Buying a Kelowna House
A home will be one of the most expensive purchases you will do in your life. This makes it important to do it the right way, or you might end up regretting in the long term. There are many cases where first time buyers have spent a lot of money on a house and realizing later it was not worth it. In order, to avoid being one of the people regretting later, you need to be extra careful when buying a home. There are a number of things you need to do. Below are some tips that will go a long way.
Compare prices in the area
The best way to know whether the pricing is right is by checking the selling price of similar Kelowna house in the area. There are many different places you can get this data, including multiple listing services, websites, and the National Association of Realtors. Knowing the pricing of similar houses will give you a chance to estimate the real value, and can also help you when negotiating. A home is an investment, and you want to buy one that you will be able to sell for the same or even more money than what you paid for.
This is one of the most important things you need to consider when buying a home. Your budget should guide you on what you are going to buy, and not the other way round. Buying within your budget ensures you are going to pay an amount you are comfortable with. It is a good idea to spend less than 30% of your income on housing. Spending more and you risk being house poor. Know the total cost and how much you will be paying monthly.
Calculate the total expenses
Many first-time buyers make the mistake of using the mortgage as the total expense. There are other expenses that you have to add. Some of them include property insurances, taxes, homeowners’ association dues, higher water, and electric bills. Always remember that property taxes and insurance tend to increase every year. Even if you can easily afford it today, ask yourself if you can afford it years down the line when the costs have increased. You have to think of it as a long-term commitment.
Start looking for a loan first, and then the house later
The first step of home buying is mortgage prequalification unless you have enough money to pay cash. It can be more fun to look at houses in the market than sitting in a lenders office where you have to expose your financial situation. Many people fear that they may not qualify, or the amount they will get is not enough to get them their dream home. Always remember that buying a house is a financial decision and not an emotional decision.
Get professional help
Working with a reputable real estate agent, broker, and a lawyer will be the best decision you make. It is hard for first time home buyers to understand the entire process, but working with professionals will help make it easier and ensures everything is done the right way. They should be…