MAKING THE MOVE FROM RENTING TO OWNING?

Welcome to this life-changing moment! Purchasing a home is likely the biggest investment you will ever make – so understandably, you will want to do lots of research and planning to prepare.

As one of Calgary’s top homebuilders, we’ve had the joy of guiding many home buyers like yourself through the journey of purchasing (and building) their very first home. With our years of experience, we’d love to help you navigate through this exciting process from starting your search to signing the final contract.

1) Budgeting For Home Ownership

Before you begin your search, it is important to speak with a mortgage professional and get pre-approved for a mortgage. By getting pre-approved (which includes undergoing the mortgage “stress test”), you will understand exactly what you can afford to buy.

If you purchase a home with Trico, we can connect you with one of our trusted mortgage partners, who can help you find the best interest rate and assist with the approval process.

In addition, we also want to tell you about a few financial incentives offered only to first-time home buyers, such as these ones below.

The Home Buyers’ Plan

If you have a Registered Retirement Savings Plan (RRSP), you are able to withdraw up to $35,000 from your account to use as a down payment.

If you are purchasing the home with your partner and both of you are first-time buyers, you can each contribute that amount for a total of $70,000. As long as you repay it back into your RRSP within 15 years, you won’t be taxed for the withdrawal

First Time Home Buyer Incentive

Offered through the Canada Mortgage and Housing Corporation (CMHC), eligible first-time homebuyers can apply to receive an interest-free loan covering 5% or 10% of the home’s purchase price.

As a result, you can reduce your monthly mortgage payment without having to contribute a larger down payment or increasing the length of your mortgage.

Trico’s FlexDown Payment Program

At a minimum, you will need to provide 5% of the home’s purchase price as a down payment.

With this exclusive Trico program, you can make monthly payments towards the full 5% while we construct your home*. All you need is $1,000 to get started.

*Available in select communities & home models.

2) Create Your Home Wish List

So now that you have a budget… here comes the exciting part of figuring out what your dream home could look like! But with so many options on the market, finding that elusive home can feel like searching for a needle in a haystack.

Here are a few suggestions on how to narrow your search.

NUMBER OF BEDROOMS

Planning to live alone, have a roommate or move in with your partner? Do you have children or want to start a family soon? The number of bedrooms also impacts a home’s price and potentially the future resale value, so this is a key consideration to bear in mind.

OUTDOOR SPACE

Do you love having a big backyard? Or is mowing the lawn something you dread doing? The amount of outdoor space varies depending on the type of home, so this can help you decide whether you’re more suited for a townhome or a single-family home.

OTHER REQUIRMENTS

Need a home office? A dedicated laundry area? If there are certain features that are must-haves for you, incorporate them into the list to help you prioritize specific homes over others.

take a look at the homes trico builds in Calgary, airdrie, Cochrane, Okotoks & Chestermere!

3) Finding the Right Community?

You’ve now envisioned what your ideal home may look like. But where will it be located at?

Choosing your community can be a big decision, with several factors to consider. As an example, many buyers often choose to settle in a location that’s close to work, family & friends, or in an area they’re already familiar with.

Take a quick detour to our Choosing a Neighbourhood Page, where you’ll gain some great resources and information to help you make this decision!

4) Seek Out Your Home Options

Before making a final decision, we suggest checking out all your options thoroughly – whether it’s visiting different showhomes, driving through new communities, or having conversations with our home experts.

After all, the best part about building or purchasing a new home is the option to personalize it to reflect your style and personality – and make it a place you’ll be proud of. The sky’s the limit!

If you have any additional questions, contact us below and a member of our team will be in touch within the next 24 hours.

As you move to the exciting stage of building your new home, download our convenient reference guide to help you get acquainted with all the construction & financial terms associated with the new home construction process.

Download your free guide here:

Trico Homes Ultimate Home Buyer Dictionary