New vs. Used - The Difference is in the System

The first question you will ask yourself when you decide to buy a home is if you should buy a new house or an older one? When you are looking through Ottawa real estate properties, you are bound to get confused. One thought that you may think is that older homes are built better than newer ones. On the other hand, there are also many reasons that may incline you towards choosing a new home over an old one.

Better Built

One thing you should know is that new technology has helped improve the construction process as well as the building material used during construction. Canadian Building Standards have improved drastically over the years. Most new townhouses and detached houses include at least two full bathrooms on the upper storey and a powder room off the entrance hall. Improved kitchen standards and laundry areas have also made the new homes more convenient and acceptable.

The concept of central air-conditioning was not available for condos in the 1970s. Now, however, this has changed. Also, a home office is another essential room that is now available in many new homes that wasn’t available a few years back.

Less Maintenance Required

A new home won’t require much maintenance for at least the first 10 to 15 years. This is usually because the building material used is more advanced and long lasting. The presently used vinyl-clad window frames don’t require frequent repairs unlike older wooden frames. Nor do you have to worry about roof repairs with every change in weather. If you buy an old home, you will be worried about aluminum wiring and steel or lead plumbing. The brick front also adds to the durability of the new home.

Energy Efficient

Insulation standards have improved in all new homes and the furnaces installed are more energy efficient nowadays. Since 1993, basement insulation has become a common practice and the minimum ceiling heights have also been increased. The flimsy windows have been replaced with double-glazed casement windows that help keep the cold drafts out and the warmth trapped in. The new Energy Star Program has helped bring down monthly energy costs for home owners.

Tarion Warranty

This new warranty has provided an added protection for new home buyers. It helps with all repairs and corrections that are required during the initial years of the home.

All homes in Ottawa are required to meet safety standards and smoke detectors are to be wired in with the updated electric systems. Older homes will have to replace aluminum wiring, if it has not already been done by the previous home owner.

Amenities

The newer communities in Ottawa are designed to make sure that parks and playgrounds are within walking distance. Different environmental factors have also been considered during the planning of these communities. There are some builders who specialize in creating small communities where children can grow up without worry.

Even with all these advantages, you will still have to cater to the one most important fact before you buy a house – Location. You will find that most of the best locations in Ottawa already have communities built and the houses that are available are all resale. Therefore, check with your Ottawa real estate agent and find the best house for your family.

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

Selecting The Perfect Place To Live In Ottaw

Housing is one of the most basic needs that every person has to satisfy, one way or another in their life.

Usually, during the first few years of independence, most people move around from place to place depending upon the place’s affordability and the person’s job situation.

Most people try to make the best of what they have with each place they live in, whether that place be owned or rented.

However, almost everyone at one time or another aspires to eventually have his or her own perfect Ottawa home – their “Dream Home” - and that’s when and where the search begins for the perfect place to live.

Location, Location, Location

Just about everyone has an ideal location for where they want to live. For some, it is the peace and quiet of the countryside; while others prefer the hustle and bustle of the big city. There are yet others who want a little bit of both, so they move into the suburbs.

Generally speaking, where a person chooses to live will dictate the type of housing they want and how much it will cost. Hence property evaluation is hugely impacted by “Location, Location, Location:

There are pros and cons to each and every environment or location, and, in a nut-shell,  here are a few of them:

City/Urban – Cities are always the cultural hubs for any region. Many younger people, when they first live on their own, tend to flock toward city living for the multitude of things to do and people to do them with. Depending on the city, noise, crime, traffic patterns and congestion, population densities and smog can be negative factors for people who are starting families or prefer some quiet.  For other folks, however, those factors, coupled with numerous restaurants, clubs and social events are a great lure to locate there.

Rural – Small town and country living account for a large number of residences across Canada.  Small towns are surrounded by large tracts of land or water.  Farming and industry comprise the major structure of such communities, and the culture that exists in these small towns most often results from or revolves around those activities.  This is the best locale for people who prefer peace and quiet, open spaces and cleaner air; as well as for those who seek a simpler environment in which to raise their kids. But in order to enjoy the excitement of what a city has to offer or to go to one’s downtown office requires a commute – sometimes of considerable distance and time - and often through less-than-desirable weather.

Suburban – This type of residence location is the so-called “happy medium” between the above two extremes. Suburban settings have reasonably-ready access to the cultural highlights of city living, usually have their own small sets of businesses, while maintaining a semi-placid atmosphere for those who desire it. Suburbs can vary from being quite city-like to almost rural depending upon how close it sits to either the city or the country.

Of course, the cost of living is directly affected by the location chosen. Typically cities and suburbs will cost more to live in because of the amenities and services these communities provide as well as because of the income level and spending habits of the majority of people who choose to live or work there.

Type of Housing

As we all know, different people have different needs and wants – or as it’s summed up colloquially:  “Different strokes for different folks”.

A person with a need or desire for less space usually doesn’t buy a big house. And equally true is the exact opposite.

Condominium-living is a great option when looking for a place for one or two people. After all, for a myriad of historical and economic reasons, condos are often all a person can find or afford in a downtown setting anyway.

Historically, as industrialization and crime sullied inner city environments, the desire for safer, cleaner, quieter and more family-friendly areas sprang up and so the “urban sprawl” started.  This migration from the city core to houses in the near-city countryside provided these homeowners with more space, more quiet – but also created greater demand for roads, vehicles and a myriad of home maintenance products – and all of this extra commuting and property maintenance ate up a lot of the home-owners’ free-time and budget.  Nowadays, the resurgence of people into the centre of cities is in part due to the suburbanites’ kids’ desire not to spend their time commuting and maintaining the property surrounding a suburban home as the new generation’s dream is not the same as was their parents’ or grandparents’.   It also reflects the desires of the aging population to be closer to the entertainment and health amenities or facilities (restaurants, museums, hospitals, etc.) that they now value more.

Satisfaction

The Bennett Property Shop Realty knows that the ultimate decision in finding the “perfect” place to live comes down to each person’s personal preference based upon their specific life-style and economics situation whether they currently be a renter or a home-owner.

They strongly recommend that each person consider or investigate several different types of locations and different Ottawa homes for sale before deciding what is “right” for them because, quite succinctly, there is no black or white in housing selection, but rather only a balancing of one’s attraction to a specific place in light of and balance with one’s personal needs, personal preferences and personal affordability.

Things to Do After Buying a House

Finally! You have managed to buy your dream home. Of the many different types of homes available in the Ottawa real estate market, you have finally managed to find the perfect house. We can understand that the process was stressful and you had to keep meeting the realtor, lenders, lawyers and all the other people involved.

The diverse housing styles available in Ottawa probably did not make the choice any easier. With unique brick homes with Victorian design in Glebe and the more traditional homes in Kanata you may have had to rethink and put in a lot of effort before you bought your humble abode.

However, this does not mean that you can kick back and relax. Your financial responsibilities as a home owner are just beginning.

Timely Mortgage and Insurance Payments

It does not matter if you have to make payments weekly, monthly or biweekly; always make your mortgage payments on time. Late payments may affect your credit rating negatively and will also result in late charges. If you continue to fail to make mortgage payments you could even lose the house because of foreclosure.

To avoid such situations, have payments deducted automatically from your account and keep at least three months worth of payments as savings for hard times. If you still have trouble making your timely payments, talk to your lender and see what can be done. Insurance and property tax payments also follow same route. However, instead of foreclosure you might face legal and financial charges in case you are not able to make the payments on time.

Operating Costs

There are many on going costs that are related with everyday operations of your home. These include costs like security alarm service costs, gardening service, snow removal service and maintenance and repair costs. If you own a strata or a condo some of these costs will be a part of your monthly association fee.

Save for Emergency Repairs

There are some repairs that you can do on your own and you may also be able to identify most of the repair and maintenance work beforehand. However at times there are some repairs that are unexpected. These can be costly and you be corned into a tricky situation if you do not have an emergency fund set aside.

Live Within a Budget

Though you should have prepared a monthly budget before you bought the house, it is a good idea to start one now. You should monitor your monthly spending and evaluate the change every month. This will help you determine how close you are to reaching your financial goal.

If you have the habit of buying things on credit and spending more than what you earn, it is time to cut back. If you cannot manage your money on your own talk to a professional and save your home and money while you still can.

The real estate market in Ottawa is blooming and flourishing at the moment. Talk to an agent at Bennett Property Shop today and find what else you can do to save costs and the dream house you just bought.

The Many Types of Homes to Choose From

When you live in a country like Canada, you are bound to see different cultural styles. The styles are also evident in the construction of the real estate around the country. When you are searching for a home in Ottawa, you will see that there are many different types available and you can easily choose from them.

While Cape Cods are more popular in Atlantic Canada and North-eastern United States, there are some of them found in Ottawa. This type of house usually has two floors and the master bedroom is on the first floor. Generally these houses are smaller (1300 to 2000 square feet) and ideal for first time buyers. Colonial houses are found in most upscale areas of the city. These traditional styled homes are greatly influenced by the Italian Renaissance period.

The word cottage always etches a picture of a small and cozy living space. However in Ottawa, they are found usually in a non-urban setting and are of varying sizes. Detached homes are also very common and are basically single family homes that are completely separate from the neighbouring homes. Duplexes are also a form of detached homes with two units. The units are designed so that one is on top of the other.

Bungalows are single story homes with an optional basement. These can be small or large in structure. All living areas are on one floor making it convenient for the homeowner to access different areas without stairs. It is very easy to convert it into a wheelchair accessible home and they offer greater privacy compared to two-story homes. Strategic placement of trees and shrubs can easily block the view of neighbours.

Ranch Bungalows are a type of bungalows that are made strategically. The bedrooms are situated in one side of the house and the areas with guest access (these include the family room, dining room, kitchen, etc.) are on the other side. For attached garages, the access is provided on the public area of the house so that it can be accessed directly.

Split level homes have three types of configurations: a front split multilevel home appears like a two-story house from the front and a bungalow at the back. A back split multilevel home is more common and gives the appearance of a bungalow in the front. A side split multilevel home shows different levels from the front elevation.

Townhouses are three or more houses placed in a row such that they share a ‘party wall’. There are many townhouses in Ottawa. Semi-detached homes are two single family homes that are attached by a common wall. Two or three story homes are found in varying styles all over Ottawa. They come in styles ranging from classic Victorian era all the way to contemporary modern.

With so many different styles of homes available in Ottawa, you are bound to find one that you love! Contact Bennett Property Shop today and find your dream home. www.bennettpros.com

 

Which Type of Home Ownership Would You Prefer?

Owning a house is not as easy as it seems. However, by reading our blog and contacting the right real estate agent in Ottawa, you can get the chance to own a home of any style that you want. With a wide variety of homes available, there are bound to be different type of ownership choices. It does not matter what type of home you own, you can choose the ownership depending on your means and requirements.

Among the different ownership types, freehold is the most common. As an owner, you have full access to the land and the structure built on it. You are responsible for all indoor and outdoor maintenance and repair. As the owner of the freehold interest, you have full right to control and use the building and land, subject to any rights of the Crown, local bylaws about land usage and any other terms that were put forward during the purchase.

A condo ownership will allow you ownership of the unit and a shared ownership for the common areas. As a home owner, you will be responsible for the maintenance and repair of the interior of the unit. The condo association will be responsible for everything outside the walls including the common areas and grounds.  The rules for condo are a bit stricter about the use of common area, renovations and noise. The condo association fee covers costs that include common utility bills, taxes and maintenance costs. Though a condo is cheaper than a freehold house, it offers lesser privacy.

Co-ops (co-operatives) are very similar to condos. The difference is that you own a share in a complex or a building instead of owning a unit. If you decide to sell your share, the co-op board has every right to reject your prospective buyer.

You might even opt to get a lease on your property. This gives you the right to use the property for a limited but long period of time. This type of ownership is commonly known as leasehold interest. This type of ownership is available for homes (usually apartments or townhouses) that are built on land that is owned by the city. Usually the contract allows ownership for 99 years. Occasionally, the ownership is made available for detached homes built on First Nation reserves and farm land.

A Strata is another type of ownership that allows you to use and own a particular housing unit which is contained on a larger property. Just like condo ownership, you will have share in the common areas of the property. You can find this type of ownership for different types of properties throughout the city.

Contact your Ottawa real estate agent today and find out which type of ownership and home would best suit your needs given the circumstances.

Home Maintenance: Condo vs Home

It does not matter what type of property you own, it will require maintenance at some point or another. However, the type of maintenance that each type of property requires is different. While a house gives complete ownership of the structure and the lot it is constructed on, a condo works differently.

Condos that are part of Ottawa real estate involve different types of housing styles. These include townhouses, apartment style buildings and single family homes built on shared lots. When you own a condo, you get ownership of everything that is inside your front door. However, the grounds, elevator, pools, hallways, club houses and parking lots are the responsibility of the condo association.

When you own a house there are different types of maintenance that are your responsibility. If you want to make changes to the structure of the house, modify the plumbing, add some light fixtures, change the flooring or add a new roof, you will have to hire a contractor to do so. If you have just bought a resale home in Ottawa  than there are many maintenance costs that you have to look into. You might also need to change a lot of things because they are old.

A condo may not be the same as a house, but it is much better than living in an apartment and paying a monthly rent to the landlord. The condo is your property. You make monthly mortgage instalments to own the property. You do not have to worry about the grounds, parking lot or the pool. The monthly condo association fee takes care of all these things without bothering you. The fee will cost you much less than it would cost you to maintain a house and pay the home owner’s association charges.

It is however your responsibility to maintain the flooring, roofing, plumbing and other such things within the condo. It is important that you treat the condo just the same way you would treat your home because you are investing your hard earned money in it.

The rules and regulations that are set by your condo association are important to follow. You have to be careful about the number of people residing in the condo unit and at the same time you have to follow all the rules when using the common property of your condo.

Even though maintaining a condo is much easier than maintaining a home, it is a good idea that you check with the Condominium Corporation about all the rules and regulations that apply. Your Ottawa real estate agent can help you understand about all the maintenance costs and procedures in detail.

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