When the personal becomes professional: Assembling your home buying team

Most of you would agree that meeting the love of your life is a monumental event. From observing my clients over the last thirty years, I’d argue that falling in love with a home runs a close second. Walking into a new home or model and feeling your pulse quicken is a magical sensation. When you feel a strong personal connection with a certain place, you won’t sleep until it’s yours.

It may seem strange that such a personal experience involves working with so many other people. But when you’re making the biggest financial investment of your life, it’s always wise to depend on the advice and expertise of professionals. Depending on your personal circumstances, you may consider consulting with the following:

Mortgage Specialist: Ideally, you will have met with a mortgage broker or mortgage specialist from your bank or lending institution prior to beginning your home hunt. Understanding how much money you have to work with is an excellent first step to narrowing your search, and obtaining a pre-approved mortgage can save both time and grief in the long run.

Realtor: While it’s possible to purchase a new home without the assistance of a realtor, there are several benefits – and no drawbacks – to having a real estate professional in your court. Realtors understand the market better than anyone else, and can provide terrific insights on neighbourhoods, investment values and negotiating with a builder. Best of all, there’s NO COST associated with hiring a realtor to purchase a home.

Real Estate Lawyer: This is an absolute must. A good lawyer will walk you through the paperwork, explain fees, and protect you from real estate fraud.

Home Inspector: Because new homes in Ontario are covered under the Tarion Warranty, and because a pre-delivery inspection with the builder is part of the new home buying process, many purchasers of new homes choose not to hire a home inspector. However, I often encourage my clients to spend the few hundred dollars it costs to ensure that their new home has been built to code.

Most homebuyers are smart cookies. But, in matters of love, the heart rules the head. That’s why, when it comes to buying a home, it pays to have professionals do some of the thinking for you.




Visit bennettpros.com for all your real estate needs.

Steps to Take Before Buying a House in Ottawa

The Bennett Property Shop Realty understands that Ottawa home ownership is a big dream and a huge step for many people. Turning this dream into a fact or a reality requires a lot of dedication and effort and anyone who wants to realize it has to both financially and mentally commit to the project because buying a house requires one to spend a lot of time and energy both when hunting for that Ottawa home and afterwards when maintaining and managing it and paying off its mortgage.

Since the vast majority of home-buyers use the services of lenders, this article will assume that the reader will borrow some money to buy their home and explains what actions a buying borrower needs to do to better their borrowing success.

Strengthen Your Credit

The first step towards home ownership is to strengthen your credit. The better your credit, the better (i.e. the lower) the interest rate your will qualify for. Make sure to pay off your credit cards and settle up any credit delinquencies or disputes.   Even if you cannot pay off a card’s entire balance make sure that you pay the stated minimum payment by the due date indicated on your monthly statement.  Also, get a credit report so that you can evaluate it and understand what the lenders will be looking at and basing their lending decision on before you approach a lender for a loan.

Determine What You Can Afford

Figure out how much you can afford for a house and how much you will be able to borrow. Most people taking out loans for home ownership are expected to put down 10% to 20% of the appraised value of a home. For example, if you have $30,000, you can make a down-payment for a home that is worth $300,000 (with a 10% down-payment) or $150,000 (with a 20% down-payment).

You also want to calculate your projected housing expenses. Determine the average annual costs for insurance, natural gas or oil, electricity and real-estate taxes in your area. Add that to the price of the home you want to buy and also add how much you are estimated to pay in closing costs (lawyer fees and land transfer taxes etc.). You can either use an on-line mortgage calculator or make a spreadsheet to calculate the total. If you find that the total is above 28% of your gross annual income, then it is probably not a good time to get a mortgage.

Get Pre-approved

Now you are prepared to seek the actual amount of money that you will need to borrow for your new home. When you do apply to various lenders, submit all of these applications within the span of a two-week period so that your inquiries do not alter your credit report as repeated credit report requests (other than ones that you request for yourself; and obviously each possible lender  will request) have a negative effect upon your credit rating. So that you have a realistic idea of what money you will have and therefore what price range you can afford, make sure to do this before you get in touch with a real estate agent. If you do qualify for a loan, make sure to look at first-time buyers' programs - which usually have lower down-payment requirements. These are sometimes offered by various lenders and/or by various levels of governments.

Start House Shopping

To get a sense of all your options, make sure to check out as many Ottawa homes for sale and open houses and housing styles as possible.  Do not make any rash decisions. In order to help with this process, sign a buyer representation agreement with a well-known local real estate agent, they can then sign you up for the Multiple Listing Service (MLS), which is an “Alerting” service that helps you search for properties in your desired areas by letting you know when a property becomes available in an area in which you are considering buying.

Also, find a real-estate agent who is knowledgeable about your target area to represent you and work with you in your search process. Make sure to provide him or her with every “must have” or “Must not have” detail of the home you are seeking: such as the number of bedrooms, bathrooms, the size of the yard, whether you want a garage, the overall layout (bungalow, duplex, town-home, split-level), traffic and population densities, etc.

Scout out the area in which you would like to live by visiting it at different time of the day and week.  Check out its proximity to shopping, schools, public transportation, and other amenities that you want. Also take note of the amount and the speed of vehicular traffic, available parking, noise levels, and business and general activities in the area and whether the neighbourhood is being up-graded by new residents or its overall maintenance is drifting sideways or downwards. Once you have assessed all these factors, then you will be far better informed as to how much and what sort of house or in what neighbourhood you can afford and wish to make an offer to buy.

Visit www.bennettpros.com for all your real estate needs.

Mortgage Basics

If you have already had a look at our blog, you surely have seen a couple of posts that explain a few of the most basic mortgage related questions that buyers have. When you look for Ottawa real estate properties, the first and foremost thing you need to do is understand the basics that are involved with buying a mortgage and how the monthly payments are calculated. After this, you get yourself pre-approved for a mortgage. There are few benefits of a pre-approved mortgage that can help you in buying your dream home.

We define mortgage as a loan that is specific for real estate. The loan is provided with one basic condition that if for any reason the borrower is not able to keep up with the timely payments the lender has the right to sell the property so that they can get their money back.

The monthly payments are based on the amortization rate and the time period for which the mortgage loan is issued. These payments are inversely proportional to the amortization time period; the larger the amortization period, the smaller the monthly payment. The time period is usually between 10 to 25 years.

Your mortgage calculations will depend on the amount of the mortgage you qualify for. The pre-approval process can give you a fair idea of the amount that you can avail and the amount you have to pay for down payment. The pre-approval process begins after you provide all the necessary financial documentation to your lending institution. The lender will then check for your credit score with the credit bureaus. It is against this information that the lender will provide you a complete mortgage plan that will include the amortization period, interest rate and the monthly payments that you will have to make.

While many people do not believe in getting pre-approved for a mortgage, we cannot stress its importance enough. Pre-approval will save you many complications that can come once you set your eyes on a particular home. Also, many realtors will not work with you if you are not pre-approved.

The most important reason why you need to be pre-approved for mortgage is that it will give you a clear picture of the type of real estate you can afford. Another reason is that a seller would be more interested in your offer if you have the means to quickly provide the cash.

Therefore before you get yourself pre-approved make sure that you have not provided any false information to the lender. Another reason you might not get pre-approved is if the mortgage inspector values the property to be worth less than the asking price. Thus, when you decide to look for a real estate property in Ottawa make sure that you are pre-approved so that you have a better chance at ownership.

Visit www.bennettpros.com for all your real estate needs.

 

Alta Vista Ridge:Desirable Living Distinction

Many home owners struggle to choose between living in an urban flat or a town. Fortunately, this struggle has come to an end. Whether it is a terrace town or an urban flat, Alta Vista Ridge provides some of the most distinguished living in Ottawa.

Location

Alta Vista Ridge is located at a prime location in the heart of one of the most rapidly developing and happening communities. Alta Vista Ridge is situated at Saint Laurent Boulevard and Industrial Avenue, which is only minutes from Downtown Ottawa.

Architecture

Whether owners choose an urban flat or a terrace town setting, the architectural design is simple, stylish, sturdy and above all, elegant. In fact, many owners may even be led to reminisce about the old colonial age, where such simplicity and single colour paints were not only common but popular - simplicity which is still marvelled at today.

Amenities

The only thing as beautiful, extensive and modern as Alta Vista Ridge is the amenities provided to its residents. Amenities include:

·        10 shopping and service centers

·        10 restaurants and bars

·        3 schools

·        4 parks

·        5 recreational centers

Condos

Whether you choose an urban flat or a terrace town, each condo has been carefully designed to fuse simplicity, modernity and luxury to create striking exteriors and interiors. The total size of condos ranges from 729 to 1262 sq. ft.

Each condo has been designed with at 8-9 ft high flat white ceilings, carpeted bedrooms and living area (Berger carpets), ceramic tiles in the laundry, kitchen, bathroom(s) and entry and a single color interior. Each condo also has a private terrace or balcony with aluminum railing.

Whether it is the bathroom, kitchen, entry, living area or bedroom, each room has a number of finishes. For example, door handles and bathroom accessories are not only heavy duty; they have an impeccable chrome finish. Even the exterior has a superior masonry finish.

Starting Price

Naturally, such an extravagant lifestyle does not come cheap. Or does it? One of the most attractive features of Alta Vista Ridge is its affordability. Condo prices start in the $190,000 range and increases as the size of the condo increases. Interestingly, for a limited time, 6 high-end appliances are provided for free.

Spacious and luxurious condos, separate outdoor areas, a multitude of amenities, striking exteriors, beautiful interiors and an exceptional neighbourhood – Alta Vista Ridge has it all. Adding the choice between an urban flat or terrace town setting, and combining it with high affordability, what more could anyone ask?

 

Visit www.bennettpros.com for all your real estate needs.

Distillery Warehouse Lofts–Industrial-inspired Luxury

The industrial age gave us some of the sturdiest, stylish and grandest buildings mankind has ever seen, structures we deem to be architectural marvels. What if the beauty, style and space that these industrial buildings provided could somehow be infused with today’s technology and needs? Distillery Warehouse Lofts provides the perfect blend of old and new, fusing the industrial age with contemporary style, space, luxury and affordability.

Legendary Architecture and Location

Legend has it that Distillery Warehouse Lofts is on a site where a secret distillery warehouse was once built. This warehouse stood the test of time and provided ample space to hide thousands of kegs of whiskey.

Bringing the legend to life, Distillery Warehouse Lofts takes the industrial warehouse legend and fuses it with Nouveau Industrial Style, space and luxury, to create legendary loft style suites.

Amenities

Distillery Warehouse Lofts provides a list of modern amenities, perfect for any contemporary suite lifestyle. Amenities include:

·        Fully equipped gym

·        Multi-purpose rooms with kitchens

·        Ski and bike tune up areas

·        Spa

·        Bike storage area

·        Locker rooms

·        Parking

·        Large living area

·        Private theatre

Loft-style Suites

The use of natural stone, wood, industrial grade materials, stainless steel and high-grade glass create a living space that is spacious, practical and flexible. Loft-style suites are available with a total area ranging from 640 to 1134 Sq. Ft. including the gallery or terrace.

Industrial loft elements such as small brick walls, 9’ high ceilings and 84” solid doors (with heavy duty chrome handles and door knobs) are typical in every suite.

Double-pane aluminum windows allow natural light to bathe the suite in warmth while reducing the amount of penetrating UV light.

The living room and bedrooms are lined with pre-engineered, sound resistant hardwood floors while washrooms incorporate mosaic tiles in the most intricate and unique designs.

All washrooms have oversized glass showers, white soaker tubs, floating vanities, designer lighting fixtures and chrome bathroom accessories.

Each suite has a terrace or gallery that can be accessed by sliding glass doors. As the architecture indicates, each gallery and terrace has wrought iron style railings and planters. The walls of each gallery and terrace combine stone and brick veneers.

Starting Price

With so much to offer to any potential suite owner, perceivable prices could range in the mid $500’s. However, as stated before, Distillery Warehouse Lofts fuses key style and architectural elements with affordability. Loft-style suites start from $246,800. Furthermore, for a limited time, reservations also come with 6 free appliances.

With so much to offer at such an affordable rate, such an offer is too tempting to let slip. With an exterior like no other, modern amenities and an interior that will have owners gasping in awe, Distillery Warehouse Lofts truly is a spirited legend rising.

Visit www.bennettpros.com for all your real estate needs.

Qualicum Woods Crossing –Peaceful and Luxurious Living

If you’re looking for lavish, peaceful yet social living in the capital of Canada, then Qualicum Woods Crossing is the perfect destination for you. Qualicum Woods Crossing is best defined as the perfect mix of luxurious and affordable living. For a closer look at Qualicum Woods Crossing, and all it has to offer, continue reading.

 

Location

Ottawa is not just the capital of Canada; it is one of the fastest growing cities in Canada as well. In fact, economists predict that Ottawa will soon be the largest and most advanced city in Canada economically.

 

Located in beautiful Qualicum, is surrounded by a residential area, with a green scenery and a myriad of schools, parks, shopping centers, restaurants and stores including the brand new large IKEA store. Located on Baseline Rd only minutes to the 417 and only a few minutes to Downtown, Qualicum Woods Crossing is perfect for those looking for the best in life - a little of everything.

 

Amenities

Not only does Qualicum Woods Crossing offer affordable living, it offers truly lavish living. Here is a look at some of the many amenities that Qualicum Woods Crossing provides:

•  Central park, surrounded by Qualicum Woods Crossing
•  With Zen Falls
•  Four Bridges
•  Spring Grove
•  Patio Stage
•  BBQ Deck
•  And more…
•  2 large lounge rooms, each with their own fireplaces
•  2 kitchens
•  2 large terraces, sized for large family gatherings
•  Interconnected elevators
•  Private theatre
•  Separate games room
•  Modern, fully equipped fitness centre
•  Sauna
•  Barbeque areas

  

  

Condos

Qualicum Woods Crossing offers condos starting at studios and expanding to 3. Best of all, Qualicum Woods Crossing also offer terrace condos. Regardless of the type of condo, each condo has been spaciously designed to give owners room to breathe and truly enjoy everything life has to offer. The interior combines the beauty of the modern world with the hint of a more traditional look.

 

Starting Price

The real question comes back to the price. Qualicum Woods Crossing condos start at $169,900. With so many extravagant amenities, exceptional interiors and great locality, this truly is lavish and affordable living. Considering the rapidly growing area surrounding Qualicum Woods Crossing, the value will only increase. With prices starting from $169,900, Qualicum Woods Crossing is truly one of the best deals around.

 

Whether it is the inspiring locality, breathtaking interiors, extravagant amenities or affordability, Qualicum Woods Crossing is a great place to live. With minimal distances between local stores, schools, recreational facilities and the local nightlife, Qualicum Woods Crossing is perfectly located so owners can enjoy a perfect life.

 

The Bennett Property Shop Realty is the exclusive brokerage for Qualicum Woods Crossing, visit www.bennettpros.com for all your real estate needs.

SOHO Lisgar – Hotel Inspired Luxury Living

Many of us would love to live the hotel life. Luxury living, 24/7 services, plenty of amenities and incredible prestige. However, most people could not afford a hotel life as it can be incredibly expensive. That is until now. The SOHO Lisgar brings truly luxurious hotel living at an affordable price. Here is a closer look at the location, amenities, condos and the starting price of this architectural marvel.

 

Location

SOHO Lisgar is located in the grand capital of beautiful Canada, Ottawa. Surrounded by a number of clubs, pubs, malls, wineries, restaurants, boutiques, stores, museums, parks, recreational centers and grocers, The SOHO Lisgar couldn’t be any more perfectly located. The SOHO Lisgar is located at 300 Lisgar and is near completion. You could move in this summer!

 

Amenities

When purchasing a condominium, it is important that the amenities provided are numerous and of a high quality. Fortunately for potential condo owners, SOHO Lisgar offers amenities unlike any other. A large number of luxurious amenities await all condo owners. In fact, the SOHO Lisgar offers over 7000 sq ft of amenities, both indoors and outdoors. A few of the many amenities include:

  

•   Modern Fitness Centre – Dalton Brown
•   Spa
•   Sauna
•   SOHO WaterGardens
•   Private theatre
•   Bike garage
•   Huge lounge areas
•   Lap pool
•   Raised hot tub
•   Large dining areas

  

Condominiums

The suites on offer at the SOHO Lisgar have been designed based on SOHO’s extravagant hotels. However, the suites offered at the SOHO Lisgar take lush hotel living to another level and add a dimension of extra space and modern aesthetics. Designed by Gluckstein himself, these suites are truly a class apart; truly unique and extraordinarily beautiful.

 

Starting Price

Considering all the amenities offered, the spacious and lavish interiors and the amazing locality, most people would consider such a project incredibly expensive. With the SOHO Lisgar, that is not the case. SOHO Lisgar suites are still available, starting at $289,900. Furthermore, interested owners can even opt for a $0 mortgage for the first 6 months.

 

For some, a condominium lifestyle is not worth the price they pay. At the SOHO Lisgar, price is not an issue. With a multitude of amenities, spacious, extravagant and designer suites, and one of the best localities you will ever come across, hotel inspired living is only one booking away. For those who wanted to live the hotel dream; now is the chance, and SOHO Lisgar is providing it to you.

The Bennett Property Shop Realty is the exclusive brokerage for SOHO Lisgar, visit www.bennettpros.com for all your real estate needs.

SOHO Champagne – A New Era of Spatial Luxury

Ottawa is already home to some of the finest architectural marvels you will see in Canada. Now, the beautiful capital of Canada will be home to yet another prestigious project, known as SOHO Champagne. These condominiums are some of the most unique and elegant condominiums ever designed – they are true spatial luxury. Here is a closer look at the SOHO Champagne condominiums.

Location
If there was ever a place to build luxury condominiums in Canada, it would be in the heart of Canada itself; in the capital. Ottawa is one of the fastest growing cities and offers some of the highest quality of living you will ever experience.

Located at 111 Champagne Avenue in Little Italy, SOHO Champagne is currently under construction and is located near a plethora of unique and trendy restaurants, wine bars, parks, entertainment facilities and even the O-Train. Only minutes from the Rideau Canal and Dow’s Lake and the Arboretum. Little plays host to several festivals and large events year long and is one of Ottawa’s hottest neighbourhoods.
Amenities
When purchasing condominiums, the number and quality of amenities play a crucial part in any buyer’s decision. When it comes to SOHO Champagne condominiums, a number of amenities on 3 separate floors (ground, 2nd and 3rd) are available to the condo owners. Here is a look at a few of the many amenities.

• Regular as well as executive dining rooms
• Board rooms
• Bars
• Library
• Art gallery
• Wine tasting room
• Private theatre
• Large and modern gym - Dalton Brown
• Spacious Sauna
• Raised hot tub
• BBQ area
• 60’ lap pool
• Fireplaces
• Alfresco open dining areas

Condominiums
SOHO Champagne condominiums offer rooms that are exceptionally spaced and offer modern features and a unique one of a kind Gluckstein Design. In fact, owners will feel as if they are living in a luxury yacht. Adding fully equipped kitchens and floor-to-ceiling and wall-to-wall windows into the equation makes SOHO Champagne condominiums some of the best you will find in Canada.

Starting Price
For many potential owners, the real question comes down to the price they will have to pay. SOHO Champagne condominiums offer a starting price of $288,900. Considering everything that is offered, this truly is a steal. SOHO Champagne condominiums is also offering $0 mortgage for 6 months; a superb offer.
The rooms are well spaced, naturally lit and well designed. With plenty of extravagant amenities, condominium owners will always have a place to relax and find things to do. With such a great location, and so much to offer, the starting price is like any other. SOHO champagne is the place for people looking for spatial luxury with a stylish modern flair.




The Bennett Property Shop Realty is the exclusive brokerage for SOHO Champagne, visit www.bennettpros.com for all your real estate needs.

The Slater – Chic Modern Luxury at its Finest

Affordability fused with style, modern beauty and substance is what The Slater is all about. With a definite flair for modern living, great amenities and a relatively low starting price, The Slater is truly an ideal building to move to. With so much to offer, The Slater adds a whole new dimension of extravagance to the already sleek and spectacular Ottawa, Canada. Here is a closer look at this architectural masterpiece.

Location

Ottawa is one of the premier locations in Ontario, Canada. In fact, the city is fast becoming one of the most popular and stunning cities in Ontario. In fact, according to Mercer, Ottawa’s quality of living has been ranked the 2nd highest in the Americas.

The Slater is where it should be, located in the central business district of Ottawa. To be precise, The Slater is located at 199 Slater St. The Slater is close to the Parliament, Rideau Canal, nightlife, shopping malls, cafes, entertainment and recreational centers and areas.

Amenities

No premier location would be perfect without the right variety of amenities. When it comes to amenities, The Slater brings you a number of lavish and extravagant amenities. Located on the 5th floor, The Slater offers a number of amenities, including:

•              A large terrace, split into 3 sections

•              Outdoor hot tub

•              Modern games room

•              Private theatre

•              Huge club lounge and dining areas, complete with fireplaces

•              Modern and fully equipped fitness centre

Condos

The Slater has some of the most interesting and spacious condos to hit the market. The Slater offers studio, one bedroom and two bedroom condos, bedroom and den combos and penthouses. With sizes ranging from 408 Sq. Ft. to 1,578 Sq. Ft., The Slater has almost every type of condo covered.

Almost every condo comes with its own private balcony. Naturally, the larger the floor plan the larger the balcony. Best of all, every condo, even studio condos, have been designed in such a way that they are all very spacious, giving you plenty of space to move around.

Starting Price

When looking at premier property, or any property for that matter, price is always a huge factor that can either make or break a deal. When it comes to The Slater, it is hard to imagine anything less than a premium price for such extravagant and chic living. However, that is not entirely true.

The Slater manages not only to provide a boastfully high quality of living; it does so at an affordable price. You can own a piece of this prestigious building for as little as $198,900.

When looking for a residential locality that fuses modernity, beauty and practicality, The Slater definitely is one of the first places to check. Taking a glance at the interior, the starting price of $198,900 seems to be quite a steal. With a range of extravagant amenities, a hustling yet peaceful neighbourhood and exceptional nightlife, what more could anyone want? Truly, 199 Slater St is one of the most “it” locations on the map.

 


The Bennett Property Shop is the exclusive brokerage for The Slater, visit www.bennettpros.com for all your real estate needs.

Moving Costs- Things to Think About

When you buy or rent a property there are a lot of things that you need to consider. Down payment, mortgage costs, and moving costs are all a part of the homebuying process. Moving costs are related directly to the time and money that is required when you move to a new place.

Renting or buying real estate in Ottawa is easy if you have a good real estate agent. The move from one living space to another can be costly. But if you are buying a house, it would be a onetime move as you would not be changing houses that often. If you are renting a new property then you should consider the costs that are involved with the move.

What Do You Own?

It does not matter where you are currently living, even if it is in a studio apartment, there are furniture and appliances and many other things that you will want to take with you to your new house. Most of the things that you own can be boxed easily and transferred to your new place through your car. It is however difficult to fit your bed or the sofa in any standard vehicle that you or your friends own.

For things like these, you will either have to hire a moving company or rent a truck. If you have delicate and breakable pieces of crockery or decoration, you will have to pack them carefully. The extra padding around each piece means that you will have to use a bigger box. In turn, the box will take more space in the car and you will have to make more trips. The best way to avoid this unnecessary hassle is to hire a moving company or rent a truck.

When to Move?

When you are moving from one rental apartment to another or to a new house, you will probably wait till the last day before you leave your rental. If you wait till the last day, you’ll just have that one day to clear the apartment or house out..

This is not enough time to move. If you are moving your belongings on your own, you will have to make frequent trips to the new place making it exhausting and time consuming. Not to mention the amount of money you will spend on gas. The process of moving is stressful and requires time and money. You have to first pack and then unpack everything. The time of packing and unpacking will depend directly on the number of things that you own.

Other costs that can be included in the moving process are miscellaneous costs that you would usually not consider. Boxes, packing tape and bubble wrap will also cost you some money. You will also have to pay different utility companies when they set up equipment in your new place (if your house is brand new).

Be sure that you are ready to cater all these costs when you look for real estate in Ottawa.

Visit www.bennettpros.com for all your real estate needs.

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.