In 2012 my husband and I made the hard decision to relocate our young son and ourselves to the Canadian city of Kelowna. We wanted to raise our family in the beautiful B.C environment with the mountain backdrop. However making the move to B.C wasn’t exactly easy for us originally hoping to purchase an affordable home in Kelowna we were very disappointed to discover to find ourselves renting again for almost a year.
Despite the fact that we had our hearts set on a family home in the suburbs of Kelowna, we were not able to close a deal on a house in time for our big move. This is because the competitive Kelowna real estate market and our low budget price point weren’t doing us any favors. We lost two houses to higher offers because we didn’t have a lot of wiggle room in our price range. We thought that it would be possible to buy our first home in 2012, but without knowing much about the process we eventually gave up and rented an expensive condo in the city.
How To Buy A House in BC.
It wasn’t until last August when we went to see a financial advisor that we became fully aware of how much money we were wasting on rent every month. Our bank consultant at the time said to us Why haven’t you looked into to getting a mortgage? Immediately, we began to tell her our story about how we had gotten pre-approved by an alternative lender to buy a house back in the fall when we first made the move. Not being familiar with the local real estate market in the Okanagan and not having a good real estate agent working with us we had been unable to find a house within our price range and had been confused by the complexity of the fast paced first time home buying experience. The financial advisor wasn’t overly surprised to hear that we had been so unsuccessful in first attempt at buying a home. She shook her head, and explained to us that many young couples that come into her office tell a similar story about their experiences.
She went on to explain to us the average age of first time homebuyers was around 32, statistically 30% of these individuals felt overwhelmed by the home-buying process stating that the pre-approval and paperwork were often overly complicated and made the process more difficult to navigate. Furthermore, not working with an experience real estate agent often led to complex dealings and the unfortunate loss of potential purchase opportunities. She suggested that we speak to her realtor Andrew Smith, and get back out their shopping for a home.
Why You Should Buy Instead of Rent
Sick of paying over a one thousand dollars a month on rent, my husband and I took the bankers advice and began to once again start looking into buying a house. We called up Andrew Smith, and explained our situation; he agreed that it would be a good strategy to look at homes in the lower end of our budget so that we would have some space to negotiate if we needed too. Instead of wandering aimlessly through the process, he taught us about equity investment and how to get a mortgage on your first home. We’d been so clueless before, and had no idea what we actually were getting ourselves into; suddenly with the help of our Royal Le Page realtor things were becoming clearer. All this time we had been renting and paying someone else’s mortgage instead of building equity in our own home. We wasted our time because the real estate market scared us away too quickly. Once we began to work alongside a professional agent, their were no longer any roadblocks in finding a humble starter home so we could truly start our new life in the beautiful city of Kelowna.
I’ve started this blog because I want everyone to help other young families like mine succeed in buying their first home. I have nothing but good things to say about my Realtor Andrew Smith and the great service that he provided to my husband and I in our time of need. We didn’t want to be part of a statistic of young people who were afraid to jump in and buy a home of our very own. However if it hadn’t been for our Realtor and that friendly financial advisor at the bank we probably would still be throwing our money away renting from someone else. Brandi & family