Buying your first house is a big deal. It’s an exciting time but it can also be very stressful and overwhelming for you to decide what type of home or mortgage will best fit into your budget, lifestyle, family needs/wants, etc., all while considering the market conditions at this point in time.
The more information that you have going into the process, as well as understanding how much financial capacity (i.e.: monthly income) is available, will help make things easier on yourself when looking for homes to buy. The more you know going in, the less stressful it will be for you. Keep an open mind and be willing to be flexible and not get too stuck into what your final vision should be, rather than what it could be.
If you are looking for a home in Kamloops or Tobiano, these tips should be a great help.
1. Meet with a mortgage broker to find out what you can afford
Unless you have an inheritance or don’t need financing, this is going to be the first step. Hopefully, you have been saving some money for your down payment. Meeting with your mortgage broker will give you a better idea of what you can expect in terms of a mortgage. This will depend on any outstanding debts, your credit score, past loans, and other financial factors.
2. Set realistic expectations
The first step in buying your own home is to set realistic expectations. Don’t be fooled by the idea of a “quick fix” for finding and purchasing real estate, it’s essential that you understand what types of properties are available in different areas before making any decisions. When it comes to buying your first home, don’t expect the perfect house right away. If you are on your own, just a young, couple, or even if you have started your family, your Kamloops real estate agent will be able to provide you with plenty of suitable options.
3. Pay attention to all the costs involved
When you are negotiating the purchase of your first home, there are always other costs to consider. There are going to be fees attached to almost everything. There are fees for the home inspection, closing fees, mortgage, surveyors, taxes, titles, and fees for almost all applications and services you will need. Talk with your Kamloops realtor and make a list of all the projected costs involved with buying real estate in Kamloops.
4. Take time to learn and understand the process
Try not to rush into everything all at once. It’s natural to feel excited and you can become impatient with the process. But, the process is a necessary part of buying a house. Trust your Tobiano real estate agent to walk you through everything. That way, you will learn what needs to happen and you will be far less likely to make any mistakes, which could cost you more money or even your dream home.
5. Think about both your current and future lifestyle
If you are on your own, or a young family, what is it you need? Think about the conveniences you have now, what you will need at your new home, and what types of amenities you will need in a few years. Are you starting a family? Do you need good to be near good schools? Do you need transportation if you don’t drive, are there grocery stores close by? Think about the amenities you have now and what you would like in your new location.
6. Make a Wish List
Your wish list could be really long, and that’s okay. When you meet with your Kamloops real estate agent, it will give them a starting off point. Of course, it will be almost impossible to hit them all, but you should get the deal-breakers. Hopefully, your deal-breakers are not unattainable. It is important to be realistic when you make your wish list and you need to keep in mind your budget and desired location.
7. Manage your emotions
Try to keep a level head. Don’t get upset when you realize you are not going to get that big house with the pool on Shaughnessy Hill. You don’t want to get too excited either when you find a place you adore. If you are over-excited when you see something may cause the sellers to raise their price. Also, keep calm after you make an offer as this process can take a bit of time as well.
8. Listen to your realtor
Your Kamloops and Tobiano real estate agents know what is going on. They know about the locations, they understand the market, they know if a house is priced too high, and they are not going to lie to you. You are paying them to help you, so let them. They can also save you a lot of money when it comes to negotiating the asking price of the house you are interested in. They do have your best interests in mind. Don’t shrug them off when you don’t like what you hear.
9. Renovations: Get to know the trades in your local area
Homeowners need to know the trades in their local area when they purchase a home. You may have big renovations or small ones, but it is important that you are familiar with what trade professionals do and how much services cost before jumping into any remodels! Start by asking for recommendations from your realtor.
10. Factor in those Extras
Once everything has gone through, there are still some extra costs that will come up. You will need to hire movers and a moving van, then you may want to change the locks, buy new furniture for your place, new accessories, like carpets, drapes, and dishes, plus hook-ups for the internet, cable, switch the energy bill to your name, and many more.
Buying Your First House
Tobiano and Kamloops are a beautiful area, so if you are new to the area and looking for a house, you will be pleasantly surprised. Whether you are just here for a new job, looking to move to a nicer community, or just starting out on your own. Kamloops real estate has plenty of options and is still affordable, so if you are just moving from Calgary or Vancouver, you will find it peaceful, and vibrant, with plenty to do for all ages.
Plenty of amenities, and new developments, and try not to be too surprised if you see a deer or two nibbling your bushes.
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