9 Reasons to buy a home in Kelowna
There are many reasons why you should consider jumping into the Kelowna real estate market and buy a Kelowna home or vacation property. Below is a list of 9 reasons why you should seriously consider making Kelowna your next real estate investment.
1. To Quit Renting
Why contribute to someones mortgage payments when you could be paying off your own? With Kelowna's current real estate market increase in rent it can sometimes be cheaper to own than it is to rent and there is no fear of your mortgage payments suddenly increasing.
You don’t have to worry about your house being sold out from under you to out-of-province investors. If renting and faced with this scenario, you could find yourself faced with an unreasonable increase to your rent, thereby leaving you potentially homeless or too poor to eat. These increases could continue indefinitely so the investors can make more money or so that you will feel forced to leave and they can turn your building into a condominium.
3. Investment in the Kelowna real estate market
The price of Kelowna area real estate continues to increase every year, therefore purchasing a Kelowna home of a Kelowna condo is one of the safest long-term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite. Once you own one house and build some equity you may also be in a financial position to buy another and rent one out.
4. Low Interest Rates
Right now we have some great interest rates which will help you get your foot on the first rung of home ownership. It is a great time to get into the Kelowna real estate market and lock into a really good interest rate and build equity in your Kelowna home.
5. Pride of Ownership
One of the biggest reasons people buy properties in Kelowna, BC is the pride of saying they own something. Even if it is a little starter home in the North end of town or a downtown Kelowna apartment style condo, it is yours and you can do with it as you please, and for that, a person should be proud, as ownership is an accomplishment.
If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
7. Equity to buy another Kelowna home
One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built in your home for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business. Check with your local lender, as these vary from one to the next. Building equity will get you closer to investing in other Kelowna properties for sale.
You are free to do what you want in your own home, whether you want to paint the walls in lime green and red or mirrors on the ceiling (not recommended of course!) You have the freedom to express yourself and your individual taste and renovate the house to suit your needs. However, keep in mind that when you are ready to sell your Kelowna home, whether to vacationers or serious buyers, not everyone may like what you do.
9. Sense of Community
Owning a house gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. There are also many Kelowna neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.
If you are seriously considering a new home, vacation property or investment in the Kelowna real estate market then please reach out to me for sound market advice. I am an expert on all things Kelowna and I would love to be your guide to buying the right home for you to maximize your Okanagan lifestyle.