As a young resident of Kelowna, I can relate to the difficulties of being a first time home buyer in a hot real estate market. It’s difficult but I assure you it’s not impossible. Here are a few tips to help you to tackle some of the challenges you may face when trying to get into your first home.
• Before you even start looking at listings, build a team of trusted professionals who will do the work for you. Real estate agents and mortgage brokers are happy to educate and guide you in the right direction, even before you’re ready to begin the buying process. Best of all, it costs nothing to you!
• Familiarize yourself with all the different options available to you. You can narrow down what you really want by exploring things like the various types of housing (e.g. condos vs. detached homes), possible locations you’d like to live in, and the potential costs associated with property maintenance and utilities.
• Know your limit and stay within it. Getting pre-approved for a certain mortgage amount will ensure you’re shopping for a property that suits your budget. It can also help give you the upper hand when negotiating a deal.
• Learn about government programs designed to help first time buyers. Did you know that as a first time buyer, you can save all or some of the property transfer tax? Or that you can use RRSP money tax free as a down payment? The B.C. Government has also introduced a new program to help first time buyers with their down payment. It’s called the B.C. Home Owner Mortgage and Equity Partnership Program and it might be perfect for you!
For one-on-one advice on buying or selling your home, contact me today!
Royal LePage Kelowna
1-1890 Cooper | Kelowna, BC
O 250.860.1100 | C 250.859.4168