If you’re looking for a home in the Okanagan, get in touch with Garth Donhauser, an independent member broker with RE/MAX Kelowna.

3 tips for hassle free homebuying

This realtor wants to help you avoid these classic mistakes

In a tough seller’s market, homebuyers need to stand out from the crowd.

What’s your plan?

Send the seller a personal letter? Entice them with treats?

For Garth Donhauser with RE/MAX Kelowna, money is the strongest motivator. It’s also the area where buyers most often make mistakes. Here are his top three tips for first-time buyers and re-buyers returning to the market:

1. A down payment is not enough

“First-time buyers assume they have enough for a down payment, but they forget to check their credit,” says Donhauser, PREC. Bad credit can carry over from big purchases like a car or a vacation, but it can also accumulate through something as simple as an unpaid phone bill.

“We’ve seen deals collapse where people thought they had their ducks in a row but then they go to get a mortgage and find out their credit’s bad.”

People re-buying after selling the family home may think their experience gives them an advantage, but the rules have changed a lot in recent years. “People forget about re-qualifying for another mortgage,” says Donhauser. Canada’s new stress test and tighter mortgage laws may affect re-buyers in ways they don’t expect.

“Talk to your banker, or better yet a mortgage broker.”

2. Check early, check often

So how should you go about your house hunt? Should you explore the market first? Make a list of dream neighbourhoods? When should you talk to a mortgage broker?

“It’s the very first thing you should do,” says Donhauser, “Then check back periodically as you continue your home search.”

Until you’ve looked at your budget, you won’t know how much house you can afford.

3. Make yourself the easy choice

“When the market’s tough like this, the seller is definitely going to favour someone with their ducks in a row,” says Donhauser.

Think of it this way: if you had to choose between a buyer with financing in-hand and a buyer whose offer is subject to the sale of another property, who would you choose?

“I had one client recently who lost three deals because the financing fell through,” says Donhauser, “You see it on their faces. People get disheartened.”

Save yourself the heartbreak and reach out to a professional. If you’re looking for a home in the Okanagan, get in touch with Garth Donhauser, an independent member broker with RE/MAX Kelowna. Email garthclickforhomes@gmail.com or call (250)212-2838.


Comments are closed

Just Posted

BREAKING: Firefighters on scene of a structure fire in east Kelowna

The house is located at 5600 McCulloch Rd., about 30 minutes from downtown

Kelowna-Mission MLA Steve Thomson won’t run again in 2021

Thomson confirmed rumours he would not be seeking re-election on Monday

Central Okanagan residents cram the cruiser full of cash in Lake Country

Residents raised over $7,460 to help the less fortunate in the community

Two-vehicle collision on Spall Road and Harvey Avenue

The accident has slowed traffic down

West Kelowna house fire demonstrates danger posed by candles

West Kelowna Fire Rescue says an unattended candle caused the Sunday afternoon fire.

‘Kind of lacking:’ Injured Bronco wonders why Canada won’t fund spinal surgery

“I think if Canada can step in and advance this program”

Police negotiate with man barricaded in Victoria synagogue

Children evacuated from daycare on site

Dance cancelled after Alberta teacher’s climate lesson prompts online threats

School district near Red Deer cancelled annual family dance due to Facebook comments

Man with possible ties to Kelowna wanted by Vernon RCMP

Dustin Kenneth Veselic may be connected to the Kelowna area

Feds not enforcing standards on Hungarian duck imports, B.C. farmer says

‘You have no way of knowing what’s in the bag’

Farm buildings drive value of Sumnmerland’s November building permits

Permits issued so far this year total $45,378,800

In surprise move, defence won’t call witnesses for accused in Abbotsford school killing

‘Change of instructions’ results in defence closing case without calling evidence

B.C. VIEWS: An engine that hums right along

First Nations are leading a new surge of investment in B.C.

74% of 911 calls are from cellphones, so know your location: E-Comm

Cell tower triangulation generally only narrows location down to the block someone is calling from

Most Read