Tuesday, April 30, 2013

Important Questions to Ask Your Home Inspector

Buying a home, townhouse, condo, or apartment is not easy. There are several factors to consider and buying property is also a tremendous investment.

Before you buy a house, make sure that you have inspected it properly. Buying homes and condos in Ottawa requires a lot of work. Inspecting the property allows you to ensure that everything is in working order, assess how much renovation and repairs would cost, and physically see if you’re actually about to get your money’s worth.

It is a good idea to hire a professional home inspector to give you proper feedback on the property. However, be wary of inexperienced home inspectors because they may not be able to provide you with fair assessments. Listed below are a few questions that you should ask the home inspector before you hire him to look at the property you are interested in.

What else do you do beside home inspection?

Make sure that the home inspector does not have any other job or business other than home inspection. Many inspectors work independently and are at the same time contractors; be wary of such inspectors because a contractor cannot be a home inspector. Ask questions like how long they have been in the business and if it is possible for the inspector to provide a few referrals.

What is covered in the home inspection?

Make sure that the inspector and the inspection process covers all the requirements of the city of Ottawa. Make sure you ask complete details about what area of the property will be inspected. If there are certain areas that you want inspected, specify them to the inspector.

Do you have specific experience in residential inspection?

It is ideal if the inspector has experience in residential property. If the inspector has added experience in engineering it can also be helpful.

Are there any repairs or improvements that can be made based on the inspection?

Some associations allow the inspector to give a detailed feedback of the inspection. Other associations and regulations do not allow the inspector to provide these details.

How much time will the inspection require?

If you are hiring one inspector, it might take him somewhere between two to three hours to inspect a standard single family housing unit.

How much will it cost?

Inspection costs depend on many different factors. These factors include the area where the house is located, the size of the house, the year it was built in and other such questions. The costs might range between $300 and $500 for an average single family unit inspection.

What type of reports do you provide?

Ask the inspector questions on the type of reports they provide. Also, ask them to show you a few sample reports. It usually takes around 24 hours for the inspector to prepare the report.

Is it possible for me to attend the inspection?

If an inspector asks you to stay back and not accompany him on the inspection, you have every right to be suspicious. It is a good idea to see your potential home through the eyes of an inspector.

Buying a home in Ottawa may require work but with Bennett Property Shop, you can locate property you want very easily.
Visit www.bennettpros.com for all your real estate needs.

Monday, April 29, 2013

Kiss Your Landlord Good Bye: How to Buy Your First Home

You may keep telling your landlord about the repairs the property needs but they might not pay any attention to your comments. Or they might ask you get the repairs done yourself. It can be very hard to find a good rental in the Ottawa real estate market.

In recent times, mortgage rates have gotten more demanding and property sales have fallen. However, it is important to remember that buying a house is a long term investment and that the real estate market in Ottawa did not feel the major blow of the recent recession. Once you are done with the mortgage payments, you will own the property.

Nevertheless, this does not mean that you can buy your dream house right away. You have to ensure that you can afford such a home. Also, you may want to consider if the monthly payments of a mortgage would be cheaper than the monthly rent. If you have a steady job and a good credit rating, then you should check with a lender and see what kind of interest rate packages are suitable for you. Also, the amortization period for the loan should be taken into consideration.

Getting a loan can be easy if you have a good credit score and enough capital for the down payment. It is a good idea to get pre-approved by mortgage brokers and lenders. This can help you manage your expectations, speed up the process and ensure that you buy the house you fall in love with. Though it is possible to buy a house with a small down payment, it is a good idea to pay at least 20% down payment.

This will help lower monthly payments and will help you qualify for a loan modification program if you need it down the road. There are times when you might not have the down payment money. Don’t fret! Talk to your mortgage officer or lender and see if they can help you come up with alternatives.

When you buy a home, make sure that most of your monthly earnings are not spent on monthly taxes and mortgage payments. Owning a home requires a few additional expenses like real estate taxes, maintenance and insurance. Other expenses like land transfer taxes and lawyers fee incur when you buy a house. If you are buying resale property, there might be repairs involved. Hire an inspector to do a complete and thorough inspection of the house. Repairs can be costly and you don’t want to spend extra money.

If you follow these steps you can easily buy the perfect home at a great price. Check Bennett Property Shop for an in-depth and complete understanding of the real estate market in Ottawa. The real estate agents at Bennett Property Shop will help you find the type of property you want and at a price that you can afford.
Visit www.bennettpros.com for all your real estate needs.