Buyer - Powerhouse Group - Okanagan Real Estate
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Buyer

Be Guided Through the Process

For the discerning buyer, Trish’s clients – whether local or international – appreciate her diligent approach to finding them the right home for their needs.  Her intimate knowledge of the Kelowna and the Okanagan Valley,  combined with her connections to other local Realtors, ensure that her clients are hearing about the ‘right’ homes prior to them getting listed publicly.

You will receive expert advice and guidance with:

  • Pricing and recommendations on the current value of homes of most interest
  • Skilled negotiation in order to get the best price on your behalf
  • Preparation of legal documentation and recommendations on building inspectors, contractors, mortgage consultants, notary public, and lawyers
  • Trish’s ultimate goal is to ensure that her client’s buying experience is smooth and seamless
What's involved in buying a residential property?

Buying a home is an exciting time. But, as one of the largest purchases you’re likely to make, it can also be seen as one of your best long-term investments – so it’s important that you get it right. This means doing your homework and making sure that the property you will eventually buy is the right one for you in terms of price, location, value, size and lifestyle.

Why should I buy a home, instead of renting?

Number one: you will have a sense of personal satisfaction owning your own home. You will be able to create your own private space that is unique to you. When you own, you can do it all your way!

A second benefit of owning is that you can deduct the cost of your mortgage loan interest from your federal income taxes. In the beginning, interest will compose nearly all of your monthly payment, for over half the number of years you will be paying your mortgage. This can add up to BIG savings at the end of each year. You are also allowed to deduct the property taxes you pay as a homeowner.

Another financial plus in owning a home is the possibility of the home increasing in value over time. If you rent, you write your monthly check and it is gone forever. At the end of your lease, you have nothing and face the possibility of increasing rental rates.

How much can I afford to pay for a home?

To determine ‘affordability’ you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is a principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes, and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards and lines of credit. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment.

These calculations are based on lenders’ usual guidelines.In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself house poor. Structure your payments so that you can still afford simple luxuries.