10 insider tips to help you move up to a bigger house, faster

You’ve probably heard some of your entourage half-bragging/half-complaining about their house-hunting experience at least once in your life, but likely in the last year. TBH though, this whole process doesn’t have to be a learn-as-you-go sort of thing,  granted you have the right knowledge in hand and the right agent by your side. That’s exactly why we chatted with the experts at CIR Realty, who’ve been navigating Calgary and its surroundings since 1983, to give you the 10 best home buying tips in Calgary right now.

Spend one year saving

We get it – saving is tough, especially when it often means cutting out some of our favourite things like Starbucks on the way to work. But 12 months of saving can go a long way when getting pre-approved for a higher mortgage towards your dream home. Struggle now, you’ll thank us later!

Reduce your living expenses

Consider consolidating your credit card debt and looking for less expensive home/auto/health policies. A few phone calls will do the trick. Fewer liabilities = better mortgage qualifying chances!

Get a co-signer

Need some financial backing on that higher mortgage? Getting a co-signer makes your application hella more attractive to the lender. Note that a co-signer has to have a “family” relationship with you in order to be considered. Just make sure your monthly payments are still affordable, ‘cause no one wants to be house poor.

Ask for an early inheritance

There is a decent chance that your mom, dad or grandparent may have put some money aside for you in their will, you might just need to ask. The great news for them is your family will still be around to see how happy that little nest egg they put away is making you!

Consider a semi-detached home

Looking for more square space but can’t afford it? If you can’t make the leap to a detached home right away, but need to get out of that condo, making a move to a semi-attached home could be a great option.

Buy old(er), fix it later

Let’s face it. Everyone wants a fully renovated home. The catch? They cost A LOT more money. If you find your dream house but it needs some fixing up, get your foot in the door first! Some DIYs on the weekend never hurt anybody, plus, you can pick the details you actually like! 

The ‘burbs are sweet too

There is a premium for inner-city housing. Pick communities just on the outer edge of what is considered “central” and instantly get more bang for your buck. Plus, with more flexible work options these days, who needs to live right downtown anymore?

Interest rates can be a game-changer

Interest rates make a massive difference when it comes to your monthly payments, so take every advantage you can of a low rate environment. Renegotiating your loan at a lower rate than you may be paying now is also an option to keep in mind if you already own a property. 

Consider getting a property that can be partially rented out

If you can afford to give up some space, renting a portion of your home can generate anywhere from $800-$1500 in extra cash flow per month – literally cutting your monthly mortgage payments to less than half. That’s definitely a win in our books!

Trust your Realtor

Working with a Realtor to buy a home has 101 advantages, and one of those is that they know exactly how long a home has been on the market and how many price reductions it has gone through. Can’t afford anything over $500,000? If there are homes listed for $540,000 that has been on the market for a few months, someone may be more than happy to accept your $490,000 offer!

And there you have it, folks! Ready to make a move towards your dream home? Contact a local CIR REALTY market specialist on their website.