7 Things You Should Know When Buying an Ottawa Home

15 12 2014

ottawa home buying 10If your number one Christmas wish this year is to purchase a new home on the Ottawa real estate market, then we are here to help!

Today, I’m going to tell you the top 7 things that you should know when buying a home in Ottawa.

These tips will ultimately safe you time, money and maybe even a little bit of heartache on the local housing market.

7 Tips for Buying an Ottawa Home

Don’t invest in a home if you don’t plan to stay long. The longer you can commit to staying in a home, the greater your chances are of getting a great profit on the property when you sell. After all, there are transaction costs associated with selling a home and so, it helps if your home is worth more when you sell it than when you bought it if you want to at least break even.

Start building your credit now. You’re likely going to need a mortgage when you buy a new home. So make sure your credit history is as good as possible. Also, a few months before you start looking for a home, you should consider getting copies of your credit report and making sure all the facts are correct. If you find an error, make sure you correct it immediately.

Be realistic about the home you can afford. Generally speaking, it’s reasonable to invest in a home that is about 2.5 times your annual salary. But it helps to use a mortgage calculator to narrow down exactly how much you’re comfortable spending each month on a mortgage.

Even if you can’t put 20 percent down, you may still qualify for a loan. There are a number of public and private lenders to choose from who offer low-interest mortgages that usually ask for only a small down payment.

Get professional help. Yes, it’s true that you can access home listings for yourself on the internet these days. But if you work with an experienced and qualified real estate agent, you have a better chance of finding a home that suits your needs for the long term – not to mention getting a home for a great price!

Get pre-approved before you start house hunting. That way, when you find a home you’re interested in purchasing, it will be one less step you have to take. Plus, home sellers like to negotiate with buyers who have been pre-approved because it means they are serious home buyers.

Hire a Home Inspector. Once you find a home you’re interested in, make sure you get the home inspected. This will let you know if there are any issues with the home that you can’t see with the naked eye. This will help you feel more confident about whether it’s a sound buy or not.

Helping You With All of Your Ottawa Home Selling Needs

For more valuable Ottawa home selling tips, make sure to contact us today. We would love to assist you by sharing our years of experience with you and also providing you with valuable home selling tools.

Until next time,

Geoff


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