Home Buyer Frequently Asked Questions
How do I know if I’m financially ready to buy a home?
Your first step is selecting a mortgage broker. While your bank can only offer its own lending products, mortgage brokers have access to a wide range of options across multiple banks, credit unions, B-lenders, and private lenders. It’s the difference between shopping at a convenience store versus a full grocery store: the convenience store might only carry one version of an item—often at a higher cost—while the grocery store offers dozens of choices so you can find exactly what you want.
A strong mortgage broker will not only source the best product for your needs but also guide you if you’re not quite ready to buy. The brokers we recommend will coach you through what to improve, how to prepare, and the steps required to qualify with confidence.
SHOPPING FOR A HOME BEFORE CHATTING WITH A MORTGAGE BROKER LEADS TO DISAPPOINTMENT LOOKING AT HOMES YOU CAN’T HAVE AND YOUR WASTED TIME.
How much money do I need upfront to buy a home?
This varies depending on your goal! Chat with your mortgage broker about this. Ask us for our list of real Pro’s!
What are closing costs for home buying and how much will they be?
We have something called a Buyer Net Sheet – This is a VERY handy tool that outlines all your costs so you can be fully prepared! Ask us to send you one!
How does a buyer’s real estate agent get paid?
Check out our handy Buyers Roadmap for the full process laid out for you step by step.
How long does it take to buy a home?
From start to finish, on an average sale it takes about a month. We can really structure a purchase around you and your needs though! Need something right away? Well, now we are looking at quick possession options. Looking for a longer possession as you don’t want to move in the winter? No problem!
What happens during a home inspection?
In Alberta, a home inspection is a key step in the buying process that helps protect you by identifying potential issues with the property before you finalize your purchase. A licensed home inspector will conduct a thorough, visual examination of the home’s major systems and components, including the roof, foundation, plumbing, electrical, heating and cooling systems, windows, doors, and overall structure.
During the inspection, the inspector will look for signs of damage, wear, safety concerns, or maintenance issues. Afterward, you’ll receive a detailed written report outlining their findings—typically within 24 hours. This report will highlight any areas that may need repair or further evaluation.
You’re encouraged to attend the inspection if possible. It’s a great opportunity to ask questions, learn more about how the home’s systems work, and get a clearer sense of what maintenance may be required in the future.
What conditions should I include in an offer?
When you make an offer to purchase a home in Alberta, it’s common to include certain conditions to protect your interests while you complete your due diligence. These conditions outline what must happen before the sale becomes final.
Most buyers include an inspection condition, which allows time (usually about two weeks) to have a professional home inspector assess the property. This ensures you’re aware of any potential issues before proceeding. A financing condition is also typical—it gives you time to confirm final mortgage approval with your lender based on the specific property.
If you’re purchasing a condo, you’ll likely include a condo document review condition. This gives you the opportunity to review important documents—such as the condo bylaws, financial statements, and meeting minutes—with the help of a professional condo doc review company.
Finally, if you need to sell your current home before buying the new one, you may include a sale of buyer’s home condition. This means your purchase depends on successfully selling and closing your existing property first.
What is a deposit and when do I pay it?
A deposit is money that is held in trust (usually with the listing brokerage) to go towards your downpayment. This money is held to show your interest in the property.If you choose to not ‘waive’ your conditions before the condition date, then this money is issued back to you to find another home. In the case that you have ‘waived’ all your conditions and you then choose to not move forward, the lawyers decide what happens to that money. Don’t worry, we make sure you understand exactly when your ‘waiver’ date is. 🙂
What does “subject to financing” mean?
This means the contract is not moving forward to a ‘firm’ sale until your mortgage broker gives you the thumbs up! We send your broker the full contract, they look it over and look over all your tax and income documents and let us know when we can ‘waive’ your financing condition.
How far in advance should I start looking?
As soon as you get the go ahead from your mortgage broker, we can craft a timeline for you so you know when to start perusing, when to start seriously looking and when to start viewing homes!
What should I look for when touring a home?
Overall, we are looking for that ‘zing’! That feeling of ‘I would love to live here!’
You have us there to check for signs of leaks (the inspector will confirm when they come through after we put an offer in as well) we also look for cleanliness as it can really indicate how a home has been cared for over the years. We have been doing this a long time and know what to look for, even after sellers have tidied up, there are lots of little tricks we know of to show this! We are seeing if it checks most of your boxes. Nothing is perfect, and everyone compromises, but if we are hitting your main needs, and some of your wants, then we may have a winner!
What ongoing costs should I expect after I move into my new home?
As a homeowner, you can expect to budget for a variety of ongoing costs and maintenance expenses beyond your mortgage. These may include utilities such as electricity, gas, water, and sewer, as well as optional services like alarm systems, cable, and internet. If your community has a homeowners association, monthly or annual fees may also apply. Don’t forget about mail forwarding from your previous address, which is typically set up for one year.
Regular home maintenance is essential to protect your investment and keep things running smoothly. Common annual expenses include furnace cleaning and inspection ($100–$200), water heater inspection ($50–$100) with replacements every 10–15 years ($1,000–$1,500), plumbing repairs ($100–$500), and appliance replacements every 5–15 years ($300–$2,000 each). You may also need to plan for roof maintenance ($200–$500/year) and eventual replacement ($5,000–$15,000 every 20–30 years), gutter cleaning ($100–$200/year), HVAC servicing ($100–$200/year), lawn care and landscaping ($500–$1,500/year), pest control ($100–$300/year), and paint touch-ups or other interior upkeep ($200–$500/year).
These costs can vary depending on the age, size, and condition of your home, but being aware of them helps you stay prepared and maintain your property with confidence.
What happens on possession day?
On possession day, the excitement is real—it’s the day your new home officially becomes yours! You’ll receive the keys from the seller, and your lawyer will ensure all paperwork and funds are in order. It’s a great time to do a final walkthrough and make sure everything is just as you expected. Once that’s done, you can start settling in and truly begin making the space your own!
Getting started with Ali
Contact Ali Larsen today for a strategic, trusted real-estate experience in Airdrie and the surrounding area.
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