Is It The Right Time For You To Buy Your First Home?
Home ownership may be your goal and dream. Before jumping with both feet you need to ensure you are financially and mentally prepared for the responsibilities that come with home ownership. This will help to make sure the purchase process is an enjoyable, low stress experience.
It is important before purchasing a home to take a critical look at your finances and expectations. It is not like renting, there are a number of responsibilities that come along with home ownership such as mortgage payments, taxes and home maintenance. Owning a home is not just about changing the paint colour.
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Questions for Prospective Homeowners
Are you ready to buy?
When you own a home you have to be prepared to maintain your home over the years. This means that your home will continue to cost you money beyond the basic mortgage payments, taxes and basic maintenance. Developing realistic expectations and understanding the risks of home ownership will help ensure your success.
What can you afford?
Start with something reasonable! When you purchase your first home it is important to not stretch your budget to the maximum you can afford. Your first home should not necessarily be your dream home rather a great fit for you to learn the ropes of home ownership. You don't want to purchase a home and find that the majority of your income is going to mortgage payments, this will make the experience feel more burdomsome rather than a point of pride. Work your way up to that dream home. Start with a home that is a great fit for you now and plan to move up when the time is right.
Identifying your debt-to-income ratio?
Lenders have tight lending rules and restrictions. It is important that your overall debt should not be more than 40% of your income. This also means your housing debt should not be more than 32%. Meeting with a qualified Mortgage Broker will help you to identify what is affordable for you and what you can qualify for.
What type of property would be right for you?
Do you want to be responsible for everything in your home or would you rather pay a fee monthly to take some of the responsibilities off your shoulders? Single family detached homes surely come with more responsibility such as lawn care, home maintenance etc. When purchasing a strata unit often the strata is responsible for a number of items throughout the development. Each strata is different and can help you to develop the skills necessary for home ownership. Take a serious look at what your expectations are and ask yourself what you want out of a property.
We Are Here To Help!
Hiring a great Agent who will look out for your best interest and will work for you. Our real estate team is dedicated to helping you find the right home, at the best price and terms that are best for YOU. Our main priority is to make you happy and find success in your real estate purchase experience and ownership.
When you hire us to help you buy your first home, we get to know what you are looking for and what you can realistically afford. We ensure that we take both items into account when creating your search and finding a home you will enjoy owning.
Keep your objectives in mind when viewing homes. Often times excitement takes over, the idea of home ownership can overwhelm your practical sense. Make sure you keep your emotions in check. Be sure to have a list of your 'must have' features in a home and a secondary list of features that would be nice to have but aren't mandatory. Your REALTOR can help you stay on track and offer an outside view of the homes and items that you may be overlooking.
A Great Real Estate Lawyer is Important! We can recommend a number of lawyers in the Kamloops area who would be a great fit for you. Transferring ownership in property can be complicated and you want to ensure you are protected. An experienced lawyer is your best defense. When purchasing a home, legal fees will be between $1,200 and $1,500 on average. When you are purchasing a leasehold property such as Sun Rivers or Native Land your legal fees will be higher than a freehold transfer. Your Realtor can ensure you have all the information!
Make the offer. This is when it starts to get really exciting! There are a lot of things to navigate through when making an offer. Your Agent will have a lot of experience with all the necessary terms, subjects, deposit and what to include in the purchase price. There are always a lot of things to consider and our priority is to ensure you are taken care of. Making an offer is a great start, once it is accepted there are still a number of hurdles to jump over before the home is yours.
Inspect your purchase! Hiring a home inspector is a very important step in your home purchase. An inspector will give you a detailed report regarding the home and all the findings. They also check for signs of hazardous materials in the home such as asbestos, lead paint and mold. The inspector will look at your potential home with unbiased eyes, they pick out the things that you may not see. Inspectors want to ensure that there is not any evidence of pests (mice, termites, etc), faulty wiring and significant water leaks. Inspectors will point out all the small to large concerns about the home giving you the opportunity to take a deeper look at your potential purchase. Depending on the inspections you select, a home inspection can cost anywhere between $500 to $1,000 depending on the size and scope of the home. If you decide on further inspections such as asbestos testing, termite inspection etc, those inspections will add a few hundred in addition to your standard home inspection. Since a home is one of the largest investments you will make it is important to ensure you have it inspected. It may seem like a lot of money to have an inspection however finding a large problem could cost you much more. We work with a number of highly qualified Home Inspectors in Kamloops and are always happy to make recommendations.
Pre-completion Walk Through. If you have any concerns about the condition of your home or repairs that were supposed to be done before completion we would be happy to complete a pre-completion walk through. Many buyers are confident in their purchase but there are some cases where this is really important.
From the moment we begin the buying process to the final moment of handing you the keys we are here to help. Even after you have taken possession and have questions about your home we are here for you. Our main goal is to ensure your experience purchasing a home in Kamloops is seamless. Contact us anytime with any questions you have or to start your home search.
Contact us for more information about buying your first Kamloops home.