Save a good downpayment and clean up your debts. Educate yourself and become informed and familiar with the market AND my personal preference is to still be able to afford the house if either partner lost their job (that's a hard one for first time buyers though).

Waterfall, we're hoping to be able to afford it on one salary.  Right now I'm not getting paid, so we'll probably be preapproved purely on chemguy's salary.  Unfortunately, when I do get a job it will probably be less than what chemguy makes, so it's likely we'll be able to afford whatever we get on his paycheques alone, but probably not mine (at least for the first year or two despite what the banks might say!).  Hopefully that won't be a problem!

New home or resale? You may not even be sure - we weren't. We went with a new home, which has its positives and negatives.

Shoot me a PM when you're closer to the time. I don't have the time to go through everything right now.

What an exciting time preparing to buy a house, chemgal. Enjoy this stage in your life together.

Like waterfall, I say know the market well. Do your research. Choose a realtor who you are comfortable with and hopefully trust and who provides you with information. Word of mouth would be helpful. Trust is especially important when you get to making an offer.  Also, set your realistic price point (top number) and stick to it. Decide ahead of time which is more important for the price you can pay: location, neighbourhood, community, surrounding area, commute time, age/ size/style of house, size of yard, does it need to be fully ready to move in without doing a thing or are you willing to do some minor work or major work, and so on. 

Have fun this summer as you begin to explore.

Lots of great suggestions already!  Don't be in a rush when you start to look ... you might need to see a good number of places to have a good sense of what's available in your price bracket, area etc. etc. 

If you're buying a resale - make sure you look beyond the decor etc. when you visit a house - the cosmetics are cheap to fix!  But they can make the price come down quite a bit too, which is excellent.  When we bought our place, it was a rooming house - a few holes in the walls, broken/crack window glass, hardwood floors in bad shape, kitchens & baths not great, landscaping neglected ... but it was a house with 'good bones' in a great area!  And we paid substantially below market price due to it's crappy presentation.  So lots of work by us and our family made it into a wonderful home - and now very valuable!   

Do get a quality & thorough home inspection!  It is well worth the money.  Watch Home & Garden TV shows like Property Virgins, and Holmes on Homes ... they're pretty informative!  Get some books from the library about buying a home ... be well informed.

Remember there may be a lot of 'closing costs', fees for hooking up utilities, changing locks, window coverings to purchase,  lawnmower  & snowshovels to buy, etc - don't leave yourself short.

Have fun!!!

carolla, I just came back to the thread to say - 'get a home inspection' ...

We're thinking resale or maybe a spec home.  We haven't ruled out building, but would prefer not to do that for our first home.  Showhomes are just a little easier to go to when we don't have preapproval yet.  We've been to a few open houses as well, but I feel slightly awkward doing that this early in the process.

We do know we want something newer, and do not want to have to renovate.  We really don't want to have to put too much work in at the start.  We don't mind if we have to paint a room or 2 right to start with, but otherwise want a place that we can live with the paint colours for a little whilel  Landscaping would be ok, as that's not something that we would have to do ASAP and we can live comfortably while doing it!  We will definitely get a home inspector!

We have a rough idea about what we want to pay each month and what we can expect to pay for property taxes and heating, but it might go up a bit as chemguy has been working a year and will be getting a raise soon.  We like the idea of a fixed rate with how low the rates are right now, but haven't decided between 5 or 10 years (and that will depend a bit on what the rates are like at the time).  We  not dead set on sticking to a 25 year amortization either, so our max amount really isn't set yet.

The home inspection is essential!  Don't even consider making an offer that doesn't require the home inspection.  As for money, know what you can afford and try to go below it if you can.  Interest rates will probably start rising again soon and even if they don't, you want to be able to afford the house even if something big comes up like a job loss.  Don't stretch yourself financially to get the "dream home" right away; we started in a very inexpensive condo townhouse and when we moved 4 years later it had gone up $36,000.  With the equity we paid in to the place, we had a great down payment for the next house.

When you look at houses, keep a running tally of what it would cost to live there.  Will there be major repairs?  Is the roof going to need to be replaced soon?  Is it move in ready as is?  Those are important points to consider.  Also, look at the neighbourhood.  When we were looking for a bigger house in 2008, there were 3 houses we were considering.  I went to each one just after supper and checked out the area.  In one neighbourhood it was very quiet; I only saw elderly people putting out their garbage.  The second neighbourhood was filled with kids, but there was a lot of construction happening a few blocks away and because it was very new, there were hardly any trees.  The third house was a block away from a beautiful park and there were kids playing soccer and running around.  I saw babies in strollers, teenagers on skateboards, older people walking dogs...and there were trees everywhere.  I think you can guess which house we bought.  

Think about what you're looking for in a home and in a neighbourhood and in a lifestyle.  Buy the house that best fits you.

Location is a big one for me.

Gee when I add it up I have bought 4 houses as an adult.

I'm quite picky but each time I KNOW it's the one I want-and for different reasons each time.

Our last house was a duplex-I owned both sides and rented out the other side. I got to choose my neighbours and you tend to get good tenants when they know the landlady lives next store. I needed the rent from the other side to help with the mortgage-I bought as my marriage ended and I needed a home for me and the kids.

It backed onto the park and was a quick walk to both school and a church and we knew folks in the neighbourhood. I did not even look at other place. I did call a friend who is a realtor and she put it through her searches-she knew the guy i bought it for and said it was worth what he was asking abd si I bought it as a private sale.

This house-I had a 2 week window to buy when I was in BC. I asked a freind for a realtor-he was out when I visted but I went with someone else in the office. He listened to me. I wanted right in the city-on a bus route but quiet-no traffic noises and 4 bedrooms. He showed me a bunch-I feel in love with one-it was taken. I also looked at private listings. Friends told of of another one for sale. Too funny-you could see the house I has wanted from the backyard. We bought this one and it suited us better than the one I had wanted.

And yes Inspections are essential!

Chansen, I will definately PM you later.  I've seen your car buying advice!

Any advice for picking a real estate agent/realtor?  We plan on at least meeting with one who's been recommended, but are interested in some others as well.

What about for getting the best possible mortgage rate?

Tabitha, I'm not sure if you're familar with the newer areas (we want a house no more than 10 years old), but if you do I'd like ot hear what you think about certain communities!

Is there a site where you can see what houses have sold for?  I'd like to see the list price vs. purchase price for houses similar to what we're looking for.

Any realtor can give you that info.  MLS doesn't let anyone just look that up.

Decide what you want from a house:  a home or an investment.

it really makes a difference.

We bought a house which was good for us and has been good for us.  We bought it for location / proximity to work / schools.

Our location, though, isn't the house that is going to improve in value the most...

We could have bought a house a few blocks over, for a bit more and it likely would have increased in value significantly more...but, i am thankful for where we are....

so...really think about...do you think you will move around? are you able to work on the house?  how do you socialize?  do you need "private space"?  what are key resale items?

Patti Proctor is my friend i played soccer with. Unfortunately she was busy when we were listing duplex for sale. We listed and sold thru Luke Flannigan.

As for areas it depends what you want.

Perhaps something on the south end to make your visits to Calgary easier?

The west is booming too.

I'd probably look just off Ellerlie somewhere. I'd go fairly small-perhaps 3 bedroom and I'd check proximity to schools-good fror resale as well as groceries etc.

Thanks Tabitha!  You've actually described our search area.  South and a bit of the west.  Depending on where I get a job, things may change and we might be including areas south of the city, as chemguy will be working in the south end of the city and areas south of the city as well as Northern Alberta.

Talking with someone at one of the showhomes was actually very helpful.  I was surprised as some of the great advice about buying a resale, and we eliminated 3 communities that we were a little unsure of after speaking with here.

I think we have our needs and wants sorted already.  It's just figuring out how much we want to compromise on wants vs. price.

Chansen, I heard of a site based on TO where you can see the purchase prices.  You did have to pay a fee.  SInce we don't have a realtor yet, I was hoping there was something similar here, even if there was a reasonable fee.  TO tends to get things like that well before other cities though.

Realtors really don't mind doing that for you. Honest!

Another realtor name is Helen Powell-I'm good friends with her sisters and mother.

Exactly - ask any realtor - this part of their service should be "free". Some will want you to sign an agreement for them to be your realtor first. I'm not sure if that is required. Going by way of referral from someone who has used them will increase your chances of getting a good realtor, and they may be more willing to do things for you before you commit to them.

Lots of info!!

My caution notes would mostly be financial.

 Have a very clear idea of what is included in your mortgage payment and what isn't (property tax? payment to neighborhood improvement/maintenance group?). 

Have a very clear idea of how much you can cope with for a mortgage payment. 

Have a very clear idea of how much of your payment is bringing down your mortgage debt and how much is only paying the interest.  I know a couple who paid a small mortgage for twenty odd years and hadn't yet started to pay off the original debt.

Budget for mortgage insurance for death - dread disease - accident - for both of you (really bad news gets your mortgage paid off!) one of my family members got a home for almost nothing because of insurance.

Do your own arithmetic - don't just accept what the bank tell you.  Make sure you both understand everything you are signing.

Be realistic about the difference between 'want' and 'need'.  Wants can escalate rapidly - are you planing to buy 'accomodation' or a status symbol?

Good luck - please keep us up to date on your search.

As far as a home inspection is concerned, be aware of what a home inspection DOESN'T inspect. If the house is older, then the furnace may be too. In Ontario they do not check for carbon monoxide leaks and have no way of knowing if there are any. You would need a furnace guy who has the proper equipment. Home inspectors are not allowed to "tear apart" the house for your inspection because you don't own it yet, so be very careful what type of insulation a home has. It could have urea formaldehyde  or an insulation called vermiculite that contains asbestos and it may not be exposed in places you would normally be able to access. Find a reputable home inspector. A good one should spend at least 3 hours or more inspecting the house. (ask friends, realtors, etc.. for referrals) AND when you do get it inspected, make sure at least one of you is present throughout.

Start learning about mortgages and the terminology. Such as the difference between amortization and term. Look into how much faster you can pay off a mortgage by going weekly vs monthly and the difference in savings between a 20, 25 and 30 year mortgage. Rates vary between banks, credit unions and brokerages. Shop around and find out what you're comfortable with. You can choose a fixed rate or a variable rate.....look into that too. Go and get preapproved. When you choose where you want to arrange your mortgage most financial institutions will lock in the current mortgage rate for as much as 3 months until your ready to buy. If the rates go up of down, you will get the lowest rate in that time period.

In Ontario you would have CMHC fees on closing if you put less than 20% of the purchase price down. You can roll these fees into the mortgage amount.(or not) A down payment larger than 20% avoids these fees.

You will have lawyers fees, land transfer fees (which you can bring up on the MLS site on each listing where the mortgage calculator is above each home for sale) You may need a survey one your property in your province...I don't know. If the owners have one, ask for it anyway.

Ask for everything in your offer. Fridge, Stove, diswasher, curtains, sheds etc..... and use them as negotiating items for a better price if they won't let them go.

You can sign on with a realtor or not, it's up to you. If you do, choose a good one that will keep you well informed of the market and understands exactly what your are looking for. The advantages are that they will call you first when something good comes up, if you don't sign up they will call someone that has. Remember that most realtors know about some really good listings BEFORE they hit the MLS site....it takes a day to get it on the site and if it's listed on the weekend it won't show up until Monday or Tuesday.

Homes are also for sale privately on Kijiji, Propertyguys, Comfree or whatever sites you may have where you are.

You do not have to pay commission when you buy. Only the seller of the home pays commission.

Waterfall, I think I have a decent understanding of most of the terminology.  I didn't know about the surveys though, something to look into for sure!

CMHC is all of Canada, not just Ontario.  Here, as far as I know there is no land transfer tax; neither provincial nor municipal.

you are right. AB does not have land transfer tax BC does.

New homes have GST, Used homes do not.

I have not had to survey most of the houses I bought-the current owner had a recent enough survey.

Don't forget insurance on house and contents too!

Happy hunting!

Thanks everyone!  I read every post even if I missed responding to a few.

Chemguy has been informed of his raise amount (it hasn't kicked in yet), so that will help us out!  I contacted people from my favourite listing search site who have agreed to send me the selling prices.

I'm still open to hearing more advice.  I'm also very willing to accept any donations to our house fund! :D

Well, I'll chip in the 59 cents I was thinking of sending to the federal government... frankly I think you and Chemguy would put it to much better use.

Thanks for the vote of confidence Redbaron! :)

Don't believe any numbers for costs (power, taxes, other fees) unless you have seen prove. Even our real estate agent told us a lot lower power use then what it ended up to be (power company can tell you).

Here in NS you can look up the tax assessment online using the address. You taxes will be adjusted (up) according to the sales price. Low taxes now doesn't mean you will pay the same.

My taxes are rural- and therefore we had a lower tax rate-BUT- there were other costs on top of that, sewer, water, fire rate, hydrant rate- which almost doubled the tax rate.

My neighbours didn't know that when they bought and had bought the place advertised just with the tax rate- surprise after one year, when they got their full bill. Now they are paying as much for a Duplex as they paid for their large house they sold in Halifax.

Check out if there is any energy efficiency grants for alternative heating (though- if you are in AB, I suppose there is no alternative ).

After things got a little delayed due to completely unrelated things we're actually hunting now.

I've loved one house so far.  Unfortunately the location wasn't so great.  We found an amazing location, I was shocked we could afford a house where it was, but then the house totally showed it.  Some things weren't even fixable, like the bedroom layout. 

We'll be out more both days this weekend.  Inventory isn't great unless you're at very high price ranges, the realtors even say so.

Mrs. Anteater, I missed your post.  Taxes for the previous year show up on the MLS, so that's helpful.

There are energy efficient homes, and some even have solar panels but AFAIK they are all still gas.