Real Estate in Kelowna – A Student’s Guide
This year’s university grad class prepares to receive their diplomas come May. We have prepared a guide for first time investors in real estate in Kelowna – specifically undergraduates. Getting on the property ladder at a young age can be very beneficial to a person’s future. With the market for housing being more competitive than ever, buying a space could be a great asset. However, student debt is on the rise. And the dust is still settling from the Coronavirus pandemic, financing a property can seem impossible. Many graduates will soon be faced with the question of whether they will buy or rent. If buying sounds like a plausible option for you, follow along as we explain step-by-step a guide to purchasing real estate in Kelowna as a new investor.
The Piggy Bank Method
Remember that animal-shaped-coin-collector your parents gave you as a kid? Well, that was all in preparation for the day you’d start saving for something more substantial than a stuffed toy. Developing good savings habits is a sure way to achieve your real estate goals as a first time buyer. As a student, it can be hard to balance the “college experience” with a healthy bank account. However, if your goal is to have a comfortable place to live post-grad, some sacrifices will need to be made.
Starting to budget early-on in your schooling is a great way to make your money stretch. By accounting for your monthly expenses, you will be able to determine areas of your life in which you can save. Careful budgeting may help you get the most out of your college experience, while simultaneously getting financially ahead of your peers. Creating a spreadsheet of costs is the first step towards achieving your investment goals.
Finding a job that fits your schedule as a student will be essential in developing your savings. No matter how small, any source of income will add to your “piggy bank”. Additionally, it will build your credit score and increase your chances of getting a mortgage when the time comes.
Do Your Homework.
Chances are if you’re attending university you wouldn’t have made it this far without doing your homework – the same mantra applies when purchasing real estate in Kelowna. If you’re a first time investor it can be difficult not to fall in love with the first property you see. But, it is crucial that you keep your options open and determine the best fit for your situation. This means understanding your budget, paying attention to location, and having a firm grasp on the current market.
While house hunting, being conscious of your budget is going to allow you to determine the affordability of each property. Taking into account utility bills, loan debts, and other monthly payments, are necessary factors to consider before investment.
Location and market circumstances are also things to be wary of when looking to buy real estate in Kelowna. Finding a home that is near your work or in close commute to your daily stops can save you time, and therefore money. The location will also play a major role in the return on your investment. Check city plans before investing to see what future construction will be in the works in your planned area of living.
Understanding the market and how it will affect your decision to buy and sell in the future is an important factor in buying any real estate in Kelowna.
As your REALTORS®️, will help guide you through this exciting time as a first time buyer of real estate in Kelowna. We hope this article puts you in the right direction and if you have any other questions about buying real Estate in Kelowna, contact us today!