Tips for first-time homebuyers in Ottawa

You are thinking about buying your first home. But you are not sure is that possible, and how the pandemic has affected the real estate market. And naturally, you will be anxious to do everything right, so you will easily make mistakes. As first-time homebuyers in Ottawa, you need to explore all of your options, be realistic. Buying a home is not that hard as it seems, and in no time you will be looking for long distance movers Ottawa to help you relocate all your belongings.

As first-time homebuyers in Ottawa, you will need a real estate agent!

Finding a house that you like on your own won’t be hard. But there is so much more than simply finding and buying a home. There are a lot of aspects of every home and every purchase, that only a real estate agent will know and will be able to assist you as a first-time homebuyer in Ottawa. For example, one of the main things that will help you to get a better price is getting a home inspector. He can help you by analyzing your possible future home. Moving to Ottawa is a wonderful idea, that is for sure! Buying a home in Ottawa, also. But it is better to hire a real estate agent and get all the help you can!

Plan your future

Although of course, you should be getting home from your dreams, you should consider your future. This is especially important if you are a first-time home buyer in Ottawa. Except only looking at this as ” I am buying a home”, you also should look at this from an angle of a long-term investment.

A lot of first-time homebuyers like a certain home they buy it and they do not consider what will happen if they want to sell this house. Will you be raising your kids there? How important is that fun family activities in Ottawa are near you? Do you plan to move soon? Besides getting your dream home, you should make sure that you are getting an investment, a home that you will be able to sell easily in the future.

If you are first-time homebuyers in Ottawa – make sure you are okay with a down payment

Your downpayment is determined by your home purchasing price. And the absolute minimum in Canada when it comes to down payment is 5% for homes that cost less than $500.000. One of the biggest issues for first-time homeowners in Ottawa is saving enough money for a down payment.

You need to create your savings plan. It is important to make sure you have enough money to purchase your home, and that the amount of money you need to borrow to buy your dream home is decreasing. Of course, you need to consider your monthly mortgage payment. It is important to buy a home that you can actually afford.

You will need pre-approval as first-time homebuyers in Ottawa

A lot of buyers, especially first-time homebuyers in Ottawa are out there looking and shopping for their new dream homes. One of the most common mistakes is that people find a home they love but they do not get the pre-approval. They start looking at storage units Ottawa for their relocation, but they still don’t know will they be able to get that home they like. You should know that pre-approval is a process that checks your credit score, detailed analysis of your income. But also, the potential lender will check the nature of your down payment.

Also, one of the factors that often is disregarded is the fact that although you might get a pre-approval, your desired house maybe won’t. The lender needs to be sure that the home is worth the price you are willing to pay. So, if you are really serious about making an offer – go to a lender and have him run all the numbers. Not only you will know how much money you can spend, but you will also know can you get your desired home.

Look around before deciding

One of the common mistakes that people who are looking to buy a home make is that they see a home that they like and they stop looking further. Although you might have found a home that seems perfect, you need to shop around, look for more homes. Look for better mortgage rates and look for better deals. Don’t look at one home and start calling moving companies Ottawa. Make sure that you have explored all of your options before choosing one.

Don’t forget about all the additional expenses

A lot of people decide to buy a home that needs a little bit of renovation thinking that it will be easy to do it. And they often forget additional expenses, especially first-time homeowners. You might found a home that is inside your budget but you need to consider all the expenses like utilities, repairs, added costs, insurance. Although some of these things are obvious, you can easily forget them when you are excited about buying your dream home. Add these expenses to your budget, and then check can you afford your dream home.

Research your neighborhood

A lot of people will skip this step thinking it is not really important. But in reality – it is! You need to know the demographics of your future neighborhood, how is the school system, etc. If your desired neighborhood is full of singles, and not families with kids – is it really wise to get home there and plan for a family? You will be excited as the first-time homebuyers in Ottawa, but make sure that you are truly getting an ideal home.