Real Estate Advice: Am I Ready to Buy a Home?

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Here at Quincy Vrecko and Associates, we help people buy and sell luxury Kelowna real estate. But while many of our listings are high-end Kelowna homes, we do work with all types of budgets and we have helped many first time buyers get into the Kelowna real estate market as well.

If you’re wanting to get onto the property ladder, now is a great time to buy a home: the housing market is performing well, interest rates are low and Kelowna rental occupancy rates, and therefore rents, are high.

All that said, buying a home can be a daunting experience. After all, it is a big investment (most likely the biggest that you’ll ever make) and that can lead to caution and second guessing. Of course, you want to think thoroughly about your purchase, but avoid being over-cautious in the process. So, how do you know if you’re ready to buy a home?

 

You’re in a Good Place Financially

The most important part of the puzzle. Obviously, if you’re looking to get into the market, you need to have the money set aside for a down payment. Not only that, you need to have consistent income to cover your mortgage payments and some money in your savings for unexpected emergencies, etc.

 

You Know Where You Want to Live & Your Life is Settled

There’s little point in buying a home if you think you may be jetting off to Australia for a year right after you’ve moved in. Moreover, if your life is not settled and you’re not sure what you’re going to be up to in six months, it’s probably not the best time to buy. If you’re ready to commit and your life is settled, that’s another good indication you may be ready to buy.

 

You’re Aware of What You’re Looking For

If you’re wanting to buy a home, you need to think about what you’re after. Are you looking for a large family home with a sizeable backyard, or are you looking for a downtown Kelowna condo? Knowing what you’re looking for is another good indication you’re ready to dive in and take the plunge. If you are looking for homes in Kelowna, you can browse Tracey’s listings of fine Kelowna homes or Quincy Vrecko’s luxury homes listings.

If you’re looking to buy or sell property in Kelowna or the surrounding area, please contact us. We can help!