Showing posts with label Ottawa Homes for Sale. Show all posts
Showing posts with label Ottawa Homes for Sale. Show all posts

Thursday, October 8, 2015

Best September on Record for Number of Ottawa Resales


Ottawa, October 5, 2015 - Members of the Ottawa Real Estate Board sold 1,244 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,131 in September 2014, an increase of 10 per cent. The five-year average for September sales is 1,137.
“Ottawa Real Estate Board members continued their active summer into a busy fall,” says David Oikle, President of the Ottawa Real Estate Board. “In fact this September marks the best September on record for the number of units sold in the Ottawa resale market. There was a possibility that the federal election campaign might affect the local real estate market, but this does not appear to have been the case thus far.” 



September’s sales included 221 in the condominium property class, and 1,023 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.


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Don't forget visit bennettpros.com for all your real estate needs!


Thursday, November 20, 2014

Adding In-Laws to Your Ottawa Home



One feature some couples look for when buying a home in Ottawa is what is called “An in-law suite”. They might want the suite so that their parents can move in with them as the parents age. Some couples who live far away from the rest of their families might seek out a suite so that their two (or more) sets parents have a private place to stay when they come to visit. In addition to giving parents a place to stay, in-law suites can also generate income for a homeowner.

What to Look for in a Suite
Ideally, the in-law suite will act as its own private space. The suite can have its own private entrance, so that whoever is staying in it can come and go as they wish without disturbing the rest of the household. Other features the suite should have include a full bath and a kitchen.  If the person who stays in the suite doesn’t like to cook or is incapable of cooking, a kitchenette or even just a refrigerator and single burner might suffice.

Location of the Suite
Most in-law suites are attached to the home, though some are in freestanding garage-like buildings. If the house doesn't come with a suite already, you might find that it's easiest to renovate the basement and convert it into a suite. Many basements already have a separate entrance, for one thing. It's also pretty easy to add plumbing in the basement.  However, based upon the mobility of the suite’s intended occupants, a main-floor or bungalow-style suite may be preferable.

Getting a Suite Early On
Purchasing an Ottawa home that already has an in-law suite can save you money down the road. You won't have to worry about renovating your home when it's time to have your parents move in. Plus, you can earn income from the suite by renting it out to a student or other young person in the mean time.

An in-law suite can also act as transitional living situation for an older child. If your child attends college but doesn't live on campus, you can let him or her live in the suite. In that way, they'll be close by, but still be able to have a sense of privacy and independence.

Benefits of Having Your Parents Live With You
As your parents get older, they become less able to care for themselves. If they are still in good health, having them live with you rather than in a retirement community, can save you both a lot of money. Plus, having your parents live with you means that your children get to see their grandparents on a regular basis and you get to spend a lot of quality time with your parents in the latter stages of their lives.

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

Tuesday, September 2, 2014

How to Buy An Abandoned House



An abandoned house is a vacant property. The folks at The Bennett Property Shop Realty are experienced in how to go about buying an abandoned house in Ottawa. Abandoned houses are most often the result of the fact that the house’s former owners ran into financial difficulties and “lost” their property ownership to their mortgagor and the former owners have had to move out. Other abandoned houses are tied up in legal red-tape with one level of government or another. Abandoned properties are sometimes neglected and in need of repair; and they are also sometimes in the process of foreclosure. Banks often take over ownership of houses and leave them abandoned and unoccupied for a while.
Buying a Ottawa house is often a strategic investment because these properties usually have very low - and usually below-market - prices.
The steps to buying an abandoned house are:
1.     Preparing your finances.
2.     Researching the property.
3.     Making a realistic offer.
The begin with, you first want to make sure that you can actually afford to buy a new home. Although they are generally cheaper than Ottawa houses for sale in the normal re-sale marketplace, abandoned houses can still have large price tags. Unless you already have the cash, you will need to qualify for a mortgage.

Do Your Research
When looking around for an abandoned house to buy, you might want think about certain unoccupied or ill- or sporadically maintained houses that you drive by on a regular basis. If you do not have a particular house in mind, you can look in real-estate listings. However, if the owner is absent, or if a legal entanglement is involved or if a foreclosure is in process, there might not be any listings for that house. This is precisely when an Ottawa real-estate agent can help you find an abandoned house to buy.

Determining who the owner of the house often requires dedicated and well-informed research. Check county deed records if you do not already know the name of the owner of the property you are interested in. These records will also provide information on liens and whether all of the property’s land taxes are in arrears or up-to-date.
Once you learn who owns the property, have your agent contact the owner in order to make an offer on the abandoned house. Interestingly, owners of properties that are going through the foreclosure process are often surprised to find out that they still have rights to the property (especially if it has been abandoned for some time), if the foreclosure process has not been finalized yet.
If the house has already been foreclosed, talk to the bank or lender as they are the current owners of the property. This information will also be listed in the deed records. It is important to know that banks are well-known to delay foreclosures and to move slowly when it comes to selling an abandoned house.

Because abandoned houses often have many technical problems, make sure to have the target in appraised and inspected. These reports and estimates will give you a good idea of the home's value as well as its likely repair costs; and this information will greatly help you to determine how much to offer and what other conditions to put into your offer to purchase the house.

Make an Offer
Once you have done your research and planned your offering strategy, you are ready to make your offer to the owner or the lender. In formulating your offer, the experts at The Bennett Property Shop Realty remind you that you should always consider the additional costs - such as closing costs, fees, land transfer taxes and repair costs. As a basic starting-point strategy, you should bid lower than the value of the house as you can usually “up” your offer – but can rarely reduce your offer.
Once your offer is accepted, schedule a closing date, and begin preparing for renovations and moving into it or renting it out.

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

Tuesday, August 19, 2014

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.

Thursday, December 19, 2013

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.

Tuesday, November 19, 2013

Investing your capital in the Capital: Home ownership in Ottawa


Ottawa-Gatineau has earned the first-place ranking for best Canadian city as ranked by MoneySense magazine for 2011 and 2012, in fact, Ottawa has taken it a total of five times in the past six years. As far as cities go, we’re the one to beat.

For the 2013 results click here.



What is it that makes Ottawa-Gatineau so appealing? The MoneySense study ranks 180 Canadian cities, taking into account such diverse factors as arts and culture, crime rate, household income, medical doctors per capita, rates of employment and air quality. We had consistently good scores in nearly every category – including, believe it or not, better-than-average marks for weather!

Now, I know that not many of us have the luxury of choosing the city in which we live strictly according to the appeal of its image. (Hello, Honolulu!) Most of us have to work our jobs, families and pocketbooks into the equation. On top of that, a lot of us feel deep emotional connections to the places we live, and no study is going to determine whether we stay or go. We Ottowans already know firsthand what we love about our Ottawa Home.

However, if you’re toying with the idea of home ownership in Ottawa, it’s great to know that you’re about to buy in one of the most desirable markets in the country. It’s often been said that your Ottawa home is probably the biggest financial investment you’ll ever make – and you’ll want to make that investment in a place that will hold its value over time. 

While Ottawa home prices here are higher than many in smaller communities, they compare favourably with other large cities in Canada. According to MoneySense, this region has an average home price of $352,020. Given the enviable average household income in Ottawa ($98,980), this is pretty affordable. Contrast these prices with Vancouver, where it will take you $882,000 to net you an “average” home!

Here’s what I take away from the MoneySense study: whether you’re Ottawa-born and bred or a relative newcomer, you can feel confident about purchasing a home in Ottawa, the city you already call home.
Visit www.bennettpros.com for all your real estate needs.

Tuesday, October 8, 2013

Don’t curb the curb appeal!

The importance of landscaping your new home

The first time you pull up in front of your newly completed home in Ottawa, you should be dazzled. Here it is – your carefully selected architectural model, brick, trim colours, front porch – exactly as you wanted. Welcome home, indeed!

The good news is that your home’s curb appeal is only going to get better. How? Well, the one aspect that usually remains to be completed is the landscaping. (The exception here is for condominium properties, which tend to include full landscaping and lawn maintenance.) Most of you will be met with a nice green lawn and, often, the single planted tree that many builders include among their standard features. That’s a great start – but it’s only a start!

Now, I’m not recommending that you go over-the-top in terms of money or style. Gazebos and waterfalls are lovely, but simple gardens can be just as beautiful. Trees in particular are one of the best investments you can make: they increase in value every year until they reach maturity. Trees add beauty, shade and a sense of neighbourliness to your Ottawa home and the whole community – just think how dramatically a streetscape is changed when a big oak or maple is struck down by lightning. As an added benefit, large shady trees can decrease both your air-conditioning costs in summer and, acting as a windbreak, your heating costs in winter.

 
When selecting a tree, talk to an expert at your local nursery. They’ll help you decide on the right tree and the proper location, taking into account such variables as your home’s exposure to sun and wind, the size of a tree’s root system and the amount of upkeep necessary.

Keep in mind, you don’t need to have a green thumb to have gorgeous gardens. Again, rely on your nursery experts to help you choose low-maintenance plants. Planting perennials (plants that return each year) is one way to reduce labour. If you time it right, you can often pick up incredible flowers, shrubs and ornamental grasses for half-price towards the end of summer.

The love you give your lawn will not only increase your enjoyment of your home, it will also pay off years down the road when you put your home in Ottawa on the market. Take it from me: great landscaping can dramatically increase interest from buyers, and can definitely boost your asking price. So get out there and get your hands dirty!
 
Visit www.bennettpros.com for all your real estate needs