We believe there’s a step when buying a home that is absolutely critical.  In a tight market with low inventory it’s even more important. Unfortunately most people totally miss this step at Vantage West we call this, Market education.  Market education is about systematically getting out and viewing homes, not for the purpose of buying but rather to educate yourself on the market, establishing a baseline for what your price range affords you, and refining your criteria. This is a step that the vast majority of agents will skip thinking it’s a waste of their time, however experience has taught us, this simple investment of time up front comes with a number of benefits.

  1. Number one is confidence – By getting out and viewing homes in a no pressure…

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I like to tell war stories. You know, the really gritty, tough moments of being a Kelowna real estate investor—the nightmare tenants who are 3 months behind on rent, the money sucking roof repairs, flooded basements, and backed-up sewer lines. Maybe it's a badge of honour, or maybe I just like to vent, but inevitably every time I share one of these trials with someone I get a similar response. People say “Yeah, I just don't think it's worth it” or “Seems like it's not worth the hassle”.

Now, to be fair, typically the people I'm chatting with aren't high-powered executives or independently wealthy types. They're regular, working-class people like you and me, who work a 40 or 50+ hour week in exchange for a wage or salary. Most of them are daily…

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Benefits of buying a home in Kelowna, BC

Becoming a homeowner has so many rewarding advantages. Sure, it can seem like an arduous undertaking if you’re a first-time buyer, but a little bit of hard work and financial commitment are worth it in the long run.

Here are just some of the many advantages of owning a home vs renting:

Homeownership Builds Long-term Wealth & Equity

Unlike buying a car or motorcycle, a home is an investment that isn’t going to depreciate much over the years, especially if you maintain it! Kelowna’s real estate market is thriving, and as one of the most desirable places to live and retire in, it’s a low-risk place to invest. With each passing mortgage payment, you’re slowly but surely paying down your loan and building your equity.

Over time, owning is by…

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Is it better to buy or rent in Kelowna, BC

Here's some food for thought…the average rent for a 2-bedroom unit in Kelowna is currently $1,600 per month.

What does this mean for those who are renting in the Kelowna residential market?

  • 1 year of rent is equivalent to $19,200
  • 3 years of rent is equivalent to $57,600
  • 5 years of rent is equivalent to $96,000
  • 10 years of rent is equivalent to $192,000

Conventional wisdom tells us that money spent on rent over time is being flushed down the toilet because you're paying off someone else's investment. If we look at the flip side of this, for most people who can muster the down payment, buying is the better choice. When you own your Kelowna property, that $1,600 per month will be going towards your own investment and not someone…

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