Kelowna Sanctuary

T

ips for Buying a House or Condo in Kelowna

Choosing your new home is an exciting event. Since you have never done this before, you are in for quite an adventure. However, we want to make your adventure more positive and less stressful with the following helpful tips.

How to Get a Mortgage Preapproval

Mortgage Preapproval

By far, the easiest way to shop for a home is finding out how much you can borrow for a home first. A mortgage preapproval is exactly what you need.

Work With A Mortgage Broker

Work with a mortgage broker to avoid having to go to each financial institution individually. You can fill out one home loan application with a mortgage broker and let them do their job to get you the best mortgage available that suits your needs.

Can Easily Repay

Make sure the loan you borrow is one you can easily repay. This includes the amount of amortized and/or annual interest on your loan each year plus the regular monthly payments.

Work with a Kelowna Realtor

A realtor is very different from a real estate agent. The first is licensed and recognized by a realtor recognition group and works as an independent agent in real estate. The second typically works for an agency with other agents and does not have the same licensing or recognition as a realtor. A realtor does have the ability to purchase property or promise payment on a property if it doesn't sell within a specified time frame.

To find a realtor, you can ask friends and family who they have worked with and if they were happy with the service. Check their reviews on Google. What did their clients write about their experience. Call the Real estate agent and speak with him or her about your goals and see if they are familiar with the area and price range you want to buy in.

Condo or House?

There are pros and cons to owning a condo versus owning a house. With a condo you are required to pay monthly strata fees. The fees are responsible for things like maintenance and landscaping, and in some cases, the dues pay your utilities too. You don't have to pay monthly fees with a house, but you will have to pay all your own utilities and maintenance.

Then there's the added benefit of never having to mow a lawn, trim the trees or maintain shrubs if you own a condo. You will never have to pay for repairs on plumbing or electrical in your condo either because your strata fees cover that. All of these repair and maintenance expenses are out of pocket for house owners.

Select a Location

Most buyers choose a home near their work locations. It shortens the commute and costs less to live closer to work. You may also choose a home based on the neighborhood's appearance. Nicer neighborhoods tend to have fewer crime problems. Finally, some families choose a home location based on proximity to good schools.

Home or Condo Inspection

A home inspection is recommended! An inspection will tell you what is wrong with the place, giving you a few bargaining chips with the seller. It also tells you how much extra money and work you may need to put into the home/condo after assuming ownership.

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