Penticton Home Buying Process

Buying a residence can be a stressful experience. You will experience a roller coaster of emotions while finding the right place, securing the loan, and finally moving in. For most of us, the first time home purchase is the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment.

Penticton Home Buying Process

Moving can be very exciting but it can also be very stressful as there are so many things to remember to do! Don’t despair; whether you are doing it on your own, asking friends for some help, or hiring professionals in Penticton, here is a quick guide to help you get through the buying process.

Avoid 7 critical mistakes that could cost you thousands of dollars when buying your home!

  1. Don’t “low-ball” your initial offer
    Vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home and comparable SOLDS.
  2. Get Pre-approved
    A pre-approved mortgage can be done for 90 days or longer for FREE. You can usually negotiate your mortgage rate between 1/2-1% off the posted rates with your lender.
  3. Have your agent arrange a home inspection
    A home inspection with a qualified home inspector costs about $500.00 (approx). It could very well be your best money spent. You want to know exactly what you are bidding on.
  4. Avoid buying the most expensive home on the street
    The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. “Location, Location, Location” is true!
  5. Take advantage of tax credits.
    Place up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.
  6. Try and stretch to the maximum you can afford.
  7. Be sure to check into your lawyer’s fees ahead of time.
    These are separate from disbursements. Ask your agent, who will be able to refer you to reliable professionals.