Buying / Selling Check List
Streamline your real estate experience with our Buying/Selling Checklist. Whether buying your dream home or selling a property, our concise guide covers essential steps for a smooth and successful transaction—Trust First Place Realty to guide you through this process.
Buying Checklist
Define Your Financial Plan
Determine your budget by assessing your total income, savings, and investments. Account for additional expenses such as property taxes, utilities, and maintenance.
Secure Mortgage Pre-Approval
Gain pre-approval for a mortgage to narrow down your home search and enhance your attractiveness to sellers. Compare rates and terms from different lenders.
Select Your Ideal Neighborhood
Calgary boasts diverse neighbourhoods; consider factors like proximity to work, schools, public transport, and amenities. Research crime rates and trends for a location that aligns with your lifestyle.
Property Preferences
Identify the type of property that suits your needs, from single-family homes to condos. Make a checklist of essential features like bedrooms, bathrooms, outdoor space, and desired amenities.
Engage a Knowledgeable Realtor
Hire a real estate agent well-versed in the Calgary market. Their expertise will guide you through the process and help you find a property that meets your criteria.
Stay Informed on the Real Estate Market
Stay updated on Alberta's real estate market conditions to understand whether it's favorable for buyers or sellers, impacting your negotiation power.
Prioritize Property Inspections
Never skip a professional property inspection to uncover any hidden issues. Ask questions during the process to make informed decisions.
Legal Guidance
Employ a real estate attorney to handle legal aspects, review contracts, ensure documentation is in order, and safeguard your interests.
Explore Financing Options
Investigate various financing options, including government assistance programs or incentives for first-time buyers.
Estimate Closing Costs
Understand potential closing costs, including legal fees, title insurance, and land transfer tax, to avoid surprises.
Understand Property Taxes
Research property tax rates in your chosen neighbourhood within Calgary to budget appropriately.
Home Insurance
Secure homeowners insurance before closing to protect your investment and gain peace of mind.
Negotiate Strategically
Work with your realtor to negotiate a fair offer for your dream home, considering market conditions and property value.
Review Condo Documents
If purchasing a condominium, thoroughly review the condo association's documents, focusing on rules, fees, and potential assessments.
Plan for Future Needs
Consider future plans, such as family expansion or downsizing, and evaluate how the chosen property accommodates these changes.
Multiple Property Visits
Visit the property at different times of the day to assess the neighbourhood, traffic patterns, and overall livability.
Consider Resale Value
Even if planning for a long-term stay, assess the property's resale value by looking for features and locations likely to appreciate.
Homeowner's Association (HOA) Rules
If part of an HOA, review rules and regulations to ensure they align with your lifestyle and expectations.
Evaluate School Districts
Quality nearby school districts can impact property value and resale potential, even if you don't have children.
Plan for Upgrades
Anticipate potential upgrades or renovations, factoring these costs into your budget and timeline.
Selling Checklist
Evaluate Property Value
Conduct a precise evaluation of your property's value. Consider factors like location, size, and unique features to establish a competitive price.
Prepare the Home
Ensure your home is in optimal condition. Make minor repairs, paint if necessary, and declutter to highlight spaces.
Hire a Real Estate Agent
Consider hiring a real estate agent experienced in Alberta's real estate market. They will guide you through the process and maximize your property's visibility.
Professional Photography
Invest in professional photographs to showcase your property effectively online. A strong first impression is crucial in the current market.
Effective Marketing
Collaborate with your agent to develop effective marketing strategies. Use online platforms, social media, and printed materials to highlight your property.
Implement Strategic Improvements
Identify strategic improvements that can enhance your property's appeal, such as kitchen or bathroom updates. Consult with your agent to determine the most cost-effective investments.
Organize Documentation
Prepare all necessary documentation, including property titles, maintenance history, and financial details. Providing this information streamlines the process for potential buyers.
Optional Pre-Listing Inspection
While not mandatory, consider a pre-listing inspection to address potential issues before buyers discover them.
Negotiate Terms
Work closely with your agent to negotiate favorable terms. Set an initial price that allows for some flexibility during negotiations.
Prepare for Your Move
Anticipate the moving process. Begin packing non-essential items and organize logistical details in advance for a smooth transition.
Plan Viewing Days
Coordinate convenient days and times for property viewings. This allows potential buyers to explore the house in a comfortable setting.
Legal Considerations
Work with a real estate lawyer to review legal documents and ensure a seamless transaction.
Professional Closing
Ensure you have professionals for the closing of the sale, including lawyers or notaries, to guarantee a smooth and legal transition.
Clear and Clean
Clear the property before viewings and maintain cleanliness. A tidy home is more attractive to buyers.
Understand Closing Costs
Familiarize yourself with closing costs, which may include legal fees, property transfer taxes, and other expenses related to the sale.
Understand Real Estate Taxes
Research and understand real estate taxes in Alberta. This helps explain these details to potential buyers.
Maintain Open Communication with Your Agent
Stay in constant contact with your agent to receive updates on the selling process and adjust strategies as necessary.
Prepare Property for Buyer Inspection
Before buyer inspections, ensure the property is in good condition and ready to be evaluated.
Offer Strategic Incentives
Consider offering incentives, such as additional improvements or price adjustments, to attract potential buyers.
Effective Closing Strategies
Collaborate with your agent to implement effective closing strategies that ensure a successful and satisfactory transaction for both parties.
