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    David Jurome

    Personal Real Estate Corporation, Associate Broker, REALTOR®, RI

    Macdonald Realty Kelowna

    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!

    Avoid 9 critical mistakes that could cost you thousands of dollars when buying your home!


    • 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.


    • Get Pre-approved
      A pre-approved mortgage can be done for 90 days for FREE. You can usually negotiate your mortgage rate between 1/2-1% off the posted rates with your lender.


    • Have your agent arrange a home inspection
      A home inspection with a qualified engineer costs about $300.00 (approx). It could very well be your best money spent. You want to know exactly what you are bidding on.


    • 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!
    • Prepare a down payment of at least 25%.
      When you have a down payment that is almost 25%, it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.


    • Arrange an accelerated Bi-weekly payment plan on your mortgage.
      On your mortgage, you will save the most money if you opt for an accelerated Bi-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!


    • 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.


    • Try and stretch to the maximum you can afford.


    • 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.
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