Buying a home is one of life’s most significant decisions. For first-time homebuyers, this process can be especially daunting, involving important considerations ranging from budgeting to location, size, and quality. Brendan Shaw, City Gardens’ REALTOR®, shares his top tips and insights to simplify the journey for those embarking on their first home purchase.
Know Your Budget
Before you begin searching for a home, it is important to know how much you can afford and how that affects your financial goals. To ensure you make the best decision, Shaw recommends consulting a mortgage broker and financial advisor for professional guidance. For City Gardens, there are several lenders, including some local financial institutions and mortgage brokers, who have preferred financing options for this new development, including rate guarantees.
Create a Wish List
There is a lot to consider when buying your first home. A helpful way to streamline the process is to create a wish list of needs and wants, which may vary depending on how much time you intend to live in this home. Some items to consider include location, unit type, bedroom and bathroom count, garage space, among others. For pet owners, it is also important to consider pet-friendliness, since some stratas and community associations have rules and restrictions.
Seek Professional Advice
Don’t be afraid to ask for help. Various professionals such as mortgage brokers, home inspectors, real estate agents, accountants, and lawyers are available to answer any questions you might have throughout the process. As Shaw mentions, “Having a good team from the outset is worth its weight in gold.”
Save for a Rainy-Day Fund
A common mistake with first time home buyers is not saving for a rainy-day fund, or a fund set aside to cover unexpected expenses. While property can be a great investment, both financially and lifestyle, it does come with a cost. Working with your financial advisor and mortgage broker to determine what you can afford and how you can properly plan a contingency is a good first step.
Invest in Long-Term Value
From a home ownership perspective, City Gardens offers exceptional value. As Shaw mentions, thanks to the number of design features that are built to last, including the quality finishing, ageless design, and concrete construction, prospective homeowners will find exceptional value in the long term. Additionally, the revitalization tax incentive presents an opportunity for substantial savings over the coming years, further enhancing the investment value for future buyers.
By following this guide and considering the unique offerings at City Gardens, you can navigate the process with confidence and find your ideal home in the core of Downtown Kamloops.
For more information, be sure to stop by the City Gardens Sales Centre and Show Suite at 238 4th Avenue, open Thursday to Sunday 11am – 3pm or anytime by appointment or contact REALTOR® Brendan Shaw at Brendan@BSRE.ca.
