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The Ultimate Guide for First-Time Home Buyers in Calgary

Stepping into the real estate market for the first time in Calgary can be both exciting and overwhelming. This guide provides essential tips and information to assist first-time home buyers in making informed decisions throughout their home buying journey.

Understanding the Calgary Real Estate Market

Before you start browsing listings, it’s crucial to understand the current market conditions. Knowing whether it’s a buyer’s or seller’s market will help you gauge your bargaining power and make strategic decisions.

Assessing Affordability

How much mortgage can you afford? Consulting with a mortgage broker can provide you with customized advice and help you secure competitive mortgage rates in Calgary.

First-Time Home Buyer Incentives and Assistance

Calgary offers various incentives and assistance programs for first-time buyers which can lessen the financial strain of purchasing a new home. These programs are worth exploring to potentially save thousands of dollars.

Picking the Right Location

Choosing the right neighborhood is critical. Consider factors like budget, proximity to work, and potential for property appreciation when researching the best areas for first-time buyers in Calgary.

House vs. Condo Debate

Deciding between a condo and a house depends on your personal lifestyle needs and preferences. While condos offer ease of maintenance, houses provide more space and privacy.

Working with the Right Professionals

Partnering with a knowledgeable real estate agent can make navigating the Calgary real estate market easier. They can guide you through property listings, negotiations, and the purchasing process.

Important Steps in the Buying Process

The home buying process involves several key steps from house hunting to finalizing your transaction. Don’t overlook the importance of home inspections to ensure the property's condition before finalizing your purchase.

Closing the Deal

Be prepared for the costs associated with closing the deal, including property taxes and other fees. Understanding these costs upfront can prevent any surprises as you finalize your home purchase.

Mistakes to Avoid

Avoid common pitfalls such as skipping the inspection, not getting pre-approved for a mortgage, or underestimating the total costs of homeownership.

Future Developments

Keep an eye on upcoming developments in Calgary which might affect property values. Being informed about new amenities or transit options can provide valuable insights into future property appreciation.

With the right preparation and knowledge, your journey as a first-time home buyer in Calgary can be a successful and enjoyable experience. Take your time, do thorough research, and make well-considered decisions to find your dream home.

FAQs

What should I consider when choosing a neighborhood in Calgary?

When selecting a neighborhood, consider your budget, lifestyle needs, proximity to work or schools, and the area's overall safety and amenities. Researching the potential for property value appreciation is also advisable.

How can I determine how much mortgage I can afford?

To determine how much mortgage you can afford, consider your annual income, existing debts, and other financial commitments. A mortgage broker can help you understand your options and what you can comfortably afford to spend on a home.

What are the most common mistakes made by first-time home buyers in Calgary?

Common mistakes include not getting pre-approved for a mortgage, underestimating the total costs of homeownership, and failing to perform a thorough home inspection. Avoiding these errors can lead to a more successful home buying experience.

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How To Prepare your Calgary Home before Selling

“You never get another chance at a first impression.” We have all heard this expression before. And now, while you are preparing your home to sell, it should not be far from your mind.

While logical factors such as price and location narrow the pool of houses, a potential buyer will look at, the ultimate decision to buy a particular house is fuelled by a mixture of logic and emotion. And emotion often wins out. For this reason, Calgary Real Estate Agents, when they talk to you about buying real estate, will refer to your purchase as a “home.” However, when discussing the sale of your current home, an agent will refer to it as the “house.” This is a conscious choice. The agent knows that buying a house is often an emotional decision, while, when selling a house, emotion should be separated from the process.

Buyers are searching for a “home” - a place where they will feel comfortable, secure, and happy, a place in which they can imagine settling down and raising their family. As the seller, your goal is to cultivate these feelings through the property you are selling. Look at your house as a marketable commodity. A buyer’s emotional response is triggered early, so you want to ensure you have done everything you can to encourage a positive response to your house from the outset. Within minutes, even seconds, of pulling into your driveway, buyers have formed an impression that they will carry with them through the rest of the showing and beyond. Keep in mind. This impression will influence whether they make an offer and what they consider to be the property’s value.

If you have ever visited model homes, you are familiar with effective presentation styles. Have you ever walked into one of these homes and immediately begun taking stock, planning how to get your home to look that good? Well, now is the time to take some of these steps. Of course, there are ways to achieve the same effect in your own home without incurring show home costs.

When homes create this immediate emotional appeal type, they tend to sell quickly and for more money. Use the following step-by-step guide to get your house into selling shape before you put the property on the Calgary Real Estate Market, and you will be well on your way to a successful sale!

Outside the House

Work your way from the outside in. Your home must possess a certain “Curb Appeal.” Remember, a potential buyer’s first impression of your house is formed while still sitting in the Realtor’s car. So, you need to view your house from this perspective. Stand on the opposite curb and observe your property. Compare it to surrounding properties. Concentrate on the following four areas:

Landscaping

How does your landscaping measure up compared to the rest of the neighbourhood? If you guess it would rate below-average, make a few adjustments. You might want to consider buying some bushes and planting them around the property. If the problem with your yard is not a case of too little greenery but rather too much, get out the pruning shears. The purpose of landscaping is to complement the home, not hide it. Overgrown shrubs should be sheared to a height near the bottom of the windows. Remove any ivy clinging to the side of the house. Tree limbs should be high enough that you can walk beneath. Trim any branches that bar the way. Your lawn should be freshly cut and watered and an even colour. If there are brown spots, make sure you begin to remedy this well in advance of putting the house on the market. You may want to re-sod areas, and you need to make sure these spots are given enough time to grow so that they will match the existing lawn. Rake up any leaves or grass cuttings. Planting a few flowers is an easy way to add colour and vibrancy to your yard, enhancing the first impression of your home. Invest in a full flat of mature, colourful flowers, such as petunias or periwinkles, which last the length of the growing season. If you do not have an area to plant flowers, consider purchasing a few flower pots for your porch and planting flowers or blooming plants.

House Exterior

When you view your house from across the street, does it appear weathered or faded? If so, it is probably time to treat it to a fresh coat of paint. This is usually a sound investment; new paint can do wonders to increase a home’s perceived value. Stay away from unusual or loud colours. The new colour should fit in with surrounding houses and complement the style and structure of your house.

Examine the roof closely. Old or leaking roofs should be replaced. If there are leaks, you will have to disclose this detail to the homebuyer anyway, and they will want it replaced. However, if there is not any apparent damage, wait for word from the Calgary Home Inspector before making repairs.

The Front Door and Porch

The front door and surrounding area should look particularly fresh and welcoming, as this will be the buyer’s first up-close impression as they enter the house. If you paint nothing else, at least give the door a new coat. Replace the doorbell if it is broken and polish the door fixture until it gleams. Wash the mailbox. Keep the porch swept and buy a new plush doormat. All these little things will contribute to the overall effect of a well-cared-for and welcoming home.

Ensure the lock works smoothly, and the key fits properly. When a homebuyer visits your house, the Realtor will open the front door with a key. You do not want the buyers’ first experience to be of waiting on the doorstep while the Realtor fumbles with the lock.

Depersonalize

This should be one of your first steps when you begin preparing your house to sell. Over the years, a home inevitably becomes tattooed with the owners’ lives, covered with touches that have made it that special place for you. At this point, however, you want buyers to recognize it as a property they could make into their unique place. When a homebuyer walks into a room and sees these personalizing touches—such as photos on the walls or trophy collections—their ability to picture their own lives in this room is jarred, impairing a positive emotional response. So, your first step will be to remove all the family photos, trophies, collectible items, and souvenirs. Pack them all together, so you will have everything you need at your disposal when it comes time to personalize your new home. For the time being, rent a storage space and keep these items there. Do not simply transfer these items to another place in your house. Do not hoard them away in a closet, basement, attic, or garage, as the next step in preparing your home is to minimize clutter—and these areas of your house will all be targeted.

Remove all clutter

The next step on the list is to purge your house of the excess items accumulated over the years. This is the hardest part for many people, as they have an emotional investment in many things. When you have lived in a house for several years, a build-up of personal effects occurs that is often so gradual that you do not notice space is becoming cluttered. If you need to, bring in an objective friend to help point out areas that could stand to be cleared. Try to stand back yourself and see your house as a buyer might. Survey shelves, countertops, drawers, closets, the basement—all places where clutter often accumulates—determine what needs to go. Use a system to help you decide: get rid of all items, for example, you have not used in the past five years, and pack up everything you haven’t used in the past year. Although getting

rid of some things might be hard, try to do it without conscience or remorse. You will be forced to go through this process anyway when you move, and with each box, you eliminate your storage space—and the room in general—begins to look larger. We have broken down the process into specific areas of your house to help you concentrate your efforts:

Kitchen

The kitchen is an ideal place to begin, as it is easy to spot and eliminate the type of clutter that tends to accumulate here. Homebuyers will open your drawers and cabinets as they will want to check if there will be enough room for their own belongings. If the drawers appear cluttered and crowded, this will give them the impression there is not enough space.

• First, remove everything from the counters, even the toaster (the toaster can be stored in a cabinet and brought out when needed).

• Clean out all the cabinets and drawers. Put aside all of the dishes, pots, and pans that you rarely use, then box them and put them in the storage unit you have rented (again, not in the basement or a closet).

• If you, like many people, have a “junk drawer,” clear this out.

• Get rid of the food items in the pantry that you do not use. Begin to use up existing food—let what you have on your shelves dictate your menus from now on.

• Remove all extra cleaning supplies from the shelves beneath the sink. Make sure this area is as empty as possible. You should thoroughly clean this spot and check for any water stains that might indicate leaking pipes. Buyers will look in most cabinets and will notice any telltale signs of damage.

Closets

• Go through all clothes and shoes. If you do not wear something anymore, get rid of it. We all have those clothes, too, that we wear only occasionally but cannot bear to give away. Box these items and keep them in the storage unit for a few months.

• Go through all other personal items in the closet. Be ruthless. Weed out everything you do not absolutely need.

• Remove any unsightly boxes from the back of the closet. Put them in storage if need be. Get everything off the floor. Closets should look as though they have enough room to hold additional items.

Furniture

• You may want to tour a few model homes to gauge the type of furniture chosen by design teams to create a spacious yet comfortable atmosphere. Note how that furniture is arranged to cultivate a certain feeling.

• After having armed yourself with some ideas, stand back and look at each of your rooms. What will you need to remove? Remember, most homes contain too much furniture for showings. These are items that you have grown comfortable with, which have become incorporated into your everyday routine. However, each room should offer a sense of spaciousness, so some furniture will likely need to be placed in storage.

Storage Areas

• Basements, garages, attics, and sheds: these are the “junkyard” areas of any given home. It is possible to arrange simple clutter into a certain order, but junk is sent packing to these often-hidden rooms. First, determine which of these boxes and items you need. Can some of it be sent to the dump once and for all?

• Hold a Garage Sale. You’ve heard the saying, “One person’s trash is another’s treasure.” Let these items go to a better home.

• Transfer some items to the rental storage unit. You will want to clear the

storage areas in your house as much as possible for them to appear spacious to potential homebuyers. Buyers want the reassurance that their own excess belongings will find places for storage in their new home.

Inside the House

Once you have cleared the house of excess items, you will have room to work on other areas.

Walls and Ceiling

Examine all the ceilings and walls for water stains or dirt. We do not often look closely at the walls surrounding us, so be careful—there could be residual stains from leaks that have long been fixed or an accumulation of dirt in an area you hadn’t noticed.

Painting the walls may be the best investment you can make when preparing your home to sell. You can do it yourself, and relatively inexpensively. Remember, the colours you choose should appeal to the widest range of buyers, not just to your own personal taste. A shade of off-white is the best bet for most rooms, as it makes the space appear larger and bright.

Carpet and Flooring

Does your carpet appear old or worn in areas? Is it an outdated colour or pattern? If the answer to either of these questions is yes, you should consider replacing it. You can find relatively inexpensive replacement carpeting. And always opt for neutral colours.

Any visibly broken floor tiles should be replaced. But make sure you do not spend too much on these replacements. The goal is not to revamp the entire home but, rather, avoid causing any negative impressions due to noticeable damage or wear around the house.

Doors and Windows

Check the entire house for any cracked or chipped window panes. If they are damaged in any way, replace them. Test all windows, as well, to ensure they open and close easily. Try spraying WD40 on any with which you are having trouble. This should loosen them up.

The same can be done with sticking or creaking doors. A shot of WD40 on the hinges should make the creak disappear. Check to make sure each doorknob turns smoothly and polish it to gleaming.

Odour Check

Begin by airing out the house. Chances are, you would be the last person to notice any strange or unpleasant smell that may be immediately apparent to visitors.

If you smoke indoors, you will want to minimize the smell before you show your home. Take your cigarettes outside for a period of time before you begin showing. Ozone sprays also help eliminate those lingering odours without leaving a masking, perfumed smell.

Be careful if you have a pet. You may have become used to the particular smell of your cat or dog. Make sure litter boxes are kept clean. Keep your dog outdoors as much as possible. You may want to sprinkle your carpets with carpet fresheners as well intermittently.

Plumbing and Fixtures

All sink fixtures should look shiny and fresh. Buy new ones if scrubbing fails to get them into shape. Replacing them can be done easily and inexpensively. Check to ensure all hot and cold faucets are easy to turn and none of the faucet’s leaks. If you do find a leaking faucet, change the washer. Again, this is an easy and inexpensive procedure.

Finally, check each faucet's water pressure and look for any stains on the porcelain of the sinks or tubs.

Once you have covered all these bases, your house will be in prime shape for its time on the Calgary Real Estate Market. Congratulations, you are ready to begin showing!

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Deciding the Best Approach: Sell or Buy Your Calgary Home First?

When embarking on a new home search as a current homeowner, a significant question arises: should you sell your existing home before seeking a new one, or vice versa? Let's delve into both strategies to determine which might be best for your unique circumstances.

The Case for Selling First

Advantages: Selling your current home before diving into the housing market can offer clarity and negotiation power. With the proceeds from your sale, you'll have a clear budget, enabling you to focus on homes within your price range. This certainty empowers you to make compelling, unconditional offers, which sellers often prioritize. As a result, you may secure a better deal or snag your dream home before others.

Considerations: The main concern with selling first is the potential gap between the sale of your old home and the purchase of a new one. This could mean seeking temporary housing, which may not be ideal for everyone. Before choosing this route, assess the feasibility of temporary living situations and weigh the potential inconveniences against the benefits.

Reasons to Buy First

Advantages: Choosing to buy before selling might stem from stumbling upon a rare property or an incredible deal that's too good to pass up. By securing your next home, you avoid missing out on exceptional real estate opportunities.

Considerations: This approach is not without risk. If you face delays selling your old home, you might be burdened with two mortgages. While a home evaluation provides an estimate, the final selling price can be unpredictable. Shouldering the costs of two properties may strain your finances, and in worst-case scenarios, force a hasty sale at a discounted price. Evaluate your financial resilience and risk appetite before opting to buy first.

Navigating Conditional Offers

Overview: Another strategy is placing a conditional offer contingent upon selling your current home within a defined timeframe. This middle-ground approach can offer some flexibility and security. However, it's worth noting that conditional offers may not pack the same punch as firm offers in sellers' eyes, potentially reducing your negotiation leverage.

Drawbacks: Sellers may perceive conditional offers as less serious, meaning you may have to augment your offer to secure the property. Additionally, even if your offer is accepted, there's always a risk another buyer could outbid you before you complete your sale. Moreover, you're bound by the timeframe set in the conditional offer, potentially sidelining you from better deals.

In conclusion, whether you decide to sell or buy first, ensure you're well-informed, consider all scenarios, and consult with professionals to make a decision that aligns with your needs and financial well-being.

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Discovering Calgary's Up-and-Coming Neighborhoods

Calgary is a vibrant city with pockets of growth, innovation, and transformation. When searching for a home, it's beneficial to identify neighbourhoods on the brink of blossoming. Here's how you can spot a Calgary neighbourhood that's trending upwards:

1. **Pride of Ownership Shines Through**

Stroll through the streets and observe the homes. An area where residents take pride in maintaining their properties — manicured lawns, well-kept gardens, and tidy exteriors — speaks volumes about the community's spirit. Such neighbourhoods often indicate resident satisfaction and a sense of belonging.

2. **Real Estate Dynamics**

Are homes selling like hotcakes? And at impressive prices? A surge in real estate activity can signal that a neighbourhood is in demand. Quick sales, coupled with good pricing, can be indicative of a community's rising popularity.

3. **Thriving Local Businesses**

Business investments can be a bellwether for neighbourhood growth. The emergence of upscale boutiques, gourmet eateries, fitness centers, and other local businesses often coincides with the upward trajectory of an area. Such businesses choose to establish in regions they believe have a promising future and a growing clientele.

4. **City's Development Blueprints**

Tap into the City of Calgary's vision for the area. Are there infrastructural enhancements or major developments in the pipeline, such as new schools, parks, or community hubs? While these projects might bring short-term disruption, they usually translate into long-term community benefits and can significantly uplift the neighbourhood's appeal.

In essence, recognizing a neighbourhood's potential is an art that combines observation, research, and a bit of foresight. If you're navigating Calgary's dynamic housing market and need insights on emerging areas, don't hesitate to reach out for expert guidance.

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Breaking Free: How the Fear of Change Could Be Limiting Your Potential

Have you ever wondered why, even when we recognize the potential benefits, embracing significant change can feel so daunting?

From a psychological perspective, there's an innate human tendency to favour the "status quo" or the known. This powerful inclination towards familiarity can often override our aspirations, especially when things seem "just fine." Consider, for instance, the thought of transitioning from your current home to your dream residence. While the allure of a better, more suitable space is appealing, the comfort of the familiar can anchor you to your existing circumstances, making the jump seem challenging.

Visualize to Realize

To challenge this inertia, take your dreams from abstract to tangible. Begin by articulating your ideal living scenario. Desire a 3-bedroom detached home in a bustling family-centric community? Crave specific amenities like a spacious backyard, gourmet kitchen, or minimalistic interiors? Get detailed. By documenting your desires, you're translating your aspirations into something more concrete, making them feel achievable.

Shatter Assumptions with Facts

Before succumbing to hesitations, equip yourself with knowledge. Rather than speculating, dive into the specifics. Understand the potential market value of your current property. Research what your dream home might cost. By grounding your aspirations in real numbers, you can assess the feasibility of your dreams with clarity.

The First Step to Your Dream Home

Discovering that your dream home is within reach can dissolve those psychological barriers. Remember, every significant journey begins with a single step, and that step often requires challenging the comfort of the familiar.

If you're ready to explore the possibilities and get a clear picture of your home transition, I'm here to guide and provide the insights you need. Reach out, and let's embark on this transformative journey together.

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How One Calgary Investor Bought Foreclosures For A New Airbnb Business

How one Calgary investor bought foreclosures for a new Airbnb Business

Our client recently bought 6 condos in one building to operate as his new Airbnb Business. This recently retired accountant crunched the numbers into a solid business plan and took action. His idea became his reality. We all have great ideas, and I’m sure you’ll have some outstanding ones today. Maybe even while you are reading this article. But few of us take action. Many of us tell others about our great ideas in the hope that they will take action and then share the success with us because it was our idea. Good luck with that!

The two main points of this article are that you have to take action yourself, and there are opportunities in Real Estate to create a business for yourself.

Our client bought 6 condos in the same building, and only a few were actual foreclosures. The other condo deals came about from our due diligence on his behalf, leading us to other motivated sellers. He now owns several similar units at the same address. And only has One Condo Board and One Condo Management Company to deal with. And a single set of Condo Documents. One set of Bylaws, One Reserve Fund Study, One Reserve Fund Budget, One Monthly Board Meeting, One Annual Board Meeting, and other unforeseen issues that may pop up from time to time.

He also gets to streamline all other costs to improve and manage his portfolio of condos at a single address. All by taking that first step after the idea popped into his head.

What’s the worst thing that could happen, and could he deal with it? That question should be at the top of everybody’s list when evaluating a great idea. The worst thing that could happen in the case of any business is to have no income for whatever reason. No income is only a problem if you have debt. No Income, No Debt, No Problem. It’s not likely you would lose 100% of the revenue potential. A solid written business plan will tell you your Break-Even point based on debt service, operating expenses and income. Once you have a Break-Even calculation, you will know when your business starts to lose money. So, the worst that could happen is you start losing money. How much could you lose, for how long and could you deal with it? Making sure you have an excellent downside cushion helps you sleep at night. On the other hand, if you have no down-side cushion, your motivation to get it right becomes very focused.

We have many clients that go into business for themselves with Real Estate in Calgary. And they all started with the first one, and the first one could be any type of property that generates income.

They took action on their idea. They focused on their goals and ignored the jealous and envious dream stealers. Taking action is taking a leap of faith in yourself. Don’t let yourself or anybody else hold you back. Get your Great Ideas down on paper, crunch the numbers, find your break-even point and decide if you can deal with the worst that can happen.

Opportunity is knocking; answer the door! We can help you!

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Alberta Foreclosures are sold “As Is”

Three important things to know when buying a foreclosure in “As Is” condition from the banks or the courts are:

  • Buyers take all the risk

  • Lenders typically won’t finance “As Is” properties

  • “As Is” Includes Nothing.

Buyers take all the risk in exchange for a discount on the price.

That would be the basic premise of buying a foreclosure. The seller is, in most cases, the bank or the courts. The foreclosure sellers have not lived in the property. They have limited knowledge about the property, so they use “As Is” to offset the lack of information a traditional seller would have an offer to the buyer. It’s up to the buyer to use all their own resources to mitigate the risk. The most valuable resource for buyers of Alberta Foreclosures is an experienced real estate agent like Jerry Charlton.

Lenders Do Not Like to Mortgage “As Is” Purchases.

Mortgage lenders have two risks they lend against. One is you, the buyer, and the other is the property they get as security. Banks like to take almost zero risk in exchange for low mortgage interest rates. It’s not impossible to finance foreclosures, but it is for most people. Courts will not consider any Offers To Purchase a Foreclosure with conditions like financing or home inspection. Banks are a bit more flexible about conditions. The rule of thumb with foreclosed properties is Cash Is King. Whoever makes the best Cash Offer usually gets the property. This is where a great mortgage agent with access to many different lenders, including the traditional banks, can help you. Renting money is easy!

“As Is” Includes Nothing.

When you buy a home, you usually add into the contract the Stove, Fridge, Dishwasher, Washer, Dryer, Window Coverings, etc.  Not so with foreclosures. Again, the sellers have minimal knowledge about the property, let alone the appliances. Therefore, the sellers of foreclosed properties do not include anything in the sale. What this means to a buyer is if there is a stove, fridge, etc., in the property on the day of the “As Is” possession, then the buyer gets to keep them. If the property is vacant, the appliances usually remain. If the property is occupied, the story could have a different ending.

A real estate agent like Jerry Charlton is the most essential resource a foreclosure buyer can have. He has helped buyers and investors purchase foreclosures for almost 20 years.

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Where To Find Alberta Foreclosures For Sale

Where To Find Alberta Foreclosures For Sale

In the coming months, a lot of people will be searching for Alberta Foreclosures for sale. Banks are raising interest rates on mortgages. Inflation is out of control. The stupid Russian invasion of a free country is wreaking havoc around the world. Oil prices are going through the roof. A recession is on the way and will be sending a lot of people back to the home rental market.

So where does the smart money go in good times and bad? Real Estate that's where, just ask Warren Buffet, Bill Gates, or Jeff Bezos. Billionaires love Real Estate. You can even become a Nut Case President of The USA with the help of Real Estate!

Anyways back to Where Do You Find Alberta Foreclosures For Sale? Right here on my website, we feature all the foreclosures for sale today. New listings get added daily. We can also send you the new listings as they happen which moves you to the front of the line. Quickly evaluate the new foreclosure listings from the comfort of your email box.

Searching and Finding Foreclosures For Sale is just the first step in the process of buying and owning foreclosures.

We are here to help you whenever you are ready. Just call, email, or even text us.

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The Top 5 Places To Find Cheap Calgary Homes

  1. Bank Foreclosures and Court Ordered Sales
  2. Vacant and Abandoned Calgary Properties
  3. Tenant Occupied Landlord Home Sales
  4. Estate and Probate Home Sales
  5. Divorcing Home Owners Who Want To Sell Fast

Bank Foreclosures and Court Ordered Sales are at the top of the list. People have visions of banks sitting on tons of properties that they are willing to sell cheap. It’s a myth in Canada that banks sell homes cheap. Let’s clear this one up right away. Banks do not sell homes cheap in Canada. If you hear a story of someone buying a home cheap because it was a foreclosure, the real story is it was cheap because that was all it was worth in the condition it was in. Chasing foreclosure deals is like chasing ghosts. Good Luck with that.

Calgary Foreclosures For Sale

Vacant and Abandoned Calgary Properties should be high on the list. Why is the home vacant? Who’s paying the taxes, utilities, insurance and maybe a mortgage while the home sits empty. We know it’s not a bank with deep pockets that can wait forever. Vacant properties have a story. Finding out what the story is can lead to an opportunity to make money when you buy those types of homes. Put vacant properties high on your list.

Abandoned and Vacant Calgary Homes For Sale

Tenant Occupied Landlord Home Sales should not be overlooked. Why is the landlord selling? What’s the story? Is it a bad tenant? Is it a retiring landlord? Is it a couple of owners going in different directions? Finding out why these landlords are selling can present some amazing opportunities. Few landlords have any emotional attachment to these homes. They have usually made lots of money already, so aren’t trying to squeeze every last dime out of it. Overlooking Tenant Occupied Properties in your search for Calgary Real Estate Deals is not a good idea.

Cheap Tenant Occupied Homes For Sale In Calgary

Estate and Probate Home Sales happen because the owner has died. Sometimes they have died of natural causes in the home, most times they have not. Someone or a bunch of people have inherited the property. If it’s on the market it’s because they want the money, not the house. It’s very common for battling siblings to inherit a property and just want it sold quickly. Time is more important than money to some. Estate Sales can be great opportunities to snag a good deal.

Probate and Estate Homes For Sale Today in Calgary

Divorcing Home Owners Who Want To Sell Fast is by far the number 1 opportunity to make money buying a home. Money is always an issue, but so is just getting things wrapped up so both parties can move on with their lives. Ask any seasoned Realtor where the best deals are, it’s always divorces.

Home Sales by Divorced Couple in Calgary Alberta

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Welcome to "The MLS® Portal"

Reverse The Home Hunting Process - Make Properties Find You - End Online Search Frustration!

MLS Portal for Calgary Real Estate

Welcome to The MLS® Portal, your single access point for MLS® listing information, brought to you by Jerry Charlton

When you arrive at The MLS® Portal, you may find it convenient to save its website address as a favourite or bookmark in your web browser. This will enable you to easily visit The MLS® Portal at any time.

Listing Information is Provided By Jerry Charlton. 

Jerry Charlton may email listing information to you in two ways: manually or automatically. Both types of emails contain a hyperlink which you can click to visit The MLS® Portal and view the listing information Jerry has prepared for you.

  • Manual ("Direct") Emails: Jerry Charlton may personally compile and send MLS® listing information for you. These emails contain a link to The MLS® Portal where these listings are available for you to view. This collection of listings will remain available for you to view on The MLS® Portal for 60 days.
  • Auto Emails: Jerry Charlton may also arrange for you to receive auto emails. These are also personally set up and controlled by Jerry Charlton but dispatched by the MLS® system itself, based on your criteria. Auto emails also contain a link to The MLS® Portal where matching listings are available for you to view. Auto emails will continue to be sent to you until you ask Jerry to stop them or you unsubscribe from the service yourself.

On the Start tab, you'll see links to any Direct Emails and/or Auto Emails Jerry has prepared for you. Click on one of those links to view the associated listings.

For additional MLS® Portal Tutorials and Guides visit the link below:

Customer Portal Video Overview

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How Much Mortgage Will A Home Rental Payment Carry?

If you cannot pay for a home in full, you are renting. Either you are renting someone else's home or you are renting the money to be able to call it your own home. The big difference is in who gets the equity from your monthlyRent or Own shouldn't even be an argument. Stop Renting Houses, Rent Money Instead. payments. You can rent money via a mortgage and keep the equity or you can add to the landlord's equity every month. Much better to pay yourself by renting the money to buy a home.  

What can you afford? Well, you are probably paying rent plus utilities plus insurance and maybe minor repairs. So chances are good you can afford a mortgage payment based on your rent payments.

This first calculation should be How Much Mortgage would your current home rent payment carry. It's easy to figure out yourself with an excel spreadsheet. Or you could just ask me. Jerry@JerryCharlton.com

But here are the instructions to do it yourself.

You need the formula for a Microsoft Excel spreadsheet based on Canadian Mortgages.

This present value formula is for Canadian Mortgages with Interest Calculated Semi-Annually.

Replace Mortgage Rates with your rate or a cell reference. Same for Amortization and Payment You Can Afford.

=-((PV((1+Mortgage Interest Rate/2)^(1/6)-1,Amortization in Years*12,Monthly Payment You Could Afford)))

The next step is to divide the mortgage amount by the amount you need to finance.

Example 223,231.11 / 95% - 223,231.11 = the 5% Down You Need $11,749.01

Down Payment Plus Mortgage equals $234,980

Here's a quick reference table for you to see the possibilities. Of course, you still would need to qualify for a mortgage, but at least you would know what monthly payment range would be comfortable for you.

Rent Payment Mortgage Interest Rate
    2.50%
 $ 1,000.00 $223,231.11 Amortization
 $ 1,100.00 $245,554.22 25
 $ 1,200.00 $267,877.34
 $ 1,300.00 $290,200.45
 $ 1,400.00 $312,523.56
 $ 1,500.00 $334,846.67
 $ 1,600.00 $357,169.78
 $ 1,700.00 $379,492.89
 $ 1,800.00 $401,816.00
 $ 1,900.00 $424,139.11
 $ 2,000.00 $446,462.23
 $ 2,100.00 $468,785.34
 $ 2,200.00 $491,108.45

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Calgary Mortgage Payout Penalties

When it comes to Calgary home mortgages, it is easy to focus on the mortgage interest rates and your current situation, but the reality is that life happens and when it does, great mortgage rates won’t be the only thing that matter.

At the end of the day, a mortgage is a contract between you (the homeowner) and the bank. As such, there are often mortgage payout penalties involved if the contract is ever broken. This is something that every homeowner agrees to when you sign mortgage paperwork, but it can be easy to forget - until you’re paying the payout penalty. These things do happen as approximately 6 out of 10 mortgages in Canada are broken within 3 years. Should your circumstances change, knowing the next steps can help you navigate the mortgage payout penalty process.

Calculating Mortgage Payout Penalties

Typically, the penalty for breaking a mortgage is calculated in two different ways. Lenders generally use an Interest Rate Differential calculation or the sum of three months' interest to determine the payout penalty. You will typically be assessed the greater of the two penalties unless your contract states otherwise.

Interest Rate Differential (IRD)

In Calgary, there is no one-size-fits-all rule for how the IRD is calculated and it can vary greatly from lender to lender. This is due to the various comparison rates that are used. However, typically the IRD is based on the amount remaining on the mortgage and the difference between the original mortgage interest rate you signed at and the current mortgage interest rate a lender can charge today.

In this case, these penalties vary greatly as they are based on the borrower's specific mortgage and the specific rates on the agreement, and in the market today. However, let's assume you have a balance of $200,000 on your mortgage, an annual interest rate of 6%, 36 months remaining in your 5-year term and the current rate is 4%. This would mean an IRD penalty of $12,000 if you break the contract.

Ideally, you will want to be aware of what your IRD penalty would be before you decide to payout your mortgage early as it is not always the most viable option.

Three Months Interest:

In some cases, the penalty for breaking your mortgage is simply equivalent to three months of interest. Using the same example as above - balance of $200,000 on your mortgage, an annual interest rate of 6% - then three months interest would be a $3,000 early mortgage payout penalty. A variable-rate mortgage is typically accompanied by only the three-month interest penalty.

Paying The Mortgage Payout Penalty

When it comes to making the payment, some lenders may allow you to add this payout penalty to your new mortgage balance (meaning you would pay interest on it). You can also pay your penalty upfront. Whenever possible, if you can wait out your current mortgage term before making a change to your mortgage, it is the best way to avoid being stuck in the penalty box. If you cannot avoid a penalty, do note that, while only calculators can be great tools for estimates, it is best to contact our mortgage agents directly to discuss your mortgage terms and potential mortgage penalty calculations.

CLICK HERE For More Information on Payout Penalties and How To Protect Yourself

Life happens and not always on the same schedule as your mortgage. Do your homework to avoid nasty surprises from your friendly banker!

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