FAQs
Buying a Home
Should I buy instead of rent?
If you're currently renting a home, it's worth noting that you may not be building any future assets or wealth for yourself, but you may be helping your landlord build theirs. To start investing in your own property and building equity, we encourage you to consider purchasing your new home.
At YYC Real Estate Group, we're dedicated to providing our clients with the information and support they need to make informed decisions about their property investments. Contact us today to learn more about how we can help you take the first step towards building your future wealth.
What are the benefits of buying a house?
The benefits of purchasing is home is building equity, credit with the banks, learning how to save, learning how to budget, hedge against inflation, appreciation in property value, not paying rent, future investment, long term growth
How do I select the right property?
There is no such thing as the perfect property, as the average home buyer changes homes every 5-10 years. The right property is based on your current needs as a homeowner, which is dependant on whatever stage in life you're in.
What’s the process of applying for a mortgage?
The process of applying for a mortgage is best to speak to your local bank or a mortgage specialist.
What are the upfront costs in buying a home?
The upfront costs of buying a home are typically the initial down payment which is usually 5-20% down, depending on your bank approval. The cost of a due diligence such as inspection or condo document review if purchasing a condo. Legal fees plus disbursements, which depends on your lawyer
How much of a deposit do I need?
The deposit when purchasing a home depends on your Total Debt Service Ratio, This will determine your max and minimal allowable down payments that your bank or financial institute will allow
How do I decide on an offer to make?
When you are pre approved for a mortgage amount, and you have found the ideal home that meets your current needs and wants in a home, is a good time to make an offer.
Should I talk with a bank before looking at homes?
Yes, it is highly recommended that you talk to a bank or a mortgage broker before looking at homes. As it will save you a lot of time and will make the offer process much smoother when you do find your dream home.
I own a home, should I buy another before selling my current home?
This depends on if you would like to keep your current home as a potential investment property, or if you would need to sell your current home to be approved for your second home. Best to consult with your bank or Mortgage specialist
Do I really need a Realtor when buying a home?
It's true that many real estate transactions are conducted privately between buyers and sellers, but this doesn't mean that working with an experienced realtor isn't important. In fact, having a knowledgeable real estate professional on your side can help ensure that you don't make costly mistakes by failing to do your proper due diligence when purchasing a home.
Who pays the Realtor fees when buying a home?
As a buyer, it's important to understand that when you purchase a home, it's typically the seller who pays both sides of the commissions to the realtors involved in the transaction. This means that as a buyer, you can benefit from the services of an experienced real estate professional without having to pay out of pocket for their expertise.
What is a foreclosure?
A foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
What are the average utility bills?
Theses average utility bills can be requested from the selling realtor form the sellers
How long does the seller have to respond to my offer?
A seller has the allotted time to respond to your offer that is stated on the purchase agreement, set by your buying agent
What if my offer is rejected?
If your offer is rejected, you may resubmit a new offer or continue to negotiate verbally
Do I have the option to have any inspections?
As Long as you have an inspection condition, you may book a general inspection on the property. If issues arise from the inspection, you may have to request with the sellers to book further inspections for more due diligence
What’s included in the sale?
What is included in the sale are the items attached to the property, unless otherwise stated or any unattached items that are in the purchase agreement.
How long has the house been on the market?
Most property will have the average days on market in the listing
FAQs
Selling a Home
Should I buy instead of rent?
Renting a home does not build any future assets or wealth but it does for your landlord. Rent until you have enough for a down payment and consider purchasing your new home.
What are the benefits of buying a house?
The benefits of purchasing is home is building equity, credit with the banks, learning how to save, learning how to budget, hedge against inflation, appreciation in property value, not paying rent, future investment, long term growth
How do I select the right property?
There is no such thing as the perfect property, as the average home buyer changes homes every 5-10 years. The right property is based on your current needs as a homeowner, which is dependant on whatever stage in life you're in.
What’s the process of applying for a mortgage?
The process of applying for a mortgage is best to speak to your local bank or a mortgage specialist.
What are the upfront costs in buying a home?
The upfront costs of buying a home are typically the initial down payment which is usually 5-20% down, depending on your bank approval. The cost of a due diligence such as inspection or condo document review if purchasing a condo. Legal fees plus disbursements, which depends on your lawyer
How much of a deposit do I need?
The deposit when purchasing a home depends on your Total Debt Service Ratio, This will determine your max and minimal allowable down payments that your bank or financial institute will allow
How do I decide on an offer to make?
When you are pre approved for a mortgage amount, and you have found the ideal home that meets your current needs and wants in a home, is a good time to make an offer.
Should I talk with a bank before looking at homes?
Yes, it is highly recommended that you talk to a bank or a mortgage broker before looking at homes. As it will save you a lot of time and will make the offer process much smoother when you do find your dream home.
I own a home, should I buy another before selling my current home?
This depends on if you would like to keep your current home as a potential investment property, or if you would need to sell your current home to be approved for your second home. Best to consult with your bank or Mortgage specialist
Do I really need a Realtor when buying a home?
Yes & No, there are a lot of deals that are done privately between buyers and sellers. Having an experienced realtor will help you from making a costly decision for not doing your proper due diligence when purchasing a home.
Who pays the Realtor fees when buying a home?
When purchasing a home as a buyer, the seller pays both sides of the commissions to the realtors
What is a foreclosure?
A foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
What are the average utility bills?
Theses average utility bills can be requested from the selling realtor form the sellers
How long does the seller have to respond to my offer?
A seller has the allotted time to respond to your offer that is stated on the purchase agreement, set by your buying agent
What if my offer is rejected?
If your offer is rejected, you may resubmit a new offer or continue to negotiate verbally
Do I have the option to have any inspections?
As Long as you have an inspection condition, you may book a general inspection on the property. If issues arise from the inspection, you may have to request with the sellers to book further inspections for more due diligence
What’s included in the sale?
What is included in the sale are the items attached to the property, unless otherwise stated or any unattached items that are in the purchase agreement.
How did you arrive at your suggested list price?
With YYC Real Estate group, we run a comprehensive market analysis on your home to evaluate a listing price
How will you market my home?
Please Refer to our marketing tab on how we will market your home for all its worth
What are the selling features of my home?
Selling features will vary from, location, green spaces, accessibility, upgrades, renovations, views, lot size, lot shape, rooms, parking, square footage etc.
Who do you think the buyer for my home will be? There is always a buyer for a home, as long as the house is priced right in the current market.
What do I need to do to get my home ready?
What we recommend to get a home ready, is to have the property in top showing condition, anything we noticed, a buyer will notice. When there are less items to pick a part, there will be more confidence in a buyer to purchase.
What are the costs?
The typical costs associated with selling a house are 7% on the first $100,000 and 3% on the remaining balance of sale price. Also the cost of legal fees to sell the property
How many homes have you sold?
In 2021, We sold $31,330,072.14 worth of real estate and currently in 2022 we have sold $45,081,271.89 worth of real estate in the Calgary Market
Have you sold homes in my area?
We sell properties in a variety of communities in the city of Calgary, We specialize in the west side of the city.
Can I cancel our agreement?
Yes, it is possible to cancel our agreement at any point of the listing, there may be some costs associated with the termination of the agreement to cover basic costs of listings if listing is cancelled before giving us a fair opportunity to sell the property
How often will we communicate?
We communicate every week with our clients and send out weekly reports on showings and offers.
How long will the process take?
This process depends on a couple items, Pricing, how the property shows and the market.
How much do you charge and what’s included in your fee?
The typical costs associated with selling a house are 7% on the first $100,000 and 3% on the remaining balance of sale price
When is the best time to sell my home?
The best time to sell a home we find is just before the rush in spring. The inventory is lower and there are buyers waiting to see what is coming on the market.
What should I disclose to potential buyers?
Legally any material latent defects must be disclosed, which means a defect on the property that may not be visible upon inspection, that may be costly to fix.
How much is my home worth?
To find out what your house is worth, lets us run a free home evaluation for you
Why is the assessed value different from what you say my home is worth?
Assessed value on a property is based on what other comparable houses have sold for in the past but active assessment is based on the current condition of the home.
What is the difference between a list price and sale price?
List price is what the house is on the market for, and sale price is after the property has been sold
Should I include appliances or leave them as negotiable?
Appliances are typically included in the purchase of a home, unless stated otherwise as exclusions in the sale of the property
Should I be present during showings at my home?
At YYC Real Estate Group, we understand that selling your home can be stressful, which is why we offer tailored services to ensure that our clients' best interests are always at the forefront. When it comes to showings, we recommend that sellers not be present as it can make potential buyers uncomfortable and hinder the process. Rest assured that our expert realtors will do their best to showcase your property and provide a seamless experience. Trust the process and let us take care of the rest. Contact us today to learn more about how we can help you sell your home.