The sober decision: how to know you are ready to own a home in Kelowna
The hunt for Kelowna homes is intense. The bidding wars will leave you penniless if you are not careful. The prices will turn your away if you are not the bold type. That is how a famous real estate magazine described the market a year ago.
But before you fall in love with that dream BC home, there is a fine print you should walk through. For your heads up, some will be pleasant and the other will leave a bad taste in your mouth.
You have to carefully assemble your team
Buying a home is always a big financial decision. Handle it well and your money will be in the right place. Make a mistake and you will live to regret it for the rest of your life. To get it right with buying a home in Kelowna, you need a carefully selected team of experts. They include:
- Real estate lawyer: there is so much paperwork in buying a home that you cannot keep a trail of everything. An experienced real estate lawyer would make the process easy and simple. He or she will do the legal heavy lifting on your behalf.
- Mortgage broker: for a first time homebuyer you would be comfortable applying for a mortgage at your bank. As it turns out, this is not one of the best financial decisions. A mortgage brokers would know several lenders who would give you a favorable deal. It is not all about getting a low-rate mortgage but rather taking care of every financial aspect in buying a home.
- Home inspector: a home has so many moving parts. There is the curb, plumbing, heating systems, roofing, flooring and what a few. With no prior experience of inspecting a home, you will be lost in all these. An experienced home inspector is a must-have member in your team of home buying experts.
- A realtor: love or hate them,realtors will make your home buying process piece-of-cake easy. And just you know, in Kelowna property market is not all about getting low prices. There is a long way to buying a home and the price is just one of them.
Provincial property tax transfer (PPT)
This is a big one and can make your experience a sour one. Just when you thought your deal is falling through, PPT has a tendency of sneaking and ruining everything for you. PPT applies to almost every property transaction in BC with an exception of a few. Get acquainted with the applicable PPT before you get jubilant on the prospects of a new home.
Take note of BC home ownership
For first time homebuyers, you may want to understand what this is all about. The BC provincial administration recently launched a $700,000,000 fund to help first time homebuyers to pay their down payment of not more than $37,500. But there is a catch. You must have saved an amount equal to your down payment to qualify for this fund. Well, this might not be ideal for you but you should have a look into it.