ATB Virtual Assistant
The ATB Virtual Assistant doesn't support landscape mode. Please tilt your device vertically to portrait mode.
×

Are you ready to be a homeowner?

Home ownership is an exciting step-until you begin to consider mortgages, budgeting and all the other fees that come along with it. Don’t fear! We have put together our tips to navigating the uncertainty that is purchasing your first home.

A step-by-step guide to buying a home in Alberta:

  • Step 1: Laying the GroundworkWhat does your dream home look like? What neighbourhood is it in? Is it a house or a condo? 

  • Step2: Find your neighbourhood. How to determine your location?

  • Step 3: Get pre-approved or pre-qualified. How much can you afford and how much can you qualify for? 

  • Step 4: Establishing your budget. Mortgages, property taxes, home maintenance and how they fit in your budget.

  • Step 5: Getting a mortgage. Learn about the types of mortgages, pre-qualification and approval. The pros and cons of banks vs. brokers.

  • Step 6: Home insurance. What is mortgage insurance and do I need it? 

  • Step 7: Building your team. Choosing the right builder or finding the right realtor and hiring a lawyer.

  • Step 8: How to close the deal and take possession of your new home. How to make an offer on a home and when to do a home inspection, to purchasing the title insurance.

  • Step 9: Making your new house a home. The fun part! Moving, decorating and furnishing your brand new Albertan home.

Video: This is a sample video. I hope you enjoy.


Step 1: Laying the groundwork

Before considering how you will purchase a home, it is important to consider whether a condo or a house will better suit your needs. With many pros and cons to each, we have put together this short (and fun!) quiz to help you determine the answer.

 

Find your dream home— should you buy a condo or a house?

[Quiz] Find your dream home— should you buy a condo or a house?


While a home can provide you many opportunities to renovate as you like, have multiple pets and enjoy ample parking space, a condo is great for other reasons! Owning a condo means no yard maintenance and huge savings on insurance.

If staying in this home is part of your long-term plan it is also important to consider the resale value of both a home and a condo. A house will typically appreciate, allowing you to make money on your investment. On the contrary, a condo typically loses value after about 10 years.

Our advice; determine which factors are the most important to you and your 10-15 year plan and making your decision will be a piece of cake!

 

The pros and cons of buying a house vs. a condo

House

Pros Cons
• Detached houses and the land they sit on tend to
appreciate in value over time.
• You are able to change and renovate a house as dramatically as you’d like.
• A yard provides personal space to enjoy the outdoors and grow a garden during the summer months.

• Maintaining a yard may mean spending time, energy and money on lawn mowing, tree trimming, landscaping, etc. And you’ll have to shovel the snow off the sidewalks and driveway during the winter.
• Insurance on a house is often more expensive than on a condo.

Additional Info:
The closing costs of buying a condo (including inspection, legal fees and land transfer taxes) are comparable to the closing costs of buying a house.

 

The pros and cons of buying new vs. buying a resale

Pros Cons
• Detached houses and the land they sit on tend to
appreciate in value over time.
• You are able to change and renovate a house as dramatically as you’d like.
• A yard provides personal space to enjoy the outdoors and grow a garden during the summer months.
• Maintaining a yard may mean spending time, energy and money on lawn mowing, tree trimming, landscaping, etc. And you’ll have to shovel the snow off the sidewalks and driveway during the winter.
• Insurance on a house is often more expensive than on a condo.

Self Checklist

This checklist highlights 16 areas to pay attention to when shopping for a resale home.

FPO Alt text
"I love EpiServer"

Watermelon

A juicy fruit

Need help?

Our Client Care team will be happy to assist.