Buying Your First Home in Kelowna BC
Congratulations! You've reached a point in your life where you'd like to expand your equity and portfolio by purchasing your first home. Owning a home is an exciting milestone, where you get to be your own landlord and have the freewill to make your home your very own! But before buying a home, it's critical to understand the responsibilities that come with ownership.
Our team is here to help you with the entire process of home ownership, so we've put together some very important questions one should consider before sealing the deal. Our goal is to demystify the process of home ownership, and to help you avoid any potential issues.
Do you think you are ready to buy your first home in Kelowna BC? Start your Kelowna BC homes for sale search now!
Our First-Time Homebuyer's Guide to The Kelowna BC Real Estate Market
1. How Much Can You Afford
It's crucial to be transparent with yourself when it comes down to how much you can afford to shell out for a property. Of course, it can be disappointing to find out you can't have the house you truly want, but it's best that you don't stretch yourself thin financially, shuffling around money just to make it work. Before you know it, you'll be tied down to a continuous cycle of hefty bills, sacrificing a huge portion of your income just to pay a mortgage. There has to be a fine balance, as you don't want to drain other financial resources!
One of the best ways to determine how much you can borrow is by calculating your debt-to-income ratio. This percentage, in addition to your credit history, is one of the most important aspects that lenders take into consideration when determining how much they will allow you to borrow.
With various loans, and a mortgage, your overall debt should never account for 40% of your income. Housing should also never accrue for more than 32%, which leaves 8% for other debts.
2. What Kind of Home Do You Want
When looking for a property, remember to compare how little or how far that 32% can take you. It's a great idea to do plenty of research on the markets you're interested in. Our agents will be happy to assist you with this process, as well as answer any questions you have with your findings.
Some questions to help narrow down what you're looking for:
- What kind of property do you want?
- What style of house?
- What about size?
- How much maintenance are you willing to do?
- What sort of rules are you willing to obey?
- Do you plan on growing a family?
- What does life look like 5 years from now?
Perhaps you can't buy the house of your dreams, but when it comes to narrowing down your options, do keep in mind a house that isn't quite to your liking from start should still be considered, as first time buyers should focus on properties they can add value to. Things like hideous wall paper or outdated carpets can be fixed down the road. Always try to see the potential of a property; it's an investment after all!
How Our Search Team Can Help You!
3. Hire a Kelowna BC Real Estate Agent
Once you are seriously shopping for a home, it's in your best interest to walk into an open house or a showing with an agent, since we know what your desires and expectations are. Once we've reached this point with you, we'll know exactly what your needs are, and we want to ensure your success and prosperity with your homebuying journey.
We have the experience, local know-how, education, and most importantly, your best interest at heart. Our team will always be dedicated to negotiate the best deal for our clients.
4. Stay With Your Priorities
House hunting is definitely an exciting and sometimes overwhelming experience. A home is such a personal investment, and at times it's very easy to get caught in the emotional dynamics of the homebuying journey. A great way to keep with a practical mindset is to make a clear list of your priorities. Sometimes writing it all down and keeping a list on hand is what it'll take to stay the course. As your agent, we are committed to keeping you focused on your priorities.
5. Find A Great Real Estate Lawyer
While everyone hopes for a seamless homebuying transaction, it's not always the case. Having a real estate lawyer will help with all due diligence, and is a safe way to be represented during the transaction process. Lawyers will carefully comb through any potential loopholes or concerns in legal documents, and communication, which will certainly pay off in the long run for any homebuyer. We are happy to recommend trusted real estate lawyers in the area to all of our clients.
6. Found Your Home? Make an Offer!
A home inspection can make or break a deal! It's very important to have one performed, especially on a previously loved property. A professional home inspector will know where to find potential mold, mildew, poor wiring, asbestos, and septic issues. If you choose not to get a home inspection, you may find yourself shelling out more money to fix problems that could have been taken care of before purchasing the property.
7. Take One Last Walk Through the Home
It would be our pleasure to join you through the final walkthrough before closing the deal. We'll make sure that everything that was agreed upon has been finished to your standards, and that the home is ready for your move in!
From your very first consultation with the Vantage West team to the closing documents and key exchange, we're with you every step of the way through your journey to buying your first home! Contact us if you have any questions about first-time homebuying in kelowna BC, or give us a call at 1-250-717-3133.