Kelowna is one of the largest cities in BC and it’s growing rapidly. There is a huge demand for development because of the rising population. The housing marketing might be a difficult one to get into, but your home is a priceless investment. Whether you’re a first-time buyer or not, it’s important to keep in mind the process that comes along with purchasing a property. Why not learn some hacks about it to make it easier?
1. Get pre-approved for your loan
One of the primary reasons house offers fall through is issues with financing. This will also save you from looking at houses or placing offers that you can’t afford. Getting pre-approved for your loan means that you’ll save yourself the headache later. It’s also important to keep in mind that once you are pre-approved for your loan, or after you purchase your new home, don’t make any big purchases for a few months.
2. Search in up and coming locations
The prices in popular areas will have higher prices than other locations. Consider purchasing in the outskirts or up and coming areas. With the way the Okanagan is expanding in population, it’s never a bad idea to invest in a home in a more rural area. It’s likely that the areas that are rural now will become popular in the years to come.
3. Be detail-oriented
When searching for a house, you want to be sure you’re buying what you want, even if that means opening the cupboards, drawers, and closets. It especially becomes important because you don’t want to miss any hidden storage space or lack thereof. But don’t become too picky in your home search. It’s easy to create a list of everything you want in a house and say no to anything that doesn’t fit the criteria. In reality, it’s ok to purchase a house and make some changes to it. Renovations are common and renovation companies like us can help make your house your dream home.
4. Remember why you’re buying a new home
You might want to purchase a rental property, or you might want to purchase your forever home. There’s a difference in what you’ll purchase depending on what it’s for. There’s nothing worse than being mortgage poor. If you found a beautiful home but you’re wanting to live in it rather than rent it, then it’s time to consider your quality of life if you choose to be mortgage poor.