Advice for Buying
Real Estate in Kelowna
Finding the perfect home doesn’t happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process. There are some things to consider before you start your search:
1. What Features Do You Need?
- Do you need an en-suite, a garage, fenced yard, close to transit or schools? Once your list is complete decide what is most important to you.
2. What is your ideal location:
- Where you live obviously affects your lifestyle; it’s also one of the most significant influences on the value of your home. Your location may be limited by your budget but still consider things like distance to work, schools, shopping and entertainment.
3. What kind of home:
- Are you looking for a single family home, a condo, townhouse or a home with a suite or carriage house? This choice really comes down to what kind of lifestyle you are looking for and what fits into your budget.
4. What is your Budget?
- If you are requiring a mortgage to purchase have you been to a lender to discuss your financial situation and what you are pre-approved for? This is a great place to start so there is no guessing as you move forward and you are able to make an offer confidently.
- There are numerous additional expenses that you’ll pay to complete the purchase of your home.
5. Searching for a home
- A REALTOR® will use various tools to try and find properties that meet your specifications. The most important is the local MLS® System. Your REALTOR® can set up a search with your specific criteria to help filter the best possible choices for you. You can also view listings that are advertised on the national REALTOR.ca website
6. Viewing Houses
- When you select a property and decide to visit a home, there are many things to consider. Does it have all the features you want? Is the neighbourhood what you expected? Remember all of the technical considerations, including:
- What type of wiring is in the home?
- What type of heating system does it use? Heating costs can vary drastically.
- Have the roof and foundation been well maintained?
- What type of windows are in?
- What type of plumbing?
- There are numerous other items to consider as well which is why I always advise having a home inspection done by a certified home inspector for a reasonable fee. This is done once you have an offer accepted on a home.
7. Making an Offer
- Once you find a home you’d like to make your own, I will help you develop an offer. In the offer you’ll specify how much you’re willing to pay, state when the offer expires and suggest a closing date that works for you. You can also add other conditions to your offer. Some common types of conditions are:
- Getting suitable financing
- Selling your current home
- The seller providing a current survey certificate
- The seller providing the title to the property along with all items that are registered against it.
- If there is a septic system or well you’ll want to ensure you have the opportunity for proper inspections and confirmation of certification.
- An inspection by a qualified engineer, should you have any doubts about the home’s safety or construction; and,
- Any inclusions of appliances that you’d like to stay.
You’ll also need to present a deposit; which is typically between 5 – 10% of the purchase price. This is held in our Trust Account and is put towards your purchase price
8. If Your Offer is Accepted
- After your offer is accepted and all conditions met, the offer becomes binding on both sides. If you later refuse to honour the agreement, you may lose your deposit or might be sued for damages. Before signing, make sure you understand and agree with all terms of the offer.
- Before the property can formally change hands, there are still a few things to do. Be prepared to furnish proof to your lender that you’ve insured your new home. On or before closing day, both side’s lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer’s trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.
- At this time, be sure to check with your lawyer that everything is as stated in the offer to purchase.
- You then receive the keys to the front door and there’s nothing else to say except Welcome Home!