Looking into BUYING a house in OTTAWA, ORLEANS or ROCKLAND?
Don’t let the prospect of buying a new home overwhelm you. Let Canada’s Top Elite 1% RE/MAX Team in Ottawa (based on our total annual sales for each of the past six years) take you efficiently through the process of making your dream come true. We pride ourselves as wish fulfillers.
Relevant: Buying a Home in Ontario: Old vs. New
At RE/MAX Hallmark Excellence Group Realty Incorporated, Brokerage, we are not just another bunch of corporate “suits”; we are residents of and ambassadors for the Ottawa, Orleans and Rockland area.
To us you are more than clients; we look forward to you becoming new neighbours.
We will find the home that will fit your budget while serving your needs and will negotiate confidently and successfully with the home seller on your behalf.
Here are the five areas of the home buying process we will work together with you in buying your new home in Ottawa:
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HOME FINANCING
If this is your first home you will have to realistically assess the level of financial obligation you are willing to assume based on your household income, financial collateral available, monthly mortgage payment plan and the length of time you need to pay off the mortgage. In addition to becoming approved for a mortgage you must consider the down payment (approximately 10 percent) which will be required up front on a home purchase.
Once you have established through a review of advertised listings what the price ranges are for various homes in the Ottawa area that you believe to be within your budget it is wise to talk to your banker or other mortgage lender and get pre-approved for the required level of mortgage.
Most banks provide a mortgage calculator on their web site and offer free pre-approval of mortgages on-line.
If you already own a home and are relocating or upgrading you may still want to satisfy yourself with a pre-approval before serious house hunting.
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FINDING THE RIGHT HOME FOR YOU
As a buyer you can discuss your home requirements in detail with us so that we can prioritize available properties to show you. We have our finger on the pulse of the current market at all times.
In addition to the physical requirements of a home itself the location is of prime importance.
It helps to know exactly where a home is located. Is the backyard located alongside a major traffic route? Is the neighbourhood known as a safe area, perhaps with a Neighbourhood Watch? Is the home near all required amenities and services such as urban transit, schools, shopping malls, convenience stores? For instance, a recent survey of RE/MAX Brokers revealed which are the best places to live in Ottawa ranked by access to green spaces and parks, walkability, retail outlets and restaurants and the ease of getting around/public transit.
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MAKING AN OFFER ON THE HOME OF YOUR CHOICE
Once you have seen enough homes for you to make a final choice following detailed walk-throughs and receiving our professional opinions, it will be time to make an offer to the seller of the home you have your heart set on. This is where, as a team, we begin to ‘haggle’ with the seller to get the best deal for you.
Looking at the list price of the home you want to buy we will advise you whether we think the price is fair and equitable or too high and whether there will be stiff competition on the property. This will establish our bargaining strategy.
An offer will include the asking price; the expected down payment; conditions of sale; items to be included in the sale such as appliances and pre-paid services such as heating oil or gas; and the closing date of sale.
You can make a firm offer on the house as is, or make a conditional offer dependent on having a home inspection provide proof that the home is in good condition without the need of any repairs; or the condition of you as a buyer having to complete the sale of your own house first.
The seller can at this time accept your offer or reject it. Alternatively the seller may make a price counter-offer, try to adjust the closing date, or try to find a bit of wiggle room with other conditions. This is where you will really appreciate the services that an experienced realtor will provide you.
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PRE-PURCHASE ASSESSMENT OF A HOME
As mentioned previously, a home inspection will protect you as a buyer before a home purchase is completed. A home inspector will check your property for any structural damage; perform a thorough examination of the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement and more; then prepare a complete written report detailing all their findings. From this report you can estimate what it would cost to bring the home up to suitable standards and you can negotiate the deduction of this cost from the sale price or insist that the seller make such repairs as recommended.
An assessment of the overall legal transaction involved in the transfer of title of a home requires the advice of a real estate lawyer. The real estate lawyer will review the agreement of purchase and sale, carry out a property title search, check that your home complies with current building and zoning codes, see that all utilities and property taxes are paid up and that there are no liens against the property, review the mortgage agreement, and get all the paperwork ready for closing.
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CLOSING THE DEAL
At the time of closing there will be a number of sign-offs required to ensure that all closing costs have been covered. These costs which you will have been made aware of by us as your realty agents will be such costs as those covering mortgage application fees, house inspection costs, legal fees, insurance and registration.