First Time Home Buyers

TRY THIS FIRST TIME BUYER SEARCH

I work with all types of Kamloops buyers... people who are downsizing, people who are moving up, people who are relocating to our city, but I have to say, I love helping first time home buyers the most of all!

Over the years I've watched many of our family's friends come up through the school system and graduate into a position of getting into a home of their own!  A lot of these families we grew up with have put their trust in me to help their kids find a home. I'm thrilled everytimeI get to work with 'kids' like this.   But it's hard for young buyers... not only to find the right house that's in decent condition but also to get financed.  With the recent changes by the federal government a few years back and more coming in 2018, it's now much more of a challenge for a lot of first time buyers to get into a single family home.  Other options are to start with a 1/2 duplex or townhouse and use this home as a springboard to build equity and eventually get your own single family home.  

Many times a mortgage helper or in-law suite might be required to help pay the mortgage.   I've got some great tools for finding homes with suites, plus an amazing group of mortgage brokers who are experts on making a suite happen if it's at all possible.  The last thing you want to do is to build a suite and pay for it with a traditional bank loan or on credit.

If you're a first time buyer I can help.  I've got the experience, contacts and knowledge to get you into your first home.  Please give me a call and we can have a no obligation meeting to go over your own situation and assess what direction to proceed.  It's never to early to meet and find out the direction you should be headed in.  

Please signup as a member on www.Kamloopshomes.com

My website has an easy to use search engine that can help you zero in on homes in the various areas you might like.  Once you have joined the website you are able to set up a search and save it... you can also flag the search to notify you by email anytime a new listing comes up that matches your wants and needs.  What I really like about my website is that the theme I've chosen is a responsive theme... which means it will scale to the size of any mobile device you might have with you.  So please signup today... if you're not too savy with using websites, I can sign you up and personally help you by going to this link.

TRY THIS FIRST TIME BUYER SEARCH

Here are some things to think about... 

Appreciation

In Canada, especially in the last few years, homes have appreciated considerably and in doing so have added substantially to owners net worth. Unlike stocks and bonds, you get to live in your real estate investment. Also, in Canada your principal residence is exempt from capital gains taxes. 

Mortgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your home loan, which builds your equity. You can borrow against a home's equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can own your own?

Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they have can use, improve and sell. Their home is a safe haven for investment.

Are You Ready to Buy a Home?

First – do you have the financial resources? You should have five percent of the purchase price of a home for the down payment, but ideally even more. Are there other priorities in your life e.g. starting a new business, which require your savings? If not, buying a home should be on your radar.

Second – do you expect to stay in your new home for some time? Moving can be expensive and you will want to build some equity before having to relocate. Your job and home life should be stable.

What Can You Afford?

If you haven't already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.

Our Mortgage Calculator will help you determine what monthly mortgage payment and the maximum mortgage you can manage. Note: if you are buying a condo, the amount of your monthly assessment has a direct impact on how much you can afford to spend on your mortgage.

Questions To Ask When Assessing Home Features

• Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?

• Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool? Do you have family members with special needs?

• Do you plan to have children? Downtown or suburbs? Proximity to recreation or work.

• Do you need a substantial backyard? Pets?

• Is there adequate storage space?

• Will any remodeling be required to make the home move-in ready for you?

• What service providers (cable, Internet, telephone, Satelite) are available in the area, and is the house completely wired for each? Can you hear me now – how good is the cell phone reception?

• How much are the yearly property taxes?

• How much do utilities run each month? Does the house use gas or electric for the furnace, water heater, and appliances?

• How old are the major appliances, and which are included with the house?

• Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?

• Ever had problems with insects, such as termites and spiders, or rodents?

• Older homes need to be carefully examined - Windows may need caulking or new sashes, bathroom tiles may need grouting, home may need rewiring (planning on a hot tub or sauna?), a new hot water heater, or a new furnace. 

Location, Location, Location

• Need help on Kamloops neighbourhood locations?  I’ve got a bunch of goolge earth images I marked up with my pencil and ipad that might help.  I’ll send them to you if you click here
• How far will you be commuting and what is the traffic like? Factor in cost of fuel.

• Where will your children attend school and how will they commute?

• Are there recreational facilities and parks close by?

• Are you close to family and friends?

• Is safety or high crime an issue?

• Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping centre, school, radio tower, power lines, LRT or railroad track, highway, airport or commercial project).

• Access to schools, work, recreation, shopping centres, public transportation, cultural attractions, libraries, churches and hospitals

• Adjacent undeveloped land - what is proposed for this or other green space?

• Heavy traffic can be noise nuisance and hazard for children

• Distance from the unit to amenities, parking, walkways, roads, public transit

• Does the neighborhood reflect positively on the value of the condo and your lifestyle choice?

• Does this neighborhood, for any reason, have a poor reputation?

• Is the future economic climate for the area good? Are businesses moving in? Is there government investment?

• Are people moving in or out of the neighborhood? What is their age, income level, family size?

• Are there plans for this neighborhood that you may be unaware of (i.e. a future highway, a commercial development or a new housing development) that will provide competition on resale.

Noise and Privacy