Posts in category: Housing Market

Adulthood can be a very exciting yet overwhelming phase in your life, especially if you are still building your career as a millennial. Earning enough to cover your basic needs while paying off student loans is a difficult step to reach, and it may involve tightening the belt in some areas. Due to financial constraints and the current housing market, some young adults may prefer to rent rather than buy a home for themselves.

Buying a home is a huge undertaking that will require you to remodel your entire financial plan. But did you know that buying a new home is not entirely impossible as a young adult or a first-time home buyer in Ottawa?

If you are looking for a perfect home for every young professional and first-time home buyer, you are sure to find it in Ottawa. Read on for the top three reasons why Ottawa is the best place to live for young adults:

1. Affordable Real Estate

As a young adult just starting to save and invest, you might be looking for affordable real estate options in Canada. When it comes to real estate prices, Ottawa is undoubtedly an excellent choice. Compared to the market prices of starter homes in Vancouver and Toronto, rates in Ottawa are much friendlier to individuals or couples with median incomes.

If you look at the market prices across the big cities in Canada, the Ottawa real estate market is arguably the most accessible. The average real estate value of townhouses, condos, and similar properties is almost half of that everywhere else!

2. Quality of Life

In general, Canada is known for being a great place to enjoy the best quality of life. But among the cities with continuous economic growth, cultural diversity, and low crime rates, Ottawa is on top of the list. Transportation, job opportunities, and healthcare facilities are well prioritised. These advantages and more make a living in Ottawa a wise and sound decision for you and your future family.

If you plan to move out of your parents’ house and live independently, Ottawa is one of the most desirable cities you can call home. Aside from the affordable housing options, the main factors that propel Ottawa to the top of the list include a high safety index, economic security, and accessible health services.

3. Permanent Home

Buying property in Ottawa is a valuable investment if you want to expand your portfolio. Given the continuous growth and development in the city, you can expect a massive return in a few years if you eventually want to rent or sell. 

But if your main goal is to find a permanent home, then Ottawa is the right place. Whether you are starting your own family or intending to live independently, there’s no place better than this beautiful and peaceful yet bustling city.

Final Thoughts

Are you looking to buy your very first home? Ottawa is a great place to build a new life. Its beauty, peace, affordability, and quality of life are very difficult to say no to. You can begin hunting for beautiful homes, get them assessed, and consult with mortgage experts today.

If you want to jumpstart your millennial home buying journey, contact us at Ottawa Mortgage Services today. Our expert team offers mortgage services and home equity loans in Ottawa for first-time buyers, employed individuals, and commercial clients. Apply now and get a head start!

Buying a new home is a big financial commitment, but it’s an even bigger deal if you’re buying your first home. Settling down is definitely a milestone that’s worth celebrating, and there are a bunch of things you need to know before you close the deal and pop the champagne. 

Many first-time homebuyers make the mistake of not doing adequate research before they sign the dotted line. And when this happens, they get surprised about all the extra expenses, maintenance, mortgage options, monthly payments, and other fees that can easily double the price of your budget. 

Fortunately, all you need to do is to speak to a local mortgage agent to find the best mortgage option based on your financial stability and have enough funds to cover your needs. Choosing the best mortgage can help you in the long run, allowing you to pay monthly fees and paying off loans without any hassle. 

If you’re ready to close the deal on your dream abode, it pays to know a few tips and tricks when buying a home so you can put yourself in a good position as a first-time homebuyer. Let’s take a look!

1. Closing a Deal Isn’t Cheap

When you purchase a home, there are more financial obligations you need to be aware of besides the listing price or the seller’s offer. With that being said, real estate agents and local mortgage agents suggest that you budget at least three to four per cent of the purchase price since you need to pay off your closing costs. 

Seeing as closing costs can also be a huge sum of money, you should include this in your budget so you won’t be startled when you need to pay upfront. 

2. Know Your Contract’s Subjects

When you read through your contract, you’ll see a long list of subjects. These are important points that tell you what you can and cannot do at the moment. On a contract of purchase or sale, you’ll often find the following:

• Subject to obtaining satisfactory financing
• Subject to receiving and approving an inspection report
• Subject to receiving and approving a property disclosure statement
• Subject to receiving and approving title search
• Subject to receiving and approving all strata data

Although these are the most commonly used “subjects,” you can be subject to anything you like. However, don’t expect sellers to adhere to your requests, especially if what you want is unreasonable. 

3. Look For the Right Mortgage Options

As mentioned earlier, buying a home is a massive financial commitment. Most often than not, first-time home buyers need to get a mortgage to pay off a home. With so much money on the line, it’s best to speak to the best local mortgage agent to ensure that you choose a mortgage option that fits your lifestyle and financial capabilities. 

When looking for a mortgage option, shop around and compare interest rates and terms. These are two crucial factors you need to consider since you’ll be paying your mortgage monthly and in the long term. 

4. Explore Your Neighborhood

You probably fell in love with the town while you were browsing for homes online. But remember — these pictures were posted to lure potential homebuyers, so in some cases, they may not be the same in real life. Because of this, taking a weekend trip to the town may be a good idea to explore the area before you commit to the location. 

With that being said, partnering up with a reliable real estate agent is key to ensuring that you’re selecting a home in an ideal location best fit for your budget and lifestyle.

The Bottom Line: First-Time Home Buyers Need to Consider a Wave of Things Before Signing the Dotted Line

Besides the home maintenance expenses and home improvements, there are some of the things you need to consider before you start buying a home. It pays to be financially and emotionally prepared when you take on this endeavour. 

Partnering up with a credible local mortgage agent is key to a smooth, hassle-free first-time homebuying experience.

How Can We Help You?

Buying a home is no easy feat; in fact, there are many legalities and financial responsibilities you need to be aware of. Fortunately, Ottawa Mortgage Services is here to help you. We offer tailored solutions for first-time home buyers from beginning to end of the mortgage process. If you’re looking for a reputable mortgage agent in Ottawa, get in touch today!

Buying a new home is a big financial commitment, but it’s an even bigger deal if you’re buying your first home. Settling down is definitely a milestone that’s worth celebrating, and there are a bunch of things you need to know before you close the deal and pop the champagne. 

Many first-time homebuyers make the mistake of not doing adequate research before they sign the dotted line. And when this happens, they get surprised about all the extra expenses, maintenance, mortgage options, monthly payments, and other fees that can easily double the price of your budget. 

Fortunately, all you need to do is to speak to a local mortgage agent to find the best mortgage option based on your financial stability and have enough funds to cover your needs. Choosing the best mortgage can help you in the long run, allowing you to pay monthly fees and paying off loans without any hassle. 

If you’re ready to close the deal on your dream abode, it pays to know a few tips and tricks when buying a home so you can put yourself in a good position as a first-time homebuyer. Let’s take a look!

1. Closing a Deal Isn’t Cheap

When you purchase a home, there are more financial obligations you need to be aware of besides the listing price or the seller’s offer. With that being said, real estate agents and local mortgage agents suggest that you budget at least three to four per cent of the purchase price since you need to pay off your closing costs. 

Seeing as closing costs can also be a huge sum of money, you should include this in your budget so you won’t be startled when you need to pay upfront. 

2. Know Your Contract’s Subjects

When you read through your contract, you’ll see a long list of subjects. These are important points that tell you what you can and cannot do at the moment. On a contract of purchase or sale, you’ll often find the following:

• Subject to obtaining satisfactory financing
• Subject to receiving and approving an inspection report
• Subject to receiving and approving a property disclosure statement
• Subject to receiving and approving title search
• Subject to receiving and approving all strata data

Although these are the most commonly used “subjects,” you can be subject to anything you like. However, don’t expect sellers to adhere to your requests, especially if what you want is unreasonable. 

3. Look For the Right Mortgage Options

As mentioned earlier, buying a home is a massive financial commitment. Most often than not, first-time home buyers need to get a mortgage to pay off a home. With so much money on the line, it’s best to speak to the best local mortgage agent to ensure that you choose a mortgage option that fits your lifestyle and financial capabilities. 

When looking for a mortgage option, shop around and compare interest rates and terms. These are two crucial factors you need to consider since you’ll be paying your mortgage monthly and in the long term. 

4. Explore Your Neighborhood

You probably fell in love with the town while you were browsing for homes online. But remember — these pictures were posted to lure potential homebuyers, so in some cases, they may not be the same in real life. Because of this, taking a weekend trip to the town may be a good idea to explore the area before you commit to the location. 

With that being said, partnering up with a reliable real estate agent is key to ensuring that you’re selecting a home in an ideal location best fit for your budget and lifestyle.

The Bottom Line: First-Time Home Buyers Need to Consider a Wave of Things Before Signing the Dotted Line

Besides the home maintenance expenses and home improvements, there are some of the things you need to consider before you start buying a home. It pays to be financially and emotionally prepared when you take on this endeavour. 

Partnering up with a credible local mortgage agent is key to a smooth, hassle-free first-time homebuying experience.

How Can We Help You?

Buying a home is no easy feat; in fact, there are many legalities and financial responsibilities you need to be aware of. Fortunately, Ottawa Mortgage Services is here to help you. We offer tailored solutions for first-time home buyers from beginning to end of the mortgage process. If you’re looking for a reputable mortgage agent in Ottawa, get in touch today!