Are you relocating to Ottawa? Or simply moving away from paying rent and want to settle in your own home? Whatever the case, you are taking a very important step and you need to get the best out of it. The process can be very emotional, but aside from that, have you thought about it in a business perspective? You don’t need to buy just a home of your dreams, but a home that is also a quality investment for your family in the years to come. For you to achieve this, you need to prepare adequately and know what to expect in order to make the whole experience easy and less stressful.
There are many houses with different features in Ottawa and you need time to look out for the features that you need and the ones that are must- have. What type of home do you want? Is it a duplex, condo, townhouse or a single one? The next thing will be to decide on either to go for a single level or a multi-level depending on any special case like mobility and the presence of young children. Are social amenities like schools, leisure parks and hospitals within or far? What about the workstation? This is necessary to be able factor in transportation costs just in case you decide to buy a house in that place.
Factor in the number of bedrooms and bathrooms that a house has. The fact that you have a small family currently does not mean that it will remain that way unless the possibility of expanding your family is not foreseen. Not only the number of bedrooms, but also where they are located relative to common and active areas. Other interior things that you might need to consider include the layout of the kitchen, fireplace and natural lighting.
How much privacy do you need in the yard? This depends on the activities that will be taking place inside your yard. Remember that children need a secure place to play and if you have no children, don’t let neighbors look right into your pool or bathtub. Ensure that you have enough parking spaces not only for you, but also for friends and family when they are visiting.
Before you decide on a house to buy, look at the neighborhood first. Why? There are a number of reasons for this. First, you need to know the type of neighbors that you will have. Does the neighborhood have young families or retirees, rich or middle class? The choice depends on your situation. Choose the one with like-minded neighbors. Another thing to consider is security. Does the place have high crime rates? What about housing density and future developments that might be bad or good? Looking into the future will help you gauge if the future value of the neighborhood is likely to rise or fall hence decide accordingly.
Do not forget to take a look at the roads for traffic patterns. Is the place connected to a busy road or a dead end street? No one wants to live in a place with traffic nightmares for easy mobility.
Unless you have enough capital to pay for your dream house, it is important to get in touch with your loan lender. This is to know whether your lender is willing to finance you and even give you a ‘pre-approved’ which will help you when presenting yourself to the sellers. With this guarantee, set your price range so that you do not waste your time on houses that you do not need either for being too cheap or too expensive.
You do not want to take the maximum amount that your lender is willing to loan you or else you will be in trouble repaying it. Anyway, lenders always have a way to limit their customers to what they can afford. From the amount, you should decide how much to put as the down payment following the advice of your lender and your real estate agent.
Don’t expect the only amount that you will pay to be the down payment. In order to know what to expect, ask your real estate agent about the extra fees and taxes that you will need to pay. It is therefore best that you have extra money to cover for various fees like loan fees, notary fees, warranty fees, inspection fees, survey fees, additional life insurance, and government fees as well as taxes like sales tax and property tax.
Buying a dream home is not an easy task. The process can be long and stressful, but with enough preparation and time, you can get your dream house without hassle. The easiest way to do it is to consult your real estate agent who knows where to get the best homes for sale on Ottawa!