Home buying is an amazing time in life. This is the moment that many people, from individuals to families look forward too. Buying a home in Kelowna is much more than a Kelowna Life dream come true, it shows strength, independence, stability and power. If you’re in the market for the first time then congratulations and welcome to the process. Real estate in the Upper Mission is a diverse place to start looking if you’re near Kelowna.
There are other areas that have fine real estate as well. The process to buying a home is not necessarily long, but it can be difficult if you’re not prepared. This gentle guide can help you decide if you’re ready to move beyond renting and into buying a home.
Excitement and First Steps towards buying a home
Now before jump onto a real estate app or make a phone call to Kelowna Life Real Estate group. There are some questions that you have to ask yourself. Do you have the right financial management skills for owning a home? Are you financially stable to go the long term? Are you capable of taking on the costs associated with home ownership, including mortgage payments to repairs and much more? Can you make the time for home maintenance?
If you are truly ready, then you can move on to a serious step. Excitement can fade and reality can set in, but let’s cover some calculations to see if your financially stable. If you’ve done this and you are stable, then a high five in order. However, for those who are starting here. You need to calculate your monthly expenses This includes any monthly debt payments to school, car or other.
Now add your household expenses with your debt payments to get a grand total of what you’re paying out each month. Please remember that you should only be paying around 32% of your monthly income for residency. Your debt expenses should not be more than 40% of your income. Your maximum house price is based on your gross monthly income, down payment and the mortgage interest rate.
Working with your Realtor and Next Steps towards Your Dream Home
Now might be the time to go ahead and check out some real estate. The real estate in the Upper Mission is diverse and quite affordable for those looking to move to Kelowna. If your finances look good to you, you can work with a realtor to look for your new home. At this point you will need to think about what kind of home you want. Do you need two or three bedrooms? How many garages do you need? Do you require a home office?
Work with your realtor, they can help you find a home that can grow with you. They will be able to work with the bank and with your needs. If you can’t find the right home at once, don’t feel discouraged. New homes arrive on the market nearly daily. Save up and pay down some debt in the meantime. You will find a home that is comfortable and enjoyable for a long time. Learn more what the fine folks at Kelowna Life Real Estate Group has to offer or browse day or night for properties.
Phone: (250) 575-4300
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