After the Move: Handling Warranty Issues during the First Year

From those first tentative steps towards purchasing a new home, you’ve come a long way! As you unpack your boxes, position your furniture and hang your artwork, you can feel this home becoming your own. You’re probably a little tired – but the exhilaration is enough to keep you going.

Ideally, this feeling is strengthened with the confidence that your home has been built to meet both building codes and your own exacting specifications. In most cases, when you’ve chosen your home builder after proper research, and completed a thorough pre-delivery inspection (PDI) as I discussed in my previous blogs, you can rest easy that things are as they should be.

Sometimes, however, items are missed during that initial inspection. When this happens, it’s important for you to understand the proper course of action to take. Ontario’s Tarion Warranty Program is structured to deal with homeowner complaints in a very specific manner; in order to take advantage of the program, it’s necessary that you fill out the appropriate forms and meet set deadlines. 

Details of the process are outlined in The Homeowner Information Package, provided by Tarion to all new home buyers. As much as I urge my clients to become familiar with this guide, the truth is that amid the flurry of your home search, purchase and move, it can be a lot of information to digest. Here are some major points to remember:

·       There are one year, two year and seven year warranties that apply to various aspects of your home.

·       If you discover a problem with your home within the first year of living there, you have two opportunities to file a warranty form. The 30-Day Form must be filed within 30 days of taking possession, while the Year-End Form must be filed within the last 30 days of the first year.

Naturally, it’s in your best interest to submit a report sooner rather than later, so I recommend paying particular attention to construction details during your first couple of weeks of occupancy. As well, some homeowners who missed the chance to hire a home inspector during the PDI may choose to do so prior to the end of the year for an added sense of security.

New home ownership isn’t without its responsibilities; but attention to detail now will pay off in the long run. Here’s to a wonderful first year!

Not buying a new home? Don't forget the Bennett Property Shop Realty offer the Bennett Home Service Warranty for all our buyers an sellers, this 1 YEAR WARRANTY pays to fix breakdowns in your home …. Instead of you using your hard-earned cash!! 

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

Getting Territorial: Should you be looking for a “neighbourhood specialist”?

What really matters when choosing an Ottawa real estate agent? Depth of experience, certainly. Track record, naturally. Professionalism, definitely.

Emotions play into the decision, too: good personal rapport between you and your agent generally translates to a better all-over experience.

But there’s one factor that shouldn’t carry as much weight as it often does. More and more, I’m seeing agents promote themselves as “neighbourhood experts”, suggesting that they have the inside scoop on a given part of the city because it’s their home turf.

I can hear you thinking: “But I’m looking to move to Awesometown! Why wouldn’t I want to hook up with an agent who’s lived in Awesometown for fifteen years?”

Well, if that agent happens to check all the other boxes, by all means. But what exactly is it that a self-appointed “neighbourhood specialist” can offer you?

A good agent, regardless of where they live, will use all possible resources to research the heck out of a neighbourhood. A good agent will understand the trajectory of a neighbourhood: where it’s been and where it’s headed. A good agent will lay the groundwork with the numbers – finding “comparables”, as well as statistics on local schools, demographics and taxes – and build out from there.

True, “neighbourhood experts” may know which diner has the best coffee. But, more to the point, are they able to be objective about market values of homes to which they have an emotional connection? Are they able to steer clients towards alternative, promising neighbourhoods if the numbers just aren’t coming together? On occasion, small playing fields lead to tunnel vision.

Consider this: suppose an agent does possess “insider knowledge” about a certain school, street or neighbour. If that knowledge would discourage a purchase, will it necessarily make it to your ear?

Realistically, all real estate agents have zones where their business is concentrated. However, as a realtor based in downtown Ottawa, I’ve helped clients find and sell properties throughout the region, and far beyond the city limits. I do my homework and we’re off, taking my expertise along with me.

The takeaway? Any agent worth her salt can help get you the right house in the right part of town. There’s no need to run screaming from those who claim to be neighbourhood experts; just stay clear-eyed, and don’t give that claim more weight than it deserves.

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

After the Move: Handling Warranty Issues during the First Year

From those first tentative steps towards purchasing a new home in Ottawa, you’ve come a long way! As you unpack your boxes, position your furniture and hang your artwork, you can feel this home becoming your own. You’re probably a little tired – but the exhilaration is enough to keep you going.

Ideally, this feeling is strengthened with the confidence that your Ottawa home has been built to meet both building codes and your own exacting specifications. In most cases, when you’ve chosen your home builder after proper research, and completed a thorough pre-delivery inspection (PDI) as I discussed in my previous blogs, you can rest easy that things are as they should be.

Sometimes, however, items are missed during that initial inspection. When this happens, it’s important for you to understand the proper course of action to take. Ontario’s Tarion Warranty Program is structured to deal with Ottawa homeowner complaints in a very specific manner; in order to take advantage of the program, it’s necessary that you fill out the appropriate forms and meet set deadlines.

Details of the process are outlined in A Guide to Your New Home Warranty, provided by Tarion to all new home buyers. As much as I urge my clients to become familiar with this guide, the truth is that amid the flurry of your Ottawa home search, purchase and move, it can be a lot of information to digest. Here are some major points to remember:

There are one year, two year and seven year warranties that apply to various aspects of your home.

If you discover a problem with your home within the first year of living there, you have two opportunities to file a warranty form. The 30-Day Form must be filed within 30 days of taking possession, while the Year-End Form must be filed within the last 30 days of the first year.

Naturally, it’s in your best interest to submit a report sooner rather than later, so I recommend paying particular attention to construction details during your first couple of weeks of occupancy. As well, some Ottawa homeowners who missed the chance to hire a home inspector during the PDI may choose to do so prior to the end of the year for an added sense of security.

New home ownership isn’t without its responsibilities; but attention to detail now will pay off in the long run. Here’s to a wonderful first year!

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

Compatibility Testing: Finding the Builder who Rings your Bell

You probably already suspect this, but random guesswork really isn’t the best method of choosing a Ottawa builder. (Just remember how long it’s taken you to find the right hairdresser.) So, how can you go about ensuring that you’re putting your eggs in the right basket?

First of all, you can narrow down your options fairly quickly by looking at your list of must-haves. Blogs and the Bennett Property Shop website are terrific for zeroing in on possible builders according to neighbourhood, housing type and budget. Some Ottawa builders specialize in features you may be looking for, such as wide lots, green technology or R-2000 construction. The Internet is another excellent tool for locating builders who meet your requirements.

But making the shortlist is the easy part. When it comes to actual research, the most important piece of advice I give my clients is this: don’t be afraid to be nosy!

In your day-to-day conversations with friends, acquaintances and co-workers, dig around. You may not realize it, but you have a network of important contacts at your disposal – even if no one in your immediate circle has had recent experience with a builder, they all know someone who does.

When you speak with a Ottawa builder’s sales representative, work from a list of prepared questions: for instance, how open is the builder to adapting their plans to suit your personal needs? What is the builder’s rating for after-sales service with the Tarion Warranty Program? Ask for references from previous clients.

When you tour a model home, inspect every nook and cranny: if the model can’t withstand the closest scrutiny, you can be fairly sure that your home won’t, either. If there are no models, request a tour of a customer’s home. As wonderful as the plans may look on paper, you need solid evidence of good workmanship.

Talk to people in your prospective Ottawa neighbourhood. If you’re too shy to knock on doors, stop and chat with people on the street. You’ll find that most are glad to share their stories, whether they love their builder to bits or encountered issues. Be sure to speak with more than one Ottawa home owner.

And remember: whatever may have happened to the cat, there are some situations where curiosity pays!

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

Seize the Day

Seize the day:
Buying sooner pays off as mortgage rates begin their slow but inevitable climb

I can remember when mortgage rates sat at 21%. That was back in 1981. (Of course, I was only an infant at the time. ) Compared with those difficult days, recent news of a mere 0.60% increase in the big banks’ posted rate seems almost cute.

But, while the overall outlook is good for 2013 and 2014, too much complacency can cost you hard-earned dollars.

You don’t have to be a veteran market-watcher to know that Canada has been enjoying historically low mortgage rates: discounted rates have been hovering around 3%. (That’s for a five-year fixed rate mortgage.) Thousands of first-time homebuyers have jumped at the chance to lock into rates like these.

But, from the Governor of the Bank of Canada to the heads of the big banks, financial experts agree that interest rates cannot remain so extraordinarily low. BMO Capital Markets Senior Economist Sal Guatieri has suggested that a “normalized” mortgage would be closer to 4.99%.

Now, over the past few weeks, it seems the big banks have begun the slow but inevitable mortgage rate hike. How might it affect you? Let’s do some simple math:

Let’s say you’re looking at purchasing a $250,000 condominium. As of press time, the posted rate of several of the big banks is 3.69%. Lock in now, and  (assuming 25-year amortization ), you’ll pay $1,273 monthly.

If you wait till rates normalize at 4.99%? You’re looking at $1,452 monthly – that’s  a difference of $179 a month. Over a five year term, you’re losing $10,740. I don’t have to tell you what you could do with that money.

But perhaps more significantly, an higher rate will decrease the amount you’re approved for – by tens of thousands of dollars. Play around with an online mortgage approval calculator: you’ll be amazed. With an income of $64,000 and a down payment of $20,000, today’s mortgage rate will get you approved for $252,000. At 4.99%, that approval suddenly drops to $228,000. That may mean the difference between buying the home you love and settling for one you can afford. 

I’m all for buying the home you love.

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

Avoid Homebuyer Traps

It does not matter what type of house you buy, real estate is a major investment and requires a lot of cash. For some buyers the process can be even more costly because they fall prey to costly mistakes and end up paying extra for the home they want or losing it to another buyer, or worst of all buying the wrong house. Your Ottawa real estate agent can help you avoid the different buyer traps that are set so that you can get the house of your dreams.

Blind Bidding

It is important that you study the market before you place a bid. It will help you figure out if the seller is asking the right price or not. Without proper market research you could easily bid a lot for a house or you could bid too low.

Buying the Right Home

As a buyer, it is very easy to be swept away by all the excitement and emotions of buying a new house. You might make a hasty decision and end up with a house that is either too big or small or too far from work. And by the time you realize that you made the wrong decision, it might be too late. Before you go to a real estate agent in Ottawa make a list of the things that you really need in your new home. Follow all the steps that are necessary when you buy a house before you sign on the dotted line.

Clear Ownership

Before you sign the ownership papers make sure that you are the sole owner. You do not want to deal with any tax liens, leases, easements, or undisclosed owners. Have a complete title search before you sign the papers.

Accurate Survey

Make sure that you have a copy of the updated property survey that clearly marks the boundary of your property. If the survey is not updated, you will see that there are structural changes that are not shown. Make sure that you carry out a thorough inspection of the house. By hiring a home inspector you can find the different faults that are present. Remember that the seller is also there to maximize his profit so you need to take all the necessary precautions.

Pre-Approval on Mortgage

Many buyers make the mistake of not getting a preapproved mortgage. A pre-approval on your mortgage helps you shop for a home without worrying if you can afford it or not. It is not only free, but also convenient for you and your real estate agent.

Covered Costs

You need to identify all covered costs. You will be surprised at the number of costs that will come up when you close the transaction. Talk to your real estate agent and ask them about all the hidden costs. Make sure that you see all the paper work before you close the deal.

Your Ottawa real estate agent will help you avoid all these mistakes and many more that you might make unknowingly. Contact Bennett Property Shop today and talk to the best real estate agents in the city.

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