moving

Top Reasons to Move to Ottawa

Ottawa has been Canada’s capital since 1857 when Queen Victoria declared it so. It has been consistently rated as one of the safest places in the whole world to live in and certainly one of the best places in the Great White North to live in.

Situated on the shores of Lake Ontario, Hamilton is a gorgeous city with a lot to offer. From its stunning waterfalls to its bustling downtown core, there is something for everyone in Hamilton.

Ottawa is a great place to live for many reasons. It is a clean and safe city with many opportunities for families and individuals. There is a lot that you can do in Ottawa, and it is more than a suitable place to raise a family. The cost of living is also very reasonable, and there are many options for housing.

In case you are not convinced yet, here our trusted mortgage agent in Ottawa shares the top reasons moving to Ottawa is the best move for you:

World-Class Transportation

If you’re looking for a world-class city with excellent transportation, look no further than Ottawa! The Canadian capital is home to a world-class airport, light rail system, and bus network. With so many options, getting around Ottawa is a breeze.

Diversity

Ottawa is one of the most diverse cities in Canada, and that is one of the things that makes it such a great place to live. In fact, over one-quarter of Ottawa’s population is made up of immigrants. This diversity is reflected in the city’s food, culture, and events. There is something for everyone in Ottawa, no matter what your background.

Economic Opportunity

Ottawa is an exceptional place to live in if you are searching for economic opportunity. The city has a strong economy, and its unemployment rate is lower than the national average. Additionally, Ottawa is home to many of Canada’s top employers, including the federal government, high-tech firms, and educational institutions.

Affordability

Ottawa is a more affordable city than many of its counterparts. While the cost of living has been rising in the past few years, it is still possible to find affordable housing and living expenses in Ottawa. This makes it the best city to live for people of all income levels.

Education

Ottawa is home to some of Canada’s best educational institutions. The city is home to two universities, the University of Ottawa and Carleton University, as well as a number of colleges and other educational institutions. This makes Ottawa a great place to live in if you are looking to further your education.

Safety

Ottawa is a safe and welcoming city, and you can feel confident exploring all that it has to offer. The city has low crime rates, and you can take advantage of the many safety resources available to residents. Whether walking, biking, or taking public transit, you can rest assured that Ottawa is a safe place to call home.

Food

If you’re looking for a place to satisfy a foodie’s heart (and stomach), look no further than Ottawa! The city is home to many great restaurants, cafes, and markets, so you’ll be spoilt for choice when it comes to finding somewhere to eat.

There are also several food festivals held in Ottawa throughout the year, so you can sample the city’s best food.

Culture

Ottawa is a culturally diverse and vibrant city. There is always something to do, whether it’s exploring the many museums and galleries, catching a show at the National Arts Centre, or enjoying the great outdoors.

Conclusion

If you’re looking for a clean and safe city with a low cost of living, excellent schools, and plenty of job opportunities, then Ottawa is the perfect place. With its many parks and museums, there’s always something to do in Ottawa, and the city is constantly growing and improving. Ottawa is a perfect choice if you’re looking for a place to call home. So when you’re ready, start looking for a company that can provide reliable Ottawa mortgage services and take your first step toward moving to Ottawa!

Ottawa Mortgage Services offers the services of a trusted mortgage agent in Ottawa. Schedule an appointment with our agent today to learn more about our services!

housing

How to Purchase a House in the Current Ottawa Sellers Market

The Ottawa real estate market is currently in a seller’s market. How does one succeed as a buyer in today’s real estate market?

It is challenging and exhausting for buyers to navigate the market when demand exceeds supply and prices rise. It is easy to become overburdened. Even if you lose the next bidding war, learning more about the market will help you find the house of your dreams.

Here are the ways to purchase in the current Ottawa seller’s market:

1. Determine Your Budget

It is no secret that the real estate market in Ottawa is a seller’s market. This means more buyers are looking for houses than houses available. As a result, prices have risen steadily over the last few years, and competition is fierce. 

If you are considering buying a house in the current market, starting by determining your budget is essential. There are several factors to consider when choosing how much you’d afford to spend on a house. The first is your income. 

How much money do you bring in each month after taxes? This will give you a good starting point for how much you can afford to spend on a monthly mortgage.

2. Pre-Approve Your Mortgage

There are many ways to buy a home in today’s competitive housing market, but one golden rule must be followed: get pre-approved for a mortgage before you start looking. Sellers can see your pre-approval by looking at your financial situation and creditworthiness. You can get pre-approval for a mortgage from a bank or mortgage broker, and they will approve you for a certain amount.

A seller will always choose the pre-approved buyer if they choose between two offers with the same price and deposit because they won’t have to worry about financing issues at closing.

3. Prepare to Act Fast

A modern home does not wait for anyone and does not stay on the market for very long. Therefore, be ready to take quick action. This implies that you might need to change your plans to make time for viewings (virtually, if necessary), gather all the required data beforehand, and set aside time to review the specifics before the viewing.

Make sure to finish everything as soon as possible; failing to review and view quickly can lead to a missed opportunity. The seller will always favour a quick thinker. This relates to the earlier statement about being sure of what you want; the time for deliberation is now.

4. Trust a Realtor’s Knowledge

Making a bid on a home in a neighbourhood where you’ll be up against other buyers can be stressful, especially if you’re a first-time buyer. An experienced agent can walk you through the steps and give you the details you need to make an informed offer. They can provide information about the present market and recent asking and selling prices.

Conclusion

It can be challenging to buy a house in a seller’s market, but it’s not impossible, so don’t give up. Although you may initially feel overwhelmed, being well-prepared is the best way to maintain your confidence in the procedure. 

Prepare monetarily, strategically, and intellectually. By doing so, you will feel confident and prepared to make all the right moves to acquire your next residence.

Contact Ottawa Mortgage Services if you require mortgage services in Ottawa to help you become prepared to buy a house. We offer mortgage agent services to first-time homebuyers, guiding you through the complex procedures. Give us a call for more information on our services.

mortgage

Tips on Getting Pre-approved for Your Housing Mortgage

Getting a home is a dream for many people, but it can be frustrating. However, there are ways to simplify the process: getting a pre-approved mortgage. To learn more about getting your mortgage pre-approved, keep reading below.

Tips on Getting a Pre-approved Mortgage

The pre-approval process is when mortgage lenders evaluate your financial situation – including your income, debts, and credit score – to determine how much they’re willing to lend you. They’ll also give you an estimate of what your monthly mortgage payments will be. Here are a few tips to help you get pre-approved for a mortgage:

1. Get Your Finances in Order

Before starting the pre-approval process, getting your finances in order is a good idea. This means getting a copy of your credit report and credit score and looking closely at your income and debts.

If there are any red flags on your credit report, now is the time to address them. This could involve paying off debts, dispute errors, or even opening up new lines of credit to build up your credit score.

2. Shop Around for Mortgage Lenders

Once you have your finances in order, it’s time to start shopping around for mortgage lenders. Make sure to compare rates, fees, and loan terms from multiple lenders before deciding.

Getting pre-approved for a mortgage from multiple lenders is also a good idea. This will give you a better idea of how much you can afford to borrow and help you negotiate a better rate.

3. Find a Mortgage Agent

Once you’ve established that you’re ready to buy a home, the next step is to choose a mortgage agent. The agent will help you get pre-approved for a mortgage and shop around for the best interest rate.

Be sure to interview several agents and ask them about their experience, fees, and process. You should also ask for referrals from family and friends. When you’ve found an agent you’re comfortable with, they’ll pull your credit report and help you fill out a mortgage application.

4. Get Pre-approved

Once you’ve found a few lenders you’re interested in working with, it’s time to get pre-approved. This usually involves completing a mortgage application and providing financial documentation, such as pay stubs and tax returns.

The lender will then pull your credit report and score and give you a pre-approval letter outlining how much they’re willing to lend you.

5. Keep Your Financial Situation Unchanged

When you’re in the home-buying process, it’s important to keep your financial situation unchanged. This means holding off on opening new credit cards, taking out new loans, or making large purchases on credit.

This is because your credit score and credit report are key factors in determining whether you’ll be approved for a mortgage and, if so, what interest rate you’ll be offered. If your score or report changes for the worse during the process, you may no longer qualify for a loan or have to pay a higher interest rate.

Conclusion

Getting a pre-approved mortgage is a very important step in the home-buying process. It gives you a clear idea of how much you can afford to spend on a home and can help you narrow down your search to properties that fit within your budget.

If you need mortgage services in Ottawa, you can contact us at Ottawa Mortgage Services. We provide mortgage agent services for first-time home buyers, helping you get through the difficult processes. Get in touch with us to learn more about our services.

Real Estate Investments

Understanding the 4 Types of Real Estate Investments

There are two main types of real estate investments: those that involve physical property, such as land, residential, and commercial properties, and those that don’t involve owning physical property, such as real estate investment trusts (REITs) and crowdfunding platforms.

REITs and crowdfunding platforms are great options if you want to invest in real estate but don’t want to break the bank or leave your house. These platforms offer a lower financial barrier to entry and allow you to invest in multiple real estate types.

Here are four real estate investment types to choose from:

1. Residential Real Estate

Residential real estate investing involves the purchase, ownership, management, rental and sale of real estate for profit. Residential real estate values have traditionally appreciated over time, providing investors with the potential for income and capital gains.

There are many different ways to invest in residential real estate. You can rent a room in your house, buy a house and then sell it for a profit, or even buy a house and rent it out to tenants. No matter what form of investment you choose, there are many ways to make money from residential real estate.

2. Commercial Real Estate

Commercial real estate can be a great investment for businesses and property owners. Businesses get the chance to lease or rent a convenient and ideal space for their needs, while property owners can generate income from their investments.

Industrial and retail real estate generally fall under the commercial umbrella. Industrial real estate usually refers to buildings where items are manufactured or stored, like warehouses and factories. Retail space is typically where customers can buy a product or service, such as in a clothing store. Commercial properties often have longer leases and can generate more rent than residential properties, which may provide higher and steadier long-term income for a property owner. However, they may also require higher down payments and property management expenses.

3. Rental Properties

Rental properties can provide a great return on investment, but they also come with many risks and responsibilities. If you’re considering becoming a landlord, make sure you’re prepared for the challenges of owning rental property. The sales prices of new homes have increased over time, with a dip during the financial crisis. Since then, prices have increased again, even surpassing pre-crisis levels. It is not yet clear what long-term effects the coronavirus pandemic will have on real estate values.

4. REITs

A REIT is a company that owns and operates income-producing real estate. REITs own properties—apartments, shopping centers, warehouses, office buildings, and hotels—and are traded on major exchanges like stocks. By pooling the money of many investors, REITs provide a way for individuals to invest in large-scale, income-producing real estate.

REITs are real estate investment trusts that must return at least 90 percent of their taxable income to shareholders yearly. This makes them attractive investments for those looking for income from their portfolio and diversification away from stocks and other securities. Publicly traded REITs also offer more liquidity than other real estate investments, meaning that if you need cash, you can sell your shares on the stock exchange.

Conclusion

Each type of real estate investment has its own risks and rewards. Before investing in real estate, it is important to research and understand the different types of investments. There is no right type of investment, and the best investment for you depends on your individual goals and risk tolerance.

Ottawa Mortgage Services provides mortgage agent services for first-time homebuyers, self-employed individuals, commercial clients, and more. We also help clients with refinancing, pre-approvals, and debt consolidation. If you’re looking for local mortgage brokers in Ottawa, we can help you find the right mortgage in the right neighbourhood. Get in touch with us today and let us know how we can help!

First Time Home Buyer

Tips for First Time Home Buyers in Ottawa

When you’re buying a home in Ottawa for the first time, it’s important to be aware of the current market conditions. If you’re not sure whether it’s a buyer’s or seller’s market, your real estate agent will be able to advise you. In a seller’s market, there are more home buyers than there are homes for sale, so competition is fierce and prices are high. In a buyer’s market, more houses are for sale than there are home buyers, so you may be able to try and negotiate a lower price.

Whatever the market conditions, it’s important to be prepared before you start your home search. Here’s what you need to know:

First-Time Buyers Should Know the Most Important Part About Working with a Real Estate Agent

As a first-time homebuyer, you may be wondering what the most important part of working with a real estate agent is. The answer may surprise you – it’s communication.

Yes, communication is key when working with any professional, but it’s especially important when working with a real estate agent. Why? Because the home-buying process can be complicated, your agent will be your guide through the entire process.

You should be able to communicate your needs and wants to your agent, and you must be able to trust that your real estate agent is communicating effectively with you. 

How Can First-Time Buyers Prepare for the Present Ottawa Market?

Ottawa’s housing market is currently very hot, with prices rising and homes selling very quickly. This can be especially challenging for first-time buyers who may not be familiar with the current market conditions. Here are some tips on how first-time buyers can prepare for the present Ottawa market:

1. Get pre-approved for a mortgage: This is one of the most important steps you can take when preparing to buy a home. Getting a pre-approval will give you a clear idea of how much you can afford to spend on a property and will also make the home-buying process much smoother and faster.

2. Work with a real estate agent: A good real estate agent will be familiar with the current market conditions and can help you find the right home within your budget. They can also provide useful advice and guidance throughout the home-buying process.

3. Have a realistic budget: It’s important to have a realistic budget when buying a home, as prices in the Ottawa market are currently very high. Be sure to consider additional costs like closing costs, land transfer taxes, and moving expenses when determining your budget.

4. Be prepared to act fast: In the current market, homes are selling very quickly. This means that you need to be prepared to act fast when you find a home that you like. Make sure to have your financing in place and be ready to make an offer as soon as you find the right property.

5. Be flexible: With the current market conditions, it’s important to be flexible when buying a home. This means being open to homes that may need some work or that are not exactly what you were originally looking for. By being flexible, you’ll be more likely to find a home that you can afford in the current market.

Conclusion

The current Ottawa market is a challenging one for first-time buyers. Prices are high, and inventory is low, making it difficult to find a home that meets your needs and budget. But by following the tips we shared here with you, you can get through the process and find the perfect house for you!

Ottawa Mortgage Services is one of the trusted companies that can provide you with the expertise of a mortgage specialist in Ottawa. Book an appointment with Ottawa Mortgage Services today!

home

What Things Do You Need to Know About Home Equity?

You can build home equity by making mortgage payments and improving your home’s value through renovations and updates. Every time you make a mortgage, the amount of your loan you have left to pay off decreases. If property values in your area increase, the amount of your home equity also increases. If property values decrease or you refinance your mortgage and borrow more money, your home equity decreases.

This article discusses the other aspects of a home equity loan. Read on.

Home Equity Line of Credit (HELOC)

A HELOC is a home equity loan that acts like a credit card. It has a revolving line of credit that the borrower can access at any time. The limit on the line of credit is set at the beginning of the loan but can’t exceed 65 to 80 per cent of the home’s value. The borrower makes monthly minimum payments on the loan.

Second Mortgage

A second mortgage is a mortgage you take out on top of your primary mortgage. This can be beneficial as it allows you to pull out the home equity as a lump sum in cash.

Keep in mind that second mortgages will have a higher interest rate than standard mortgages. This is because the lender of the second mortgage has a lower repayment priority than the primary lender. 

Refinancing

Refinancing your mortgage is an efficient way to access the equity you’ve built up in your home. An allowed 80 per cent of the home’s value may be borrowed, minus the balance on your mortgage. This can be a good way to get money for other things, like paying off high-interest debt. Some fees may be involved, but it may be cheaper than getting a second mortgage.

Weighing the Pros and Cons

Pros

  • A home equity loan is a loan that is secured by your home. This means that if you default on the loan, the lender can foreclose on your home. Because of this, lenders are willing to offer lower interest rates on home equity loans than on other types of loans.
  • A HELOC is easy to set up and does not require you to reapply and qualify to borrow more money as long as you do not exceed your original limit.
  • A home equity loan is a loan that is secured by your home equity. If you default on the loan, the lender can foreclose on your home. However, one advantage of a home equity loan is its flexibility. You can use the loan for any purpose, and there are no restrictions on how you use the loan.

Cons

  • If you borrow against your home equity, you could end up owing more money than your home is worth. This could make it challenging to sell your home or refinance your mortgage.
  • There may be some fees associated with getting a home equity loan, such as legal or appraisal fees. You may also have to pay a mortgage penalty if you’re refinancing your home.
  • If property values in your area go down, the value of your home could decrease as well. This could leave you owing more on your mortgage than your home is actually worth.

Conclusion

If you’re considering borrowing against your home equity, it’s crucial to weigh the risks and benefits. Make sure you understand the terms and conditions before signing on the dotted line.

Do you need Ottawa mortgage services? Trust Ottawa Mortgage Services. We provide mortgage agent services for first-time home buyers, self-employed individuals, and commercial clients. Apply now!

people discussing

About a Home Equity Line of Credit: How and When to Use It

Home equity lines of credit (HELOCs, for short) are loans that use the equity in your home as collateral. Equity is the portion of your house you own outright or the difference between your house’s value and the remaining balance owed to the lender. HELOCs allow you to borrow against that equity up to a certain limit, and you can use the money for any purpose.

HELOCs usually have lower interest rates than others, making them a cheaper option for borrowing. And because your home’s equity secures them, they may offer better terms than unsecured loans. Here’s an easy guide on how and when to use them for your benefit:

Getting One

To qualify for a HELOC, you typically need to have a minimum of 20% equity in your home. In addition to the equity requirement, lenders may have other qualifications you will need to meet to get one.

Home equity lines of credit are not the same as home equity loans. The latter presents you with a lump sum you must repay on a set schedule. The former is more like a credit card, allowing homeowners to borrow what they need up to a certain limit and return the amount at their convenience.

The maximum amount of credit you can get is 65 percent of the value of your home. A HELOC can be used with your mortgage to automatically increase your credit limit as you pay off your mortgage principal.

How to Use One

To use a HELOC in place of a mortgage, you must put down at least 35 percent of the home’s purchase price or market value.

The borrower only pays interest on the HELOC during the “draw period,” and they can repay some or all of the loan during this time.

The repayment period is the time after the draw period when you will begin paying back the principal and interest on your loan. The balance will be repaid in full during this time, meaning you cannot get any more money from your HELOC once you have reached the repayment period.

When to Use One

One can use a home equity line of credit for many things, such as 

  • Home repairs: If you use your home equity line of credit to fund home renovations or repairs, you are essentially reinvesting in your home’s value. By taking out a HELOC to improve your home, you are hoping that the value of your home will increase more than the cost of the loan in the long run.
  • Debt consolidation: Consolidating your debts through a home equity line of credit means taking out one loan to pay off multiple debts via one channel. This can simplify your monthly payments by ensuring that your payments are going to the right lender at the right time.
  • College Tuition.
  • Or other expenses you may need money for.

Remember, a HELOC can be used to finance the purchase of a second property or to refinance an existing mortgage. This can offer more flexibility than a traditional mortgage, as you won’t have to make fixed monthly payments.

Get a HELOC from Ottawa Mortgage Services Today

Find a home equity line of credit for you with Ottawa Mortgage Services! Our agents will make the process much easier, so talk to them today by visiting our website and applying for your HELOC loan right away!

people discussing

Differences Between Home Equity Loan & Home Equity Line of Credit

If you’re a homeowner, you may be considering taking out a loan using your home equity. But what exactly is home equity, and what are the different types of loans you can take out against it?

In this article, we’ll break down everything you need to know about a home equity loan and a home equity line of credit, including how they work and how much you can borrow.

What Is a Home Equity Loan?

A home equity loan is a loan in which you use your home equity as collateral. This means that if you default on the loan, the lender can foreclose on your home.

Home equity loans are typically fixed-rate loans, meaning the interest rate stays the same for the life of the loan. They are also usually for a shorter term than a traditional mortgage, lasting anywhere from 5 to 15 years.

Because your home secures home equity loans, they usually have lower interest rates than unsecured loans. And because they have shorter terms, they also have lower total interest costs over the life of the loan.

How Much Can You Borrow in a Home Equity Loan?

The amount you can borrow in a home equity loan depends on how much equity you have in your home. As we mentioned, you can usually borrow up to 80% of your home equity. So if your home is worth $300,000 and you have $200,000 left to pay on your mortgage, you could potentially borrow $80,000.

Of course, the amount you end up borrowing will also depend on your credit score and income. Lenders will want to make sure you can afford the loan payments, so they may require a higher income if you have a lower credit score.

What Is a Home Equity Line of Credit Loan?

A home equity line of credit (HELOC) is a revolving line of credit that you can draw from as needed. HELOCs typically have a lower interest rate than home equity loans, but they also have a variable interest rate that can increase over time. The repayment terms generally are shorter, ranging from five to 10 years.

One of the most significant advantages of a HELOC is that you only pay interest on the amount of money you actually borrow. So, if you only need to borrow a small amount, you won’t end up paying interest on the entire line of credit.

However, because the interest rate is variable, it’s important to know that your monthly payments could increase over time. Additionally, if you don’t repay the loan within the specified time frame, you may be required to pay back the entire loan all at once, which could be difficult.

How Much Can You Borrow in a Home Equity Line of Credit Loan?

The amount you can borrow in a home equity line of credit loan depends on a few factors, including the value of your home and your outstanding mortgage balance.

Typically, you can borrow up to 85% of the value of your home, minus any outstanding mortgage balance. So, if your home is worth $200,000 and you have an outstanding mortgage balance of $100,000, you could potentially borrow up to $85,000 through a HELOC.

Final Thoughts

Both home equity loans and home equity lines of credit can be a great way to access the equity in your home. Your best option will depend on your specific needs and financial situation. Be sure to speak with a financial advisor to get more information and to see which option is right for you.

If you want to apply for a home equity loan in Ottawa, don’t hesitate to contact us at Ottawa Mortgage Services. We provide mortgage services for first-time home buyers, self-employed people, and commercial clients. Send us a message today for more information.

people shaking hands

What to Know About Switching Jobs When Applying for a Home Loan

Buying a home is a big step. It’s one of the most significant financial investments you can make. So there is an apparent reason most people wait until they’ve found a home before changing jobs. If you do find yourself in this position, where you have to get a new job during the process of buying a home, here are some tips on how to handle the situation.

Know the Nature of the Job You’re Planning on Taking

This may sound like a no-brainer, but it can make a difference when it comes to affordability. There are some jobs out there that have no downtime. There are jobs that require 24 hours a day, seven days a week. Those are the kinds of situations you want to avoid.

You don’t want to buy a house and then find out you have to move less than a year later because you have to find a job closer to the company you’re working for.

Know What to Show Your Lender

A lender is going to want to see a written job offer, and that can be the biggest problem. Finding a job that gives you a written offer right off the bat is going to be tough. You want to look for jobs that offer the ability to start and move on to a written offer later.

If you’re willing to start and then be transferred to a different region after a certain amount of time, that’s the best option. It shows you’re willing to work and willing to follow the company and help them out.

Know What Could Hurt Your Mortgage Application

There are a few things that could hurt your application should you decide to switch jobs when buying a home. Some of them are:

  • A lower salary: If your salary is going to be considerably less after the job change, chances are the lender is going to be a bit wary. You know there’s going to be less income coming in, and you’re going to need to readjust your budget accordingly.
  • Industry: A job in one of the industries on the high-risk list, such as in construction, manufacturing, or the airline industry, may be harder to secure financing. They do want to see a stable job and the secure income that comes with it.
  • Probationary period: The probationary period is the waiting period between being offered the job and signing the contract. It’s usually only a couple of weeks, but it could throw a wrench in the process.

When in doubt, ask your lender about moving jobs during the mortgage process. Or go with a lender who understands the situation and is willing to work with you. Either way, you want to find a lender that’s willing to work with you on your situation.

The Bottomline

In the end, if you make the right decisions, there is no reason you can’t buy a home even when changing jobs. Just make sure you’re talking with your lender and mortgage broker to make sure you’re going to find a job that’s going to match your home mortgage.

Ottawa Mortgage Services is your mortgage specialist in Ottawa. We also help with refinancing, pre-approvals, and debt consolidation. Get in touch with us today.

house keys

Common Mistakes First-Time Homebuyers Should Avoid

First-time homebuyers should conduct their homework before making a final decision. Even if you seek advice from family, friends, and coworkers or read a few articles on the subject, you may still make some mistakes along the way.

In fact, 80 percent of first-time homebuyers say they’d rather do it all over again if they could.

This article will run you through some common mistakes first-time homebuyers make.

Not Looking beyond the Staging

This is common knowledge. It’s a common adage, especially among those who say they can see past the dated wallpaper to the house’s true capabilities. When prospective buyers begin to notice the difference between staged properties and their real-life counterparts, reality sets in.

In its most basic form, home staging is the process of decluttering and rearranging the furnishings of a property to make it more desirable to potential buyers. A staging business may redecorate the entire house after the seller has removed practically all of their possessions. 

A huge concern is that this imagined manner of living and how we actually live in a home don’t match up very well. Stagers frequently remove items like coffeemakers and blenders off worktops to make them appear larger. 

Some people may even go so far as to remove doors to make older homes appear more open and breezy. Stagers can also use tiny furniture to amplify the appearance of a place.

Getting Distracted

Shopping for a home with children may be a real challenge. Parents may cancel a scheduled showing to take their cranky toddler back to their apartment for a much-needed nap and relaxation.

Viewing houses with children might make you overlook important details. It can also lead to resigned behaviour, such as bidding and finally settling on homes out of desperation instead of waiting for the one that best meets your needs.

Trusting the Floor Plans

It is common for people to think that if a room is described as being 12 feet by 10 feet, it is the same size. As a rule of thumb, though, the measurements can get slightly inaccurate. Several faults can be introduced without the seller or their representative intending to mislead.

Not Looking into the Neighborhood

A factor often overlooked in home purchasing is your home’s neighbourhood. Before you buy, make sure you do your homework about the area. You may want to look into the following amenities you may need:

  • Schools
  • Community centres
  • Daycares
  • Coffee shops
  • Take-out places

You may also need to look out for the quality of residents in the area, especially if you have a family and kids.

Not Asking for Comparables

If you are buying a property, it is best to list other comparable properties in the area. If you hire a real estate agent, they can also come up with this list for you.

A good realtor will gladly accommodate these requests and provide context for the sale prices. This will ensure you get the best option within the area and your budget.

Likewise, a mortgage specialist can help you find the best mortgage prices to purchase your home.

Conclusion

These common mistakes first-time homebuyers make can turn into costly lessons. While there is no surefire way to avoid mistakes as a first-time homebuyer, you can at least lessen the chances of these mistakes.

It helps to do some homework and hire a reliable real estate agent.

Are you looking for local mortgage brokers in Ottawa to help you purchase your new home? Ottawa Mortgage Services helps first-time homebuyers, self-employed individuals, and commercial clients secure the properties they need.