortgage Before You Start Looking 

One of the biggest mistakes first-time buyers make is house hunting before knowing their budget. Getting pre-approved for a mortgage helps you: 

• Understand how much home you can afford based on your income and financial situation. 
• Show sellers you’re serious, making your offer more competitive in a busy market. 
• Lock in an interest rate for a certain period, protecting you from potential rate increases. 

How to Get Pre-Approved: 

• Work with a mortgage specialist to assess your finances. 
• Provide proof of income, debt history, and credit score. 
• Compare different mortgage options for first-time buyers in Calgary to find the best fit. 

Getting pre-approved before shopping for a home will save time and prevent disappointment later in the process. 

2. Budget for More Than Just Your Down Payment 

Many first-time buyers focus only on the down payment, but there are other hidden costs to consider. 

Key Expenses to Plan For: 

• Closing Costs (legal fees, land transfer taxes, home inspection, title insurance) 
• Property Taxes & Home Insurance 
• Utility Set-Up Fees & Moving Costs 
• Condo Fees (if buying a condo or townhome) 
• Maintenance & Repairs (especially for older homes) 

A good rule of thumb is to budget at least 1-3% of the home's purchase price for unexpected expenses. Planning ahead will help ensure you're financially prepared for homeownership. 

3. Consider First-Time Buyer Incentives in Calgary 

To make homeownership more accessible, there are several first-time buyer incentives in Calgary that can help reduce costs: 

• First-Time Home Buyer Incentive – A federal program that provides shared-equity loans to reduce monthly mortgage payments. 
• Home Buyers' Plan (HBP) – Allows you to withdraw up to $35,000 from your RRSP to use as a down payment. 
• First-Time Home Buyers' Tax Credit (HBTC) – A non-refundable tax credit to help offset closing costs. 

Taking advantage of these incentives can lower your upfront costs and make homeownership more affordable. 

4. Choose the Right Neighbourhood for Your Needs 

Finding the right home is important, but so is choosing the right neighbourhood. Consider these factors when deciding where to buy: 

• Affordability – What’s the average home price in the area? 
• Commute – Is it close to work, transit, or major roadways? 
• Amenities – Are there parks, schools, shopping, and dining nearby? 
• Future Growth – Is the area developing? Will your home appreciate in value? 

Best Neighbourhoods for First-Time Buyers in Calgary: 

• Beltline – Great for young professionals who want a walkable, urban lifestyle. 
• Evanston – A family-friendly community with affordable detached homes. 
• Seton – A growing area with new developments and strong resale potential. 
• Killarney – A great choice for those looking for modern infills near the downtown core. 

Working with an experienced realtor like Tanya Eklund Group ensures you find a home in a neighbourhood that fits your lifestyle and budget. 

5. Work with a Trusted Realtor to Guide You Through the Process 

The home-buying process can be complex, especially for first-time buyers. Having a trusted real estate agent by your side makes all the difference. 

• Market Expertise – A realtor provides insight into Calgary’s housing market and helps you find the best deals. 
• Negotiation Skills – They ensure you get the best price and terms on your home purchase. 
• Access to Listings – A professional realtor gives you access to exclusive listings before they hit the public market. 
• Guidance Through Paperwork – From offers to closing, they handle the details so you don’t have to. 

At Tanya Eklund Group, we specialize in helping first-time homebuyers in Calgary navigate the market with ease. Our team is here to support you, from choosing the right home to securing the best deal. 

Final Thoughts: Make Your First Home Purchase a Success 

Buying your first home is a huge milestone, and being prepared will help you make a smart investment. 

• Get pre-approved before you start house hunting. 
• Plan for closing costs and unexpected expenses. 
• Take advantage of first-time buyer incentives. 
• Choose a neighbourhood that fits your needs. 
• Work with a trusted realtor for expert guidance. 

At Tanya Eklund Group, we’re committed to making the home-buying process smooth and stress-free. Whether you're looking for affordable homes in Calgary or need expert advice on first-time buyer programs, we’re here to help. Contact Tanya Eklund Group today to start your home-buying journey with confidence!