You may have been to an open house in Kelowna recently and thought to yourself “Maybe it’s time to buy a house.” If you’re serious about getting one, there’s more to buying a home than simply having enough for a down payment.
Follow our steps below to get a place you can be happy to come home to.
1. Check Out Open House Kelowna Events to View Open Houses
You may be already doing this, but it’s a good idea to check out some open houses even if you have no intention of ever getting that home. It will give you a better idea of your likes and dislikes when looking for a property and what your major turn-offs are.
2. Review Your Personal Finances
This is where all the hard work you’ve been putting into getting a good credit score goes. By having a good credit score, you can take out a better mortgage from the bank to get an even better home.
However, you need to understand your own personal finances thoroughly.
One helpful way of getting a clear picture of your personal finances is by setting up a financial spreadsheet. You can review money going in and out and how much you can afford to pay back monthly for your mortgage.
We also recommend using a mortgage calculator for B.C. to get even more insight.
3. Stay in Tune With Your Local Market
Review open houses in Kelowna, but notice which ones are selling and what neighbourhood they are in. You’ll also want to keep tabs on the real estate market in the Kelowna neighbourhood you’re most keen on living in.
In particular, watch for how long homes in your price range stay on the market before selling so you have an idea of how quickly you’ll need to act. On that note as well, watch for notable changes in the asking price as you might be able to get a home for less.
This is when a realtor comes in handy. Sean Skuter always has his finger on the pulse of Kelowna neighbourhoods and knows when the best time to buy is.
4. Establish Your Must-Haves
Now that you’ve found out what kind of house you can afford, have your finances in order, and are staying up-to-date with the local real estate market, this the time to get into what you actually want.
Finalize your “must-haves” in a home. In other words, finding out what you absolutely won’t compromise in your search.
We recommend starting with how many bedrooms and bathrooms you want. From there, decide how much square footage you actually need. Do you have a family already and need more space for your kids, or are you planning a family and will need rooms for them? Answering that question will help you narrow your search.
5. Get a Real Estate Agent
Finally, if you haven’t already, it’s best to get in touch with a Kelowna real estate agent who understands the neighbourhood market you’re interested in. They can help guide you to make the right choice for your budget and needs on a home. Real estate agents in Kelowna also are intimately familiar with changes in markets and when the perfect time is to buy a home.
Home buying can be stressful, but it’s also one of the most exciting purchases you can make. By following our steps above you can ensure you get a home that’s perfect for you and your family.