Buying Calgary Magazine : simplebooklet.com

IN THIS ISSUECalgary - The Gateway to the westWhere the prairies meet the mountains52Buying a HomeNavigating the commuity’s and style of homes8111213A few questions to get startedYou need to determine your wants and needsRealtor® Versus No Realtor® A real discussion on consumer relationshipsFor Sale By OwnerHow to sell your home yourselfChecklist preparing to List your homeEverything you need to know prior to sale1591113Mortgage broker or Lender directWhich avenue will be right for you?GlossaryIndustry jargon explainedWhy choose Patrick HospesA highly respected industry professional

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PatrickMagazine3Information gathered within is to be used as a guide to buyers and sellers of Real Estate in the Calgaryand surrounding area. make decisions as to what business models will be of best advantage to themwhen real estate needs arise. The information contained within is not guaranteed and might not beconsidered accurate for individual needs. It is not intended to solicit persons currently under contractwith another industry professional.Licenced in Calgary, April 2002 Written: 2018 Calgary, Alberta, CanadaOUR CONTRIBUTORSCARRIE-ANN JOHNSTON ANDREW NAKASKAPATRICK HOSPESExecutive assistant to Patrick Hospes whohelps run the show, maintains paperwork anddaily work-flowGraphic designer who incorporatesphotography and videography for a polishedmarketing experiencelicensed Realtor® armed with 23 years of realestate expertiseCOMPLETE REALTY

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Letter from the Realtor®Understanding the extreme pitfalls of the real estate market was my key to the real estate industry. Afterimmigrating to Canada in the early 1980s my father received his Calgary real estate licence, shortly afterthe real estate market in Canada went bust... the brokerage went bankrupt and all of my father'spotential earnings for ½ of the year were lost. For the family it was devastating... How do you now payfor groceries... mortgage... and heat inthe winter!!! Knowing first hand the potential for difficulty as a professional in the real estate industry, I jumped inwith both feet to help others with entry and exit strategies to the real estate industry. Upon my joiningthe Calgary Real Estate Board in 2002 I learned a few fundamental truths. The home is a sacred placewhere we want to be safe, build families and create loving memories that last a lifetime. Because of this,many of the decisions that home buyers and sellers make may be influenced by emotionand it may beone of the most stressful times that an individual endures. Never forgetting the compassion to protect and help shield my clients frommany of the difficulties thatarise throughout a marketing, negotiating, or closing process is vital for being able to sleep at night. Myclients expect and demand a fierce, focused and seasoned negotiator. I easily bring this to the table. Ifyou become a client or use the information inthis book to help tackle the sale of your home yourself, Ihope you will find this book useful, and that your Real Estate experience is the best possible. Throughout these pages, we will explore the needs and wants of the consumer or client, and thestrategies that it takes to create a successful sale. By helping hundreds of clients, and being in contactwith dozens of people who are asking similar questions which begin with what, where, when or how, Ihave taken it upon myself to put into perspective the order, frequency and priority of the day to dayactivities THE HOME IS A SACREDPLACE WHERE WE WANTTO BE SAFE, BUILDFAMILIES AND CREATELOVING MEMORIES THATLAST A LIFETIME.Patrick Hospes4

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6Growing up in Calgary, I've learned to love this city! I think of myself as an ambassador,representing the city and everything that makes Calgary great. Being well traveled Ialways feel enlightened when I come home, knowing that home is where the heart is!Calgary is mostly made up of a grid system that separates the city into 4 quadrants.Avenues and Streets branch off from the city’s core; creating order in the expandingcity. The natural water ways disrupt the grid and allow natural habitats for wildlife toco-exist, offering green space and a well connected pathway system and many multiuse areas. I consider Calgary commutes relatively easy compared to other world class cities andthere is a solid effort in cultural and art appreciation. I wonder; what's not to love? Iboast that Calgary has some of the finest water in the world. We tum on atap and don'tthink twice about filling a glass and drinking the contents. Even if the world turns awayfrom many of the natural resources it consumes, fresh water will grow to be the largestand possibly the most valuable commodity. I think of this in our daily responsibility asstewards to the Earth. In 2024, Forbes Magazine ranked Calgary as the Worlds Cleanest City by the MercerQuality of Living. Calgarians watch the winter forecasts waiting for the welcome"chinook winds" which melt the ice and add a reprieve from a cold winter night the dayprior. One of the fondest local sayings that always puts a smile on my face is "if youdon't like the weather, just wait 5 minutes". Winter allows for cold weatherappreciation; there is hockey, where the Calgary Flames ignite the spirit of fans acrossthe world, tobogganing, ice skating, skiing, snowboarding, snow shoeing, cross countryskiing, ice fishing, and many more activities. Having close access to world classfacilities make them even more enjoyable. In the summer, there are festivals and family orientated activities, with biking, hiking,swimming, rafting, fishing and more ways to fill the leisure days. With access to themountains only 80 km (50mpg) away, we have the world's largest playground (RockyMountains) at our finger tips. Every year in early July, the Stampede Parade kicks off 10days of 'The Greatest Outdoor Show on Earth'. Cowboys line the streets with their hats,pancake breakfasts, 3 rodeos, chuck wagon races, music and a Western spirit unlikeany other seen in the world. Much of the economic activity in Calgary is centered onthe petroleum industry, however, agriculture, tourism, transportation (logistics),services and high-tech industries are contributing to the city's fast economic growth. Icould go on...but these are some of the most compelling reasons why people chooseCalgary to live. If you wish to know more, please don't hesitate to ask.

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By Patrick HospesPhotography by Andrew NakaskaPUTTING TOGETHER AQUALITY DEAL REQUIRESEXPERTISE COMBINED WITHDESIRE 7THECALGARYReal EstateEngineIf we were to imagine that a real estatetransaction is similar to a bicycle drive train, itis easy to see that there are gears and a chain.Let's say each gear tooth is a person who has adirect role. Whether it is a mortgage professional,paralegal, surveyor or a clerk at the land titlesoffice, they all have a key role to play. The chain is simply the desire to purchase ahome. When handled correctly and right fromthe start, the wheel turns smoothly, and thereis a great experience ready to unfold. Now let's consider that if there is a miss in thegearing... the ride may be rough or the chainmay break. The consequences now are thatthere may not be a transaction after all or theremay be costs to repair.

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8Congratulations on taking this firststep toward buying a home. Pride ofhome ownership is indeed one oflifes greatest joys and biggestaccomplishments. It is an excitingtime and my hope is that this bookwill bring clarity and peace of mindduring your home buying journey.Let's get started!is deciding where you want to live,what type of home you are lookingfor and what features are "musthaves" or "would be nice to have" ina home. Invariably, there will betrade offs, but rest assured I amhere to help sort through theoptions to find you the best home,at the best price and with as manyof your wants and needs aspossibleBUYING AHOME in CalgaryTHE FIRSTSTEP

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9Buying a home is an emotional journey for many people, and it cantrigger a wide range of feelings throughout the process. Here's anoverview of the common emotions that people experience when buying ahome:Anxiety2A magazine is a periodical publication,which can either be printed or publishedelectronically. It is issued regularly, usuallyevery week or every month, and it containsa variety of content. This can includearticles, stories, photographs, andadvertisements.1ExcitementThe thought of owning a home can bethrilling. Many buyers feel a sense ofaccomplishment, anticipation, andhappiness when they find a property thatsuits their needs and desires. It's often theculmination of years of saving, planning, anddreaming.3HopefulnessA magazine is a periodical publication,which can either be printed or publishedelectronically. It is issued regularly,usually every week or every month, and itcontains a variety of content. This caninclude articles, stories, photographs,and advertisements.

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10Fear often emerges when faced with the enormity of the decision. Homebuyersmay worry about the financial burden, their ability to keep up with mortgagepayments, or whether they’ve made the right choice. There's also fear aboutpotential repairs or problems that might arise after moving in.After months of searching, negotiating, and paperwork, many people feel adeep sense of relief when they finally close on a house. The stress of theprocess is over, and they can look forward to the next chapter.Owning a home can create a sense of pride. It’s a milestone that reflects aperson's hard work, dedication, and financial success. For many, it’s a symbolof independence and achievement.Some buyers experience a strong emotional connection to a home, especially ifit has personal significance, such as a family home or a place tied to childhoodmemories. This can evoke feelings of nostalgia and sentimental value.There can be a sense of overwhelm, especially for first-time buyers. There arenumerous decisions to be made—choosing neighborhoods, selecting features,comparing offers, and dealing with the unknowns of homeownership.The process can take months, and during that time, buyers may feel frustratedor impatient, especially when it feels like things aren’t moving fast enough orthere are delays in closing.Finally, many buyers experience gratitude—thankful for the opportunity to owna home, secure their future, or for having found the perfect space. There’soften a deep appreciation for the support of family and friends, or the ability tofinally make the home their own.EACH OF THESE EMOTIONS CAN VARY IN INTENSITY DEPENDING ON THE BUYER'SCIRCUMSTANCES, EXPERIENCE, AND THE CURRENT REAL ESTATE MARKET. ULTIMATELY,BUYING A HOME IS A SIGNIFICANT EMOTIONAL EVENT FOR MOST PEOPLE, BLENDING JOYWITH A MIXTURE OF OTHER FEELINGS.456784910FearReliefNostalgia or sentimentalityImpatienceOverwhelmGratitudePride10

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A few questionsTO GET STARTED11 What are you looking for in a kitchen, family room? Do youwant a separate dining room? What is your preferred layout? What are your high priority features? Appliances, ensuite,fireplace? What other types of rooms do you need? Main floorlaundry room, home office? What about storage space?Basements, lockers? Do you need a garage or extra parkingspaces? Is energy efficiency important? Newer windows or ahigh-efficiency furnace? How is your daily commute? How easy is it to get to the places you need to go? How closedo you need to be to transit, shopping, schools, hospitals? Arethere any important location factors? Backing on to parks,road traffic? What size of yard are you looking for? Is thebackyard important? Or is aside yard okay? What about thefront yard? What other landscaping features are important? A fenced yard, play areas,pool, gardens? Is it important whatdirection the house faces? Who are you sharing this homewith and what are their needs? For example, pets might need a fenced yard or extendedfamily requires a separate entrance. How much do you wantto invest beyond the purchase price of the home in terms offinancial or sweat equity, if you can't find all the features thatyou want? 7 How long do you plan to live here? That canimpact the type of home, the location and how much you willspendWhat type of home are you looking for? Single family, semi-detached? Whatstyle of home is best for you? Bungalow, split level, two storey, duplex? Whatabout the age of the home? How many bedrooms and bathrooms do you need?

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Talk with aSpecialist1 Talk with a mortgagespecialist. There arehundreds of options tochoose from when it comesto lenders. Independentmortgage brokers tend tooffer the most optionsbecause they do not justwork with one bank.However, if you have a goodrelationship with your bankor financial institution,contact them as your firststep towards finding theright mortgage for you. Besure to compare rates.12Submit yourapplication2A mortgage broker willcollect your financial andpersonal information in orderto find out how muchmortgage you can carrySTEP 2Getting Pre-approvedfor amortgageThe mortgage industry is ahighly competitive field and itis important to understandthat interest rates canchange at any time.Partnering with a mortgagebroker or financial institutionto help you find the rightmortgage product at the bestrate is key to your homebuying process.

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123GatherDocuments The mortgage broker willgive you a list ofdocuments that thebanks/lenders need tofinalize the mortgageVerificationof details4They will do their checksand balances to make surethat you are not getting inover your head.5Pre-approval Obtain a copy of yourpre-approval. This maybe a powerful tool.Having that pre-approval documentationcan offer you severalbenefitsSave time by only looking at properties that you can afford. Save you money. Rate guarantees andmortgage terms can save you money for years to come. Less stress throughout the process. You willknow that you are ready and capable of buying a home. Get a better deal on the home that you want.Sellers like to know that buyers already have financing in place13

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The Listing Agent The Listing Agent is under contract with the seller to market and sell their propertyfor the best possible price. Working with a listing agent means that they can: Arrange a showing of theproperty. Provide details about the property. Explain all the forms and agreements related to buyingthe property. Your Personal REALTOR® When you engage the services of your own personal agent- someone whois under contract to work solely in your best interest-you get all of the same services listed above plus. Your personal REALTOR® provides: Confidential assistance that addresses your needs first. Honest,loyal and diligent care, free from any conflicts of interest. Access to all listings including MLS, bank-owned properties, distress and estate sales, even homes that were previously on the market where theseller might still be interested in selling.Expert advice on useful clauses such as home inspections and financing toprotect you fully. Expertnegotiation of the offer to purchase, to achieve the best possibleprice and terms. Expert advice onmarket value, inclusions, location, as well as help you decide when you should walk away. Discovery and disclosure of all information about the property including liens, warranties, disclosures,sellers purchase price, and market and planning activity in the area. As your personal REALTOR®, ourjob is to ensure you are an educated buyer in all aspects of your home buying process.Choosing aREPRESENTATIVEIT'S IMPORTANT THAT YOU UNDERSTAND WHOSE INTERESTS REALTORS® ARELEGALLY BOUND TO SERVE IN A REAL ESTATE TRANSACTION.14

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My buyers know the current fair market value ofthe home that they want to purchase so they donot overpay. Everything available on the market now withintheir criteria, as well as what is potentially comingto market soon, so they can compare. They receive the most relevant and up-to-datemarket information available. When they havefound a great home at a great price. Howcomforting it feels to have their personal interestsprotected. They are in a strong negotiatingposition with us in their comer. How wonderful it feels to have a stress-free andenjoyable home buying experience! When youchoose Patrick Hospes at RE/MAX CompleteRealty as your personal REALTOR®, you arechoosing: A trusted professional REALTOR®dedicated to serving your personal real estateneeds first and foremost. An agent with over 80% of his business comingfrom happy homeowners who can't wait to telltheir friends about their extraordinary homebuying expenence. A wealth of knowledge andexpertise in your market area with over 15years ofexperience. A highly-skilled negotiator working onyour behalf. A representative whose primary goalis to help you find the right home, at the rightprice, with little to no stress or inconvenience toyou.HOW WONDERFUL IT FEELS TO HAVE A STRESS-FREEAND ENJOYABLE HOME BUYING EXPERIENCE!15

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Access to property listings from a variety ofadvanced property searchprograms. Proactiveprospecting within your desired area to locatepotential sellers with homes that match yourcriteria, that are not actively for sale on themarket now but may be considering selling. Up-to-the-minute access to the best deals on themarket, including brand new MLS listings, newlyprice reduced properties, new home options,private sales and deals under contract that havefallen through. The most current real estate market informationthat may impact your buying decision, includingmortgage changes, statistical sales data on medianhouse prices, sales and months of inventory, localarea market changes, trends and much more. The Patrick HospesHOME BUYER PROGRAMCHOOSE DIFFERENT STYLES AND TYPES OF HOME THAT MEET YOUR NEEDS. DRIVE BYTHE HOME AND AREA FOR YOUR FIRST IMPRESSION. SELECT A MAXIMUM OF 5 HOMESTO VISIT IN ONE DAY (3 TO 4 IS BEST). SCHEDULE TIME AFTER THE SHOWINGS TO SITDOWN AND DISCUSS THE HOME'S MERITS.16Become an educated buyer

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1. After our initial fact gathering meeting, I enter a detailed summary of your wants andneeds for a home into my database and a variety of property search programs. 2. I won't bombard your email with information that is not relevant to you. I will providedaily update emails on all the homes that are new to the market or have had a recentprice change and that match a broadened scope of what you are looking for. 3. As a market area specialist with a pulse on local and national real estate market trendsand changes, I also ensure you are kept informed of all relevant 12 industry changes thatmay impact your buying decision, including price trends and mortgage rates. 4. I review the potential properties in the area and take on several listings myself. Thishot new listing information is passed on to my clients first. 5. You get all the information about every property. 6. When you find a home that peaks your interest, simply contact me and I will arrange aconvenient time to view. What to keep in mind when selecting homes to view... Choosedifferent styles and types of home that meet your needs. Drive by the home and area for your first impression. Select a maximum of 5 homes tovisit in one day (3 to 4 is best). Schedule time after the showings to sit down and discussthe home's merits.The Patrick Hospes Home Buyer Processkeeps you informed every step of the way.18

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19Making an Educated OfferThe on-going communication and education you willreceive will empower you to get the best possibledeal on the home that you desireI will conduct a detailed CMA (Comprehensive Market Analysis) complete withcomparable active and expired listings, recent solds and historical data relevantto determining the market value of the home. This will empower you to make aninformed decision. I will prepare an offer that protects you, follows your instructions and matchesyour schedule and needs. I will explain the details of the offer, the terms and suggest options for specialtyclauses ensuring you know exactly what you are agreeing to. I will present and negotiate the offer on your behalf to get you the home thatyou want at the price and terms you want. What happens after this: The sellermay accept your offer - congratulations! The seller may reject your offer- notcommon, but it can happen and I would endeavor to find out why. The seller may counter sign, changing the terms of the offer and present theoffer to back to you. Our negotiations continue to reach agreeable termsbetween the seller and yourself, or until I know an agreement cannot bereached and it is time to walk away.You've found the one. Fantastic! Here's what happens next1234

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When you are in the process of a buying ahome, understanding what may motivate aseller, may give you some leverage during thenegotiation process.Knowing a sellers motivation to sell will alsogive some indication on their pricing. 11 Common factors that motivate homeowners to sell their homes: Wanting to downsize or Upgrading to abigger/ better home There may be aseparation or divorce They may be unable tokeep up with their payments The home mayhave been purchased in error or thereschanges in lifestyle, Relocating, Retiring orMedical Reasons21Sellers Motivation...

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ConditionsInspectionsWaiversThe offer has been accepted. Now we need to satisfythe conditions. This usually involves performing a home inspection,getting the rest of your personal information and theproperty information to your mortgage broker or bank,and arranging for the other information that might benecessary, like surveys, water tests and condominiumdocuments. I will help you make the necessary arrangements toensure that the entire process runs smoothly beforethe deadline. Next, you will need to add some people to your team. Finding a Home Inspector Home inspections allow youto scrutinize the details of the home and save you fromany unpleasant surprises. I would be happy torecommend a list of reputable home inspector,however, when making your decision.... Ensure that thehome inspector is a qualified professional.Being a member of an association can reassure you aregetting an experienced, knowledgeable professional.Ensure the home inspector checks for visible issueswith plumbing, electrical systems, the roof, insulation,walls, ceilings, floors and windows, and the condition ofthe foundation. They can also check that includedchattels, like furnaces and air conditioners, are inworking order. Ensure your home inspector gives you an up close andpersonal look at your new home. It takes about 3 hoursto go through all the systems, and if there are anyproblems, you will see them with your own eyes. They might also give you maintenance tips and easyfix-ups 3, If necessary. Ensure that in the end, you receive a detailed reportthat summarizes the condition of the home. Choosing aLawyer Lawyers are an invaluable member of yourteam whose job is to ensure that you get what you arepaying for.In accordance with the terms of your agreement ofpurchase. Your lawyer will ensure: There is nothing ontitle that is not supposed to be there. The propertytaxes, utilities and condo fees, if applicable, are up todate. Once you have all the information that you needabout your new home.When your mortgage lender is satisfied and that yourmortgage is secured on property title as required byyour mortgage agreement; You will know exactly howmuch money you will need in order complete thetransaction on closing day. They will also ensure thatthe seller gets paid the purchase price22

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Preparing to moveTypically, you will have anywhere from 30 to 90 days to get everything ready for your home. Itcould be shorter or longer, depending on what you need and have agreed upon with theseller. The closing date is usually the same as your move-in date, otherwise discussed ascompletion date or possession date. It is a good idea to get things organized well in advance of the closing date to reduce thestress of the move. Lawyers: I will send your lawyer the information about your purchase. You will need toprovide the lawyer with some additional information: insurance, down payment information,fee payments, adjustment payments and possibly other signed documents that they ask youfor. You will meet with the lawyer about a week before the closing to finalize everything. Down payment and closing costs: Make the necessary arrangements to have the fundsavailable when the lawyer asks for it. Liquidating some assets can require some additional time. Movers: Whether you are using professional movers, renting a truck or getting a bunch offriends together, plan and organize it early. Insurance: The lawyers will need a copy of your home insurance before closing so that thefinancial institution will release the money to them. Call your insurance broker with the listing information. They might also want to know the ageof the house, the condition of the roof, furnace, electrical system, as well as other generalinformation. Change of address: It's time to start givingout your new address to everyone. Use mychecklist to make sure you have everyonecovered. Utilities: It is important that you call the localutilities to get their services changed intoyour name. These include phone, internet,television, gas, electricity, water, and anyrental agreements. Remember to cancel theservices at your old address.23

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A walkthrough in real estate, refers to an inspection that is carried out before closing, this may occura few hours before, at completion or a few days prior to completion to ensure that the premises is insatisfactory condition at closing. Don't forget to check that all of the appliances are in workingcondition, if they were warranted to be operational. Walkthrough, Move In and EnjoyFunds to cover your down payment and closing costs will most likely have to be in theform of a bank draft or wire transfer to your lawyers trust account. Your lawyer will detailthe exact amounts required for: Balance of down payment after initial deposit with offer.Mortgage Loan Administration and/or Appraisal Fees, if applicable. loan discount fees, youpay to receive a lower interest rate. Credit report fees. Mortgage insurance premiums ifapplicable (CMHC). Land Transfer Tax and Title Registration Fees. Title insurance policypremiums. Survey expense if applicable. Legal fees and associate disbursements(couriers, copies etc.). Pro-rated amounts for your share of any prepaid costs, such asutility bills and property taxes. My clients are my priority and I am committed to being present every step of the way;including accompanying my buyers for the walkthrough. Move in - enjoy! Common Closing Costs:24

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1. Develop a master "to do" list so you won't forget anything critical. 2. Purge! Get rid of things you no longer want or need. Have a garage sale,donate to a charity, or recycle. 3. Before throwing something out remember to ask yourself how frequentlyyou use an item and how you would feel if you no longer had it. 4. Pack like items together. Put toys with toys, kitchen utensils with kitchenutensils. 5. Decide what, if anything, you plan to move yourself. Precious items, such asfamily photos, valuable 20 breakables, or must-haves during the move, shouldprobably stay with you. 6. Use the right box for the item. Loose items encourage breakage. 7. Put heavy items in small boxes so they are easier to lift. Keep weight under50 lbs. if possible. 8. Do not over-pack boxes and increase the chances they will break. 9. Wrap every fragile item separately and pad the bottom and sides of boxes. 10. Label every box on all sides. You never know how they will be stacked andyou do not want to have to move other boxes aside to find out what is there. 11. Use color-coded labels to indicate which room each item should go in.Color-code a floor plan for your new house to help movers. 12. Keep your moving documents together, including phone numbers, driversname and moving truck number. Also keep your address book handy. 13. Back up your computer files before moving your computer. 14. Inspect each box and all furniture for damage as soon as it arrives.Remember, most movers won't take plants. Tips for packing like a pro25

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Sometimes a homebuyer may not be happy with buying a home, orthe deal in question. This is often because of simple mistakes. Buyerskipped the pre-approval stage •Buyer didn't seek professionalassistance.Decision was made on first viewing •The buyer chosenot to perform a home inspection •The buyer didn't consideradditional costs •The buyer chose to pursue the wrong type ofmortgage.Always remember when choosing a home, there is always more to itthan just wanting to live in certain postal code.Don't make these mistakes26

Buying Calgary Magazine

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