Buying Airdrie Homes? Here’s How to Buy a House in Airdrie

How to buy a house in Airdrie? It’s a complex journey from start to finish. 

It’s easy to start feeling the weight of decision-making as you navigate the bustling Airdrie real estate market. Concerns about finances and fierce competition can keep you up at night. 

Thankfully, you don’t have to go through the journey alone!

Here’s a general picture of how to buy a house in Airdrie:

  1. Assess Your Readiness Before Buying Your Dream Home
  2. Prepare Your Down Payment for Buying a Home
  3. Get Your Mortgage Pre-approval 
  4. Choose the Right Location
  5. Estimate Closing Costs for Homes in Airdrie

And more! I’ll take you through each step to give you a better idea. 

1. Assess Your Readiness Before Buying Your Dream Home

Assess your financial health and lifestyle preferences. This is a crucial first step when considering homeownership. Look beyond monthly mortgage payments and understand the long-term impact. 

You’re making an investment when you buy a home. Monthly mortgage payments contribute to building equity over time. This equity becomes a valuable financial resource that can benefit you in the future.

The down payment is just one part of the financial commitment in the home-buying process. You must also budget for various additional costs. These include 

  • Closing costs
  • Property taxes
  • Home Insurance
  • And moving expenses. 

True financial preparedness for buying a home entails a comprehensive budget. This budget should cover the down payment and all other expenses associated with a home purchase. 

2. Prepare Your Down Payment for Buying a Home

Consider your down payment—the first significant stride towards homeownership. Is your down payment under 20% of the home’s purchase price? Then, a mortgage loan insurance might be necessary.

You see, aiming for that 20% can seem daunting. However, the benefits, including avoiding extra fees like CMHC insurance, are well worth the effort.

Here are some questions to help you understand if you’re ready to save for your down payment. Can you save for a down payment while preserving your emergency fund?

Will your budget allow you to save and still live comfortably? But of course, you’re not alone in your journey to saving for a downpayment. 

Government Programs for Buying Houses in Alberta (As Is in Canada!)

The Government of Canada offers a helping hand with valuable programs for first-time homebuyers, like

  • The Home Buyers’ Amount: Snag a tax credit of up to $1,500.
  • GST/HST New Housing Rebates: Pocket a rebate on a chunk of the tax for your new home.
  • The Home Buyers’ Plan (HBP): Take out up to $35,000 from your RRSPs, tax-free, to fund your home purchase.
  • The First Home Savings Account (FHSA): Save up to $40,000 tax-free towards your home, with an annual contribution limit of $8,000.

3. Get Your Mortgage Pre-approval 

A mortgage pre-approval is a lender’s offer to loan you a certain amount of money under specific terms. It is based on an evaluation of your financial history, including your income, debts, and credit score.

To start, prepare the documents lenders typically need, which may include:

  • Identification
  • Proof of employment
  • Proof of income (pay stubs or tax returns)
  • Account statements (bank accounts, investments)
  • And details of your debts (loans, credit cards.)

Next, explore various lending options, including banks, credit unions, and mortgage brokers. In Airdrie, you’ll find local and national institutions willing to guide you through the mortgage landscape.

Don’t forget to familiarize yourself with the types of mortgages available in Canada, such as 

  • Fixed-rate
  • Variable-rate
  • And adjustable-rate mortgages. 

Each has its benefits and drawbacks depending on your financial situation and risk tolerance.

Once you’ve chosen a lender and mortgage type, submit your application. Be honest and thorough to avoid any delays or issues!

If your application is approved, you will receive a pre-approval letter stating the following: 

  • Loan amount
  • Interest rate
  • And the expiry date of the offer. 

Review it carefully, ask questions, and make sure you understand all the terms.

4. Choose the Right Location: Airdrie Has Many Wonderful Neighbourhoods! 

Airdrie, Alberta is known for its small-town charm combined with urban amenities. It boasts: 

  • A friendly community
  • Excellent schools
  • And a variety of recreational and cultural facilities. 

Are you looking for a vibrant, bustling area? Or maybe a quiet street to raise a family? Airdrie is home to neighbourhoods that cater to all preferences.

Just remember to determine what’s important to you. This would serve as the guiding star to help you find your Airdrie home.

Also, remember that each neighbourhood can differ significantly in terms of housing prices. Align your choices with your financial comfort zone. It’s helpful to get a sense of market prices in different areas of Airdrie before diving into your search.

Consider the potential for property value appreciation. Some neighbourhoods may be up-and-coming. These offer an opportunity for a good investment in the long term. Research past property value trends and consult with local real estate professionals.

5. Estimate Closing Costs for Homes in Airdrie

Closing costs are the various fees and expenses you pay to finalize the purchase of your home. 

They can include

  • Legal fees
  • Taxes
  • Insurance premiums
  • And other assorted charges. 

In Airdrie, and across Canada, these costs typically range from 1.5% to 4% of the home’s purchase price. That’s why it’s wise to include an additional reserve for these closing costs. It’s advisable to overestimate slightly to ensure you’re fully prepared for any unexpected charges.

6. Partner With a Real Estate Agent You Can Trust

The value of an experienced real estate agent cannot be overstated. Your real estate agent will be your advisor, negotiator, and advocate throughout the process of buying a home. 

We can

  • Help you understand the market conditions and pricing.
  • Locate properties that fit your criteria and budget.
  • Advise on the potential for future property value appreciation or risks.
  • Navigate legal documentation and transaction details.
  • Negotiate the best possible terms on your behalf.
  • And guide you through the closing process efficiently and effectively.

How do you know if a potential real estate agent is someone you can trust? Start by ensuring they’re licensed and in good standing with the local real estate board. 

Why not check their Google Reviews to check out how they perform? High-rated reviews show our passion and commitment to helping you find your home.  

7. Search for and Select a Property for Sale Within the Airdrie Area

Airdrie’s real estate market offers a diverse range of properties. That is, from charming single-family homes to modern condos and townhouses! 

You’ll need a strategic approach to successfully find a property that meets your needs and desires.

Start by having a clear idea of what you’re looking for. Here are questions to help you out:

  • Are you interested in a detached home, a semi-detached, a townhouse, or a condo?
  • Which neighborhoods in Airdrie appeal to you most? Consider proximity to work, schools, amenities, and community services.
  • How many bedrooms and bathrooms do you need? 
  • Are there specific features like a garage, a large backyard, or an updated kitchen that are important to you?
  • What’s your price range? Take into account your mortgage pre-approval and any flexibility for bidding.

8. Make a Competitive Offer

The key to securing your dream home is not just in finding it. It’s in making an offer that cuts through the competition and captures the seller’s attention. 

Remember, multiple buyers vie for the same desirable properties. So, your ability to promptly submit a competitive offer can be the deciding factor in securing your dream home. 

That’s why having a real estate agent professional by your side is a must. We’ve been making competitive offers for our clients for decades now! 

Here are some quick tips on how to make a competitive offer. Just so you have an idea!

  • Make a strong initial offer for you to stand out.
  • Don’t forget to personalize your offer.  Emotional connections can influence a seller’s decision if they’re faced with similar offers.
  • Be accommodating with closing dates. Sellers may have specific timelines in mind, and if you can align with their needs, it might give your offer an edge.
  • Bidding wars are common. Decide in advance how high you’re willing to go. Stick to your limit to avoid overextending yourself financially!

How to Buy a House in Airdrie? You Now Know Where to Start!

You can turn your home-buying journey from scary to exciting with a REALTOR® by your side. There are many homes in Airdrie. You can easily waste so much time and effort in finding the right house for your needs. 

Not to mention all the negotiations you have to go through to make it yours!

The Maverick Group has had solid experience helping over 100 families. We have local expertise to narrow down the search for you in no time. Start by telling us what type of property you want to buy in Airdrie

Let’s get your dream home together! 

Derek Timmons

Derek Timmons

Derek is a top performing REALTOR® in Airdrie, Alberta, Canada. Aside from knowing the market, he uses his knowledge and experience in construction to help clients understand exactly what they’re in for when buying and selling real estate.


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