Important Questions to Ask When Buying a Vacant Lot

Though buying a piece of land and buying a house are two different things, there are some rules that apply to both. It is important that these rules are followed properly to ensure that the property bought is worth the money. When you buy a home in Ottawa it is mostly because you want to live there. When you buy land, however you could either build your own home or you use the property as an investment or a business opportunity.

When you are buying a vacant lot there are a few questions that you should ask yourself before you buy the land.

How Will You Use The Land?

Buying land in the Ottawa region with the intention of making a business out of it is very different than buying one where you will begin construction immediately. When you buy land where you have to begin construction immediately, there are a few things that you have to look into. First thing you have to see is if the land is suitable for the type of construction you want. Ask questions and look for answers like is the zoning correct?

Make sure you check these intricate details because there is a possibility that you cannot construct on the land if you are getting at a very cheap rate.

What Costs Are Involved?

Real estate investment in Ottawa involves time and money. You have to think about the money that you want to spend. Therefore preparation is the most important part of investing in real estate in Ottawa. When you buy a vacant lot, there are expenses that you have to cater to.

A vacant lot is a major investment and can be used in different ways. To save yourself from any legal complications that can occur in the future, you should apply for title insurance before you buy the land. Do not forget to get your land surveyed and appraised. The cost of a land survey is dependent on location of the land. The last and the most important costs are the utility costs. If you are constructing on the land that you have bought, there will be different costs like labour and other construction costs.

What Other Costs Are Involved When Purchasing Land For Investment?

When you buy land for investment you should consider the different economic trends around the area. You have to check the construction around the lot that you are buying and you also have to check the market trends of the real estate sector along with the growth projections.

While many people believe that buying land in or property is an easy investment, it is not. You have to check many different regulations and adhere to the rules of the area. The reward of investing in real estate in Ottawa is great and the risks that are accompanied are close to none.

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Selecting a Realtor- Things to Think About

A realtor will help you find the house that you want. One of the most important decisions in your life is buying a house and the Ottawa Real Estate market offers many choices for you. It is important that you make the right choice because you could be potentially spending the rest of your life in that house.

To help you with this big life changing decision, it is important that you hire a credible real estate agent. There are many realtors out there but it is important that you choose one that you are comfortable with and with whom you can easily communicate.

The real estate agent will guide you through the process of buying or selling the house. The agent will be responsible to show you different properties according to what you desire. They will also be responsible of your legal interests when it is time to go through the confusing and time consuming contracts and mortgage rules.

When selecting a realtor, it is a good idea to interview different real estate agents in Ottawa and see which one suits your needs the best. Here are a few tips that can help you select a realtor.

•             When searching for the best real estate agent, it is a good idea to find at least three licensed realtors.

•             To select the best from these three you will have to interview them. You can conduct an interview with a list of questions so that you can pick a realtor that seems right for you. It is important the realtor understands what you want exactly and that the agent listens to your needs and wants.

•             Find out how they work. It is a good idea to understand the process your realtor goes through to find you the home you want.

•             Do not forget to ask them about the negotiation practices. The tactics used by your real estate agent are very important when it comes to negotiating house prices in tough situations.

•             Choose the agent you want once you have interviewed them and asked them all the questions that you had about the process they use for marketing properties and buying properties.

•             Once you have chosen your real estate agent, you should ask the agent about your financial obligations that you have throughout the process of buying or selling the property.

•             The buyer agency agreement is an important part of the process. You should know that the agreement is negotiable when required. Therefore, check the agreement to see what terms you want to negotiate on.

•             Ask your real estate agent to give you a few references. The references will help you finalize which realtor to choose.

•             The last thing that is required when buying real estate in Ottawa is that the agent you hire should know how to use a computer and embraces technology.

 

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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.

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Things to Think About When Building a Custom Home

Most aspiring homeowners or those that are looking to move into a new home are usually limited to already built houses. These houses are generally more affordable because the condition of the house depreciates, however they may not appeal you.

If you’re fed up of searching for the perfect home, then you should consider building your own house. For most, building a custom house may not seem easy.

Here are a few things that need to be considered when building a custom home in Ottawa.

•             The location of the property is very important when building a house. One of the biggest factors to consider is the location of the property because it affects the cost of construction in many different ways. The distance of the house from prime locations, the neighbourhood it is a part of, the monetary value of the land, and the demographics of the neighbourhood are all factors that contribute to the cost of the house.

•             Building regulations is another important factor that affects the construction of the house. Zoning regulations differ from one town to another. It is important that you first collect all the necessary information and check what type of conservation method is used. You should first research these factors and see how they will affect the construction process.

•             Paperwork may seem tedious and time consuming; you might also think that some of it is useless. But, it is very vital that you look through all the paperwork regarding the characteristics of the land, deeds, sales price, and other information about the city or the municipality. You should check Ottawa real estate regulations of the city and municipality.

•             Financing a house can be tricky. Make sure that you check with different lending institutions and see what interest rates suit you the best. Also, plan the entire process before you ask for a loan. You need to know what jobs will be performed to improve the home like roofing, plumbing, electric, foundation and many more. In addition, you can alter construction costs depending on what your requirements are.

•             Once you have evaluated these factors and decided that building a home is feasible, see if you want an architect. You may avoid hiring a separate architect because most home builders have plenty of blueprints to choose from. However, an architect cannot only design the house according to your liking but can also help you understand the costs and engineering techniques involved. Yes, the cost of the architect will have to be included with the other costs and may increase the overall loan that you will apply for, but it is generally a better investment for those that can afford the added cost.

•             Once the architect has designed and given you a complete understanding, you have to hire a builder. There are plenty of talented and well reputed construction companies in Ottawa that specialize in building homes. It is up to you to understand and research the different builders in the market and find a trustworthy company that does quality work.

Building a house or buying one is not an easy task. You have to consider many aspects before you buy a home in Ottawa. It is important that you stay patient because building a house is time consuming. However, the resulting house is usually worth the wait and is exactly what you dreamt of.

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How to Stage Your Home: Choosing the Right Furniture

When you are ready to sell your house, you have to look into certain aspects. Staging a house may seem as simple as decorating or cleaning, but these factors should not be taken lightly because they will help potential buyers see how warm and loving the house is. Ottawa real estate agents may ask you to place furniture in a more strategic manner. Staging a house is all about getting your home ready for the debutant ball. You have to make sure everything is perfect.

The first thing you have to do is get rid of all the clutter you have lying around the house. If you buy new furniture, make it a replacement for existing furniture. Adding furniture and not getting rid of its older counterparts can make the house look smaller and crowded.

You should also try to avoid placing the furniture against the wall. It is a common misconception that placing the furniture against the wall will make a room look bigger. Position couches and chairs in groups so that you can move around the room and converse easily in groups.

Experiment your home’s décor by moving furniture, decorations, and art pieces around different rooms. Your living room and drawing room furniture can be shifted easily from one room to another. That nice coffee table in your living room may look even better with a couple of chairs in the drawing room, library or study room.

If you have a corner or a room that is seldom used and you use it mostly to store things, repurpose it. Adding a few pieces of furniture and organizing the junk that is lying around may go a long way and increase the offers your home generates.

The lighting of a staged home is very important. It gives a very warm and welcoming look. Make sure that the lights are working properly and that there is at least one light every 50 square feet. If you have just one fixture in a big room, add in other types of lights such as lamps.

If you have a small room, paint it in a colour that makes it look bigger. Use light colours, paint the dining room and kitchen the same colour if you can. If you still are not satisfied with the staging you have done, hire a professional home stager with the help of your real estate agent in Ottawa.

A perfectly staged home can be the forum for a successful open house. Ensure that you follow the tips mentioned above to appeal to the home buyers that view your home. Satisfying more than a few of them may even open up a bidding war between the buyers and you may earn more for your home than its appraised property value.

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How to Research Your Home Builder

If you are buying a house that has just been constructed or you want to build a house, it is important that you research the builders and check their credentials. There are a few qualities that all builders should have. If a builder does not possess these few essential qualities then the builder might not be qualified and their skills may be questionable.

Homes in Ottawa are built by many different builders. They can be small builders building a few homes a year or can be large builders that build thousands of homes a year.

When you select a house and a neighbourhood, do not forget to look at the people who have built the house. Ask your real estate agent questions about the builder. Ask who built the home. How many homes do they build in year? What are the after sales services that they offer to buyers? Are they full-time builders or part time builders? These are the few questions that every home buyer should ask. You should thoroughly check the builder before you buy a house that they built.

You should also be careful of part time builders, they usually do not have enough experience and they are not up to date with the current market trends. When you investigate builders, check whether they have an industry certification or not. Also check if the builder is an R-2000 builder or not. Ask the builders if they are registered with Canadian Home Builders Association, Urban Development Institute or the Canadian Manufactured Housing Institute

It is important for all home builders in Ottawa to be registered with the Ontario New Home Warranty Plan and also be a part of third-party new home warranty program. The next thing you need to know is what kind of houses the company usually builds. Do they target a particular niche of homeowners and cater to their specific purposes or do they cater to all types of homeowners?

Most builders are aware of the new housing trends like Flex Housing and Health Housing. Check if your builder is aware of such terms. Also, verify if the builder has won any national awards. These awards can help you shortlist builders because you can trust them to have all the basic regulations implemented properly.

To further understand the builder, check the model homes they have. Look at them carefully. Inspect the doors, floors, cabinets, ceiling, roof and plumbing along with other things. Give proper time to the exterior and interior of the house. There is no harm in touring a site that is under construction. However, you should first ask the builder and get approval from them. Buying homes in Ottawa may seem to require a lot of legal considerations, however if the builder fulfills all the requirements, you will avoid a lot of legal complications that may arise in the future.

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