Wednesday, July 17, 2013

Things to Consider When Buying a House

If you have read the previous blogs, you surely understand that it is not easy to buy a house on your own. There are so many things to consider. Here we will discuss a few of the most important things to consider when buying real estate in Ottawa. These things will help you make purchase decisions and you can also appear real estate savvy to your realtor.

The first thing that you have to do is get a pre approval on your mortgage. You might not be aware of the many elements that work together to help you buy your dream home. A pre approved mortgage loan will help you in the process to buy a home. It will also help you understand exactly what price range is available for you. Also, sellers are more likely to prefer you if you have a pre approved mortgage.
Here's a great video to help you off on the right foot:


Your credit rating will play a vital role in your ability to buy a home. It will help in determining the interest rate that you are charged and will also help in determining if you will get approval for the mortgage that you require. It is therefore important that your finances are properly managed and you have a complete understanding of your financial records.

You will also have to search around to see what area or town you would like to live in. You might want to hire an Ottawa real estate agent who will help you through the process if you intend on living in the Ottawa region. The agent will also help you identify sellers who are available in the market and walk you through the budget plan that you have marked.

When you make an offer, make sure that you have gone through all the technicalities and you completely understand what is written in the documents. You will also need to hire a home inspector. You might not be able to understand any architectural issues with the construction until it’s too late. It is therefore important that you have a home inspector go through the house and find if there are any faults in the structure. This will help you during price negotiations and therefore it is imperative.

You will have to study the neighbourhood. Come around at different times of the day to understand if the neighbourhood is ideally located. Is it close to schools? Is the nearby playground a safe place for kids? Are there any offenders in the area?

There is one last thing you need to consider before you sign on the dotted line. The additional costs like property tax, repairs and other such costs need to be considered. You will have to ask your real estate agent to help you understand these additional costs.

Talk to your Ottawa real estate agent and make sure that you consider all the things that are mentioned here before you buy the house. It is after all one of the biggest and most important investments of your life.

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