Buying a Home in Okanagan? Have You Missed Out These Home Buying Must-Haves?

Okanagan Valley is fast becoming a hub of private homes. Thanks to its easy accessibility, smooth highways, the Okanagan Lake, and the lakeside properties. But house hunting has always been daunting courtesy the innumerable complications about location, price, type of homes, or the real estate agent to work with. Apart from this, down payment and transfer fees seem to be the factors that home buyers dread. With so many aspects jumbled together, buying a home can get on your nerves. So, it’s time you organize the home-buying process. 

As a buyer, you have to factor in all the costs and not just draw a budgeting outline. So, your affordability, the size of the mortgage, and several other hidden costs are all that matter in budget planning before investing money for buying a house. Apart from this, when searching for the best place to live in Okanagan, you also have to get a hang of the assistance programs. 

Here are 3 must-haves wrapped for you to step into the home-buying realm with ease. 

Steps to buying a home in the Okanagan Valley 

1. Budget is the key to take 

Before you sneak peek into Summerland real estate, analyse figures appropriately. From the prices of homes to affordability is a long stretch you need to cover. Apart from this, there may be a variety of other taxes and fees you need to pay like moving costs, transfer fees, legal fees, and home inspection fees. At the same time, you need to consider those costs once you find a home and plan to move soon. Try to calculate the maintenance fees, property taxes, and home insurance fees as well. 

The upfront costs include a down payment that you need to arrange as soon as you move in and the transfer fees. While you need to work with a lender to find out the size of the mortgage, you also have to consult with the Okanagan realtors and the builders to find what works on your behalf. For the moving costs, you may obtain quotes from a few movers that you think are right in your case. Similarly, talk to insurance companies to ensure that you pay the taxes and the insurance promptly. 

2. Issues to sort with the realtor 

Are you done with your budget planning? Make sure it is comprehensive and you have not missed anything. Now, it’s like stepping into the real estate domain. So, get your facts right from the beginning.  Picking a realtor though is a bit tricky, but essential. They are who you call experts with comprehensive knowledge of things to do in Summerland and help you pick locations based on your budget. Here is the snapshot.

  • Why don’t you start figuring out your options when buying a home In the Okanagan Valley? Do you want to travel more frequently for professional reasons? Do you need your property to be close to your workplace? Are you the one to prefer mountain biking or hiking?  
  • Once you finish analysing what you want in the locality, you need to consider the features of your home. You may have a preference for an energy-efficient home, with a well-designed patio, and lots of open spaces surrounding your home. 
  • Try to put together your wish list and determine which house for sale Summerland will have those features. 
  • It may not be feasible to include all the features in your house, so you need to prioritise the options. 
  • The realtor will expectedly know the location, and the neighbourhoods, and help you seal the deal after a few rounds of negotiation. 
  • Having an expert by your side during home buying in Okanagan is the best way to go and there you have Hunters Hill. They have architectural, planning, design, and construction specialist teams to help you build a home that reflects your wishes. 

3. Assistance programs for home buying in BC

Are you aware that citizens of BC may qualify for assistance programs and save a chunk of the amount on property transfer taxes? That’s good news indeed! But you must be a citizen of Canada and a permanent resident of BC for a year. Apart from this, you alsohave to file a couple of tax returns in BC during the last 6 years and mustn’t own a home anywhere else across the globe.

Another option you may choose is Home Buyers’ Plan but only if you are a first-time buyer. All you need is to withdraw a specific amount from the RRSPs for the first home to make it tax-free.

Home buying comes with mixed feelings. On the one hand, you feel nervous and on the other, you are determined to secure your haven. Whether you are still accumulating money to build your home or venturing out for the second time, make your living in the Okanagan Valley an experience of a lifetime.

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