If you are a first-time homebuyer in Ottawa, there are some things need to know before you find your new home. The real estate market in Ottawa is very active, and can be intimidating for any homebuyer.
There are many misconceptions about the real estate market that need to be debunked. If you’re thinking about buying a home for yourself, here are some of the facts you need to get straight.
1. There Are a Myriad of Active Residential Listings in Ottawa
In today’s modern society, our knee-jerk reaction to buying homes is that “it’s expensive.” In Ottawa, this isn’t always the case. There are many affordable homes in the city that’s just a short 15-20 minute drive from the suburbs.
The best part? A majority of these listings can fall under $425,000, which is about 33 percent less than the average Ottawa home – listing at $639,000. While there has been a surge in prices over the last two years alone, there will always be a handful of affordable homes available for first time home-buyers.
2. The Value of Ottawa Homes Increases by $41,000
Home buying is more than just that. It is also an investment. If you’re just at the point in your life where you are getting out of student loans and building a savings fund, it’s only logical that you want to wait before you can get your bearings together.
The sad fact is, however, that the value of homes in Ottawa increases by at least $41,000 annually. This means that the longer you wait to buy, the higher the prices become when the time comes. Working with a mortgage agent can help you figure out the next financially wise step if you want to buy your home before this happens.
You may be intimidated by the fact that your parents could do all of these at roughly the same age you are now, but keep in mind that the economy has changed a lot since then.
3. Your First Home Won’t Necessarily Be Your Last
Many people buy homes with the intention of living there forever. But as statistics go, people are becoming more and more inclined to reside in their homes for about 5-7 years before seeking other living arrangements.
Instead of planning for a “dream home,” people instead tend to think about how much they can afford instead. You might end up moving into a few houses before you can find one that perfectly fits your ever-changing lifestyle.
4. You Can Build Long-Term Wealth with Your Home
As mentioned earlier, home buying is an investment. Looking at all of your monthly costs, there is a lot to cover, from mortgage, utilities, insurance, and more. In cases like this, renting might be a better and easier option. However, you end up paying someone else’s mortgage and building their wealth rather than your own.
Mortgage payment is about building your own wealth and increasing the value of your home. With monthly mortgage payments, you can pay off the principal and make your home a more valuable asset.
Although the process can be intimidating for some, taking on the real estate market is not that difficult. As long as you bear in mind these important tips, you should be able to take on the home buying process with ease.
With a capable mortgage agent by your side, taking on real estate should be a breeze. At Ottawa Mortgage Services, we provide mortgage agent services for first-time homebuyers, self-employed individuals, and commercial clients. Consult with us today to learn more.