#1 Get pre-approved prior to shopping (not pre-qualified)
Visit your financial or lending institution prior to home buying. Quickly, you’ll know the amount of mortgage you’ll receive. Be sure to get a mortgage commitment in writing. Most importantly, you’ll tell sellers that you are a serious prospect. You’ll have less negotiating power if you have to wait for mortgage approval.

#2 Develop a needs vs. wants list
Now that you know how much of a mortage you are approved for, develop a list.  Begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially.  Also be sure to consider your future needs as it may be less expensive to meet these needs now, rather than moving up a few years later. 

#3 Be aware of your hidden costs
There is more to a home than simply the mortgage. You will be responsible for other items including mortgage insurance, appraisal fees, legal fees, inspection fees, transfer taxes, title insurance, inspections, etc.  Preparing for this in advance will save you from surprises.

#4 Proceed fairly quickly
When you’re ready to buy, move fairly quickly. That’s because good properties usually sell fast. This is especially true when there is a shortage of homes available, as was the case last year in Calgary. Thankfully for buyers this year, there is much more supply, allowing you more freedom to pick and choose.

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