Everyone wants to own a home in a city like Calgary where the prices of both single family homes and condominiums have been rising month-on-month. But buying a residential property is not easy and not many people can afford to invest in one. If you have been checking the listings with homes for sale in different neighbourhoods of Calgary and are serious about a purchase, do you really present yourself as a genuine prospect to the sellers?
Here are some traits that help property sellers to distinguish an interested buyer from the ones who simply make inquiries but have no real intention or budget to buy a home:
A buyer who can play the game as per existing market conditions – A buyer who keeps complaining, "every house in the neighbourhood is overpriced, I will not pay that much", is not conforming to the marketplace. As a serious buyer you need to do your research on real estate market conditions and have a realistic expectation of the price.
A buyer who has substantial savings or proceeds from another sale to invest in a home – Any mortgage lender will want a prospective buyer to have a reserve. You cannot afford to take every penny you have, to create a sum for your home purchase. Some amount must be saved as an emergency fund. If you recently sold one of your own residential or commercial properties the funds from it can be invested in a new and better home.
A buyer who is keen to see the property and asks relevant questions – If you are sincere about buying a house and come to know of one advertised for sale in your preferred neighbourhood, you will want to see it physically before you negotiate for a price. You can call the seller or ask your realtor to arrange a visit. If you feel interested in the unit you may want to ask the seller about the age of property, the time within which he/she can let you move in, the advance booking amount he/she expects you to pay and other questions that show your interest in the deal. An experienced realtor will be the right person to help you further in this regard and in closing the deal successfully.
A buyer with resources and time to maintain a home – You may be buying a home or even a condo, it does require upkeep and you ought to be prepared for the same. With a single family home or villa, you may have a garden or yard to take care of. Then there are window panes to wash, roof shingles to check, a driveway to clean and in winters snow to remove. So after buying a property you should also have funds and patience to sustain it.
A buyer who is employed with at least two years in job – This holds true particularity for first time home buyers and the ones who apply for a loan to buy a property. Lenders expect to see stability in your employment history to ensure that you will be able to pay on your mortgage.
Ownership of a residential property in market where prices are increasing is something to feel nice about. When a bigger house is not in budget, you can consider buying a condo especially if you live alone or have a small family. But it is important to be aware of the conditions in market and start visiting the places where you plan to have a home. Your behaviour can always tell an experienced realtor and a seller about your level of interest in finalizing a deal.