Marty Moffet Realtor – Real estate photography

Buying a Kelowna house

As a homeowner, you know the responsibilities that go with owning your own home.

Hopefully, you have learned from past mistakes and are better prepared for what lies ahead.

In this article, we aim to help you through the process of buying a house or condo, based on knowledge gained from many years in the business. We hope that these tips will reduce any anxiety you may be feeling about purchasing one of life’s biggest investments.

You’re going to be living there for a while, so it’s important to get it right! Let’s get started…

Choosing a neighborhood

This is the first question you should ask yourself. The location of your house can be just as important as its features and price!

Here are some things to consider:

Does it need to be close to work? If so, try looking for real estate in areas with lots of public transit options or free parking available near home.
Are the schools good? Ensure that your kids will get a quality education before buying into an area that doesn’t have great schools. This will require you to do some research beforehand. The local school board might be able to provide suggestions on which schools are best in your area (or worst), depending on your budget and where you want to buy.
Is it close enough for frequent visits to your family? Getting some distance between you and your parents can be healthy, but it also means that they won’t always be able to drive over when the furnace breaks or the wife gets lonely.
What are existing residents like? Find out more about what makes up a typical day for people who already live in the area. If there’s not much going on around you, consider moving somewhere with more of a sense of community life.

How do you finance a house or condo?

One of the first things to remember when financing a house is that you will need to put down at least 20% as a down payment. The more you can put, the better-and this will affect your monthly repayment amount and interest rates too!

What are some other ways I can finance my new home?

Use your savings – if you have already been diligently saving money, consider using it as a down payment. It’s certainly less risky than borrowing from somewhere else!
Get a loan from your bank – most people use banks or credit unions for loans, so this may be an option for you. Remember though: lenders typically require two years’ worth of contributions before they’ll accept them as a down payment.

It’s also important to note that they check your debt-to-income ratio, which is total household monthly debt divided by monthly income. The greater the percentage, the higher your interest rates will be!

Mortgage Approval

Getting preapproved means that someone has looked over your current financial situation and has given you an indication of how much they are willing to lend you based on this information.

The process involves:

Completing paperwork about assets and liabilities
Providing a cheque for a deposit · Providing a list of your monthly income and expenses
Being interviewed by the lender.

Benefits of using a Realtor

Using a top Kelowna realtor will make buying or selling your house easier, not to mention that it’s always good to have someone on your side when entering into transactions this big!

A real estate agent can help you consider all the factors outlined in this article to ensure that you get the best deal possible. They can also offer their opinion on current market conditions, which may be useful if you need some guidance.

Some other things they do:

Deal with negotiations and paperwork
Offer advice and expertise about potential homes
Answer questions about how different neighborhoods work
Help you compare different properties and neighborhoods to find what’s right for you

How to find a good Realtor

Just like any professional service, it’s important to do your research before hiring someone. Make sure you find a realtor who is knowledgeable about the area you are interested in living in, as well as your price range and preferred location. You should also make sure they are experienced in the kind of home you want to buy or sell.

Home inspection

It’s certainly not required, and depending on what type of house or apartment you’re getting and where it’s located, some people just skip the home inspection. However, if you’re buying a property in an older building, it can be a good idea.

Home Insurance Photographer

Home insurance plans often cause a lot of confusion in the minds of consumers. Lots of people don’t know that there are things automatically covered under buildings insurance.

Typical buildings insurance policy covers the actual house, rather than what you put inside the house. It will be based on the cost of rebuilding and should normally cover hazards like fire, flooding and water damage. Permanent fixtures and fittings – generally things that you would not take with you if you were moving, such as the bathroom suite and fitted kitchen would normally fall under the umbrella of buildings insurance.

It is important to read the fine print very carefully regarding what is fullly covered and what’s excluded. Check for things such as vandalism or malicious acts. These are often not covered. Nor is terrorism. Please always double check. If you have a mortgage on your real estate home, then buildings insurance will be one of the mandatory conditions of getting the loan.

Contents Insurance should cover all the things you put into the house, such as your furniture, curtains, carpets, kitchen gadgets and cooking equipment, as well as items in your garden. The stuff in your house should be covered from theft, or damage caused by fire or flooding. Whilst your personal computer should be covered, should you not double check the coverage for your laptop and cameras since you often use it outside of your home.

Calculating the cost of your insurance premiums, normally starts with reviewing your postcode. The insurers can tell a lot based on where you live. They will know the crime levels in your neighbourhood, climate, and other risk factors.

Unfortunately, if you live in an area that is prone to flooding, have a higher than average crime rate, need hurricane and storm windows or such the chances are your premiums will be higher. Some offer discounts to those homeowners who install equipment to prevent flooding and calamity.

The history of your claims will also be taken into account when working out what price you have pay. Obviously if you have a high level of claims, you’re likely to face higher costs.

While home insurance rates can be quite expensive, there are ways to cut them. One thing to always keep in mind when it comes to home insurance, is you need to be proactive not reactive. Things to consider: the types of locks and doors you are using, window locks, burglar and smoke alarms. They are often discounts offered for taking out dual cover and contents policy, but it is worth checking out the cost of separate cover too.

When you are ready to pull the trigger, it’ll be worth comparing quotes. The easiest way to do this is online. An independent broker will have no trouble in comparing a vary wide range of companies and will contact you with the best choices for you, at the best price. Sometimes there will be good discounts for new customers and the price can drift upwards for the first year or two ask you broker to check for the right price.

When making a claim – Your insurance provider will want to know why your making a claim and wil try to refute it. If the claim is the result of a burglary or anything with your home security they will need to see the police report.

It is well worth sorting out your household insurance requirements and making your sure your covered for everything.

Buying a House in Kelowna Real Estate Market