The experience for first-time home buyers in North Okanagan is similar to that of anywhere else.
Here, we’ll be helping you out with some basic understanding of the situation you must face when buying your first home.
Knowing the Budget and Getting Pre-Approved:
It will be convenient if you have savings piled up in your bank account before you consider the purchase. If not, you should see your banking or mortgage specialist to help you with a suitable financial plan.
The banker or mortgage broker will equip you with a rough estimate of how much you’ll be able to borrow. This approximated amount is known as pre-approval.
The mortgage pre-approval amount is calculated based on the information you’ve filled in at the bank. The estimation will be more accurate if you provide the correct information.
Hiring a First Time Home Buying Specialist:
After you decide the area and specifics about the home you want, hire a real estate agent that specializes in assisting first-time home buyers.
Hiring a good realtor is vital because you may end up paying extra fees to agents if you don’t have a good realtor standing by your side. The Buyer’s agent you hire for your deal is obliged to let you know about all the fees involved while going forward with the deal.
First Time Buyer’s Market Analysis:
You shall make an analysis of the real estate situation on your own and understand the scenario before pursuing any help.
Take a detailed look at list prices of the locality and then compare them with the market value to have an idea for the bargaining window you can use.
Once you find your dream home, do a detailed analysis of its pricing to find out whether it’s worth the asking price.
Real Estate Offer:
A real estate offer is the contract of the purchase you make. You should ask as many questions as you want while you’re writing the offer with your Realtor.
It’s a common misconception about the real estate offer just being a document that states the price for the property. However, it is way more than that.
The offer explains the asking price and what the buyer will pay for it. It also includes an overview of the terms the buyer would live to go on with if the seller accepts it.