7 Steps to Buying a Home
By Power Properties
TL;DR - The 7 Steps
Here's what you need to know: Get pre-approved, establish your criteria, view properties, evaluate the market, submit an offer, complete due diligence, and close on possession day.
Buying your first home can feel overwhelming, especially if you’ve never gone through the process before. The good news is that with the right team guiding you, the process becomes much simpler.
At Power Properties, our team of licensed Realtors helps buyers across Calgary, Edmonton, Lethbridge, and Medicine Hat navigate the home buying journey—from the first conversation about your budget to the moment you receive the keys to your new home.
Here are the seven key steps to successfully buying a home.
1.Get Pre-Approved for a Mortgage
The first step is meeting with a mortgage broker to get pre-approved for financing. This helps determine how much you can comfortably afford and gives you a clear price range when searching for homes.
Mortgage brokers work with multiple lenders to find competitive rates and terms, and there is typically no cost to the buyer for their services.
Getting pre-approved also strengthens your position when making an offer because sellers know your financing is already in place.
2. Establish Your Criteria
Next, you’ll want to think about what matters most in your future home.
Consider factors such as:
Location or neighbourhood
Property type (condo, townhouse, detached home)
Number of bedrooms and bathrooms
Size and layout
Parking or garage requirements
Nearby amenities like schools, transit, and parks
Once you’ve identified your priorities, your Realtor® will set up an automatic property search that sends you new listings the moment they hit the market.
This ensures you don’t miss out on opportunities in a competitive market.
3. Start Viewing Properties
Once listings start coming in, you can begin touring homes that fit your criteria.
When you see a property you like, your Realtor® will schedule a showing and walk through the property with you. During showings they will help you evaluate things such as:
Property condition
Renovations or upgrades
Potential repair costs
Future resale value
Neighbourhood characteristics
Having a professional guide you through showings helps ensure you’re looking at the home objectively and not missing any important details.
4. Evaluate the Market
Once you’ve found the right home, your Realtor® will conduct a market evaluation.
This involves reviewing recent comparable sales, analyzing local market trends, and examining property details such as title information and zoning. Based on this research, your Realtor® will help you determine a competitive offer including:
Purchase price
Possession date
Conditions and terms
This step ensures your offer is both competitive and aligned with current market conditions.
5. Submit and Negotiate the Offer
Your Realtor® will draft the purchase contract based on your instructions and submit the offer to the seller.
In many cases, there will be some back-and-forth negotiations between the buyer and seller before a final agreement is reached. Your Realtor® will guide you through these negotiations and help protect your interests.
Once the offer is accepted, you will typically provide a deposit of 2%–5% of the purchase price. This deposit is held in trust and becomes part of your down payment at closing.
6. Complete Due Diligence
After your offer is accepted, there is a period where you complete your conditions before finalizing the purchase.
Common conditions include:
Final mortgage approval
Home inspection
Condo document review (for condominiums)
Your mortgage broker will finalize the financing, and you will review the inspection results or other documents to ensure you are comfortable moving forward.
Once everything checks out, you will waive conditions, and the purchase becomes firm.
7. Possession Day
As possession day approaches, you will meet with your real estate lawyer about one to two weeks before closing to sign mortgage and title documents.
At this appointment you will also provide the remainder of your down payment and closing costs.
On possession day, your Realtor® will meet you at the property and hand over the keys.
Congratulations—you’re officially a homeowner!
Thinking About Buying?
Whether you're a first-time buyer or an experienced homeowner, having the right guidance makes all the difference.
Power Properties has a team of licensed Realtors ready to help buyers across Calgary, Edmonton, Lethbridge, and Medicine Hat navigate every step of the home buying process.
If you’re thinking about buying a home, our team would be happy to help you get started. If you’re currently renting with Power Properties, your Property Manager is also licensed as a Realtor, or can connect you with one of our in-house Realtors to guide you through the buying process.
Interested in learning more about your options?
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Edmonton, Lethbridge and Medicine Hat for over 45 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
