Download Your Free Guide to Buying a Home
Thinking about buying a home? This Home Buyer’s guide helps break down the process so you know what’s coming and what to look out for.
Download the Jurome Real Estate Group Buying Guide and take some of the guesswork out of your next steps.
The Okanagan continues to draw home buyers from across BC and beyond. Some people come for the lifestyle. Others are looking for long-term value or a change of pace. Whatever the reason, the market offers plenty of opportunities. The buying process, though, can feel very overwhelming at first, especially if it’s your first time or you’re moving from another area.
Before you dive into searching for homes or scheduling viewings, it can be beneficial to ease back and understand how the home buying process actually works. There are so many moving parts and considerations involved in the buying process, including budgets, financing, inspections, and closings. Understanding the entirety of the process ahead of you can help you feel more at ease.
Is Now the Right Time to Buy?
Buying a home is a lifestyle choice and indeed a financial decision. Before taking the plunge, it’s helpful to consider the big picture.
Do you have a steady income with savings to match? How long do you realistically plan to put down roots? What are your plans for additional maintenance and ongoing expenses? Are you looking to stay in one place for several years, or is a change on the horizon?
There’s no right answer. Clarity about your objectives will help you navigate the scenery and make it less likely that you’ll take the plunge.
What Owning a Home Really Costs
One of the biggest mistakes that purchasers make is concentrating solely on the costs of buying the property. In actual fact, there are upfront as well as ongoing costs to be considered.
The upfront costs typically include deposits, costs for property inspections, solicitors’ fees, property transfer tax, and relocation costs. The ongoing costs after possession are the monthly/yearly costs to expect. These would include mortgage payments, property taxes, insurance, utilities, strata fees, if any, and any maintenance costs.
Having considered all these costs, you will be able to better determine your budget and to compare your costs for ownership versus rental or leasing options offered in a much clearer manner.
Why Mortgage Pre-Approval Matters
Mortgage pre-approval is one of the most important early steps in the buying process. It gives you a clear sense of what you can afford and what your monthly payments might look like.
It also shows sellers that you’re serious. In competitive situations, pre-approved buyers are often viewed more favourably. Pre-approval can even help protect you from short-term interest rate changes and flag potential financing issues before they become a problem.
Searching for the Right Home Without Pressure
Once financing is secured, the search starts. This is most effective when you know your must-haves, but can adjust as you see what’s out there.
Researching the area, looking at recent sales, and considering resale value down the line can all inform your choices. It is also common to have priorities change as the process goes on. Actually seeing homes can change your mind.
Making an Offer and Doing Your Due Diligence
When the right home comes along, making an offer can feel both exciting and nerve-wracking. Offers are usually written with conditions that give buyers time to complete inspections, secure financing, review documents, and confirm insurance.
These steps are there to protect you. They make sure you fully understand what you’re buying before you commit. Careful review and clear communication during this part of the process can make a huge difference.
From Accepted Offer to Moving Day
Once conditions are removed, things are on the way to completion and possession. Legal documents, final payments, insurance arrangements, and utility transfers all take place within specific time frames.
Understanding what happens between an accepted offer and receiving your keys helps you stay on top of your schedule, keeping anxieties to a minimum as you approach the big moving day.
The Next Step Toward Buying a Home
Buying a home is a big decision. It’s also one that’s much easier to navigate when you understand the process and have the right support. Whether you’re just starting to explore your options or getting ready to make an offer, a clear plan puts you in a stronger position.
Contact Jurome Real Estate Group to talk through your goals, ask questions, and start planning your next move.