It’s no secret the Kelowna housing market is booming right now. While that can be great news for sellers, it can make purchasing a home more difficult. Here at John Antle Mortgages, we understand that purchasing your first home can be equally exciting and stressful. If you’re like most prospective homebuyers in Kelowna, budgeting properly is important when considering purchasing a home. We’ve compiled a list of a few easy ways to help you budget for purchasing a home.
Buying a home may be one of the biggest, most important purchases you make in your lifetime. And saving for one in today’s market is no small task. In order to budget properly, you will have to prioritize how you spend or save your income. Do you eat out all the time, take expensive vacations and buy all the latest stuff? Or, are you willing to tighten up your budget to save for a home? If so, try to find some areas of your life where you cut back. Deciding where to put your money is important, and keeping that in your mind as you set up a budget can help you put your money towards what matters most to you.
Look For Cheaper Ways to do Things
Finding ways to keep what you love in your life while spending less money is one of the secrets of how many people save money. For example, if you buy a lot of books, try getting a library card membership from your local library where you can read or listen to countless books, all for free. Additionally, if you eat out a lot and have a busy family, you can save a lot of money by eating at home more often.
Wait to Find the Right Home
The market is booming right now, and it’s always changing. If you can’t find anything that you love and you feel will work for you – there’s no harm in waiting until you do. With this in mind, you may want to keep a close eye on listings and the market, but there is no harm in waiting to purchase till you find something you love.
Adjust your Must-Haves
When it comes to shopping for a home, you should be aware of how much you’re willing to spend. And as much as you want to love your home, you may have to adjust what your ideal must-haves are to align your purchase with your budget. You should still find a home that works for you, but be willing to make something work that may not have been what you had in mind from the beginning. This could mean purchasing slightly outside of the area you had originally hoped. This might add 10-15 minutes to your commute, but it could save you a lot of money in the long run.
Here at John Antle Mortgages, we understand saving for a home can take a lot of time and effort. And our team of experts believes that you’re entitled to choices when it comes to your mortgage providers. We offer convenient financing processes with unbiased counsel from reputable and informed mortgage professionals. If you’d like to find out more about your mortgage options, contact us today!