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It is normal for a decision as important as buying a home to be complicated and cause stress and worry. However, this process can be much easier if you have planned in advance. If you don’t know where to start, do not worry. All you have to do is follow these 8 steps to buying a home in Ottawa.
8 Steps to Buying a Home in Ottawa
Create a Realistic Budget
It is important that, before you even begin looking for options, that you know exactly how much money you have to buy a home and for the payments. This budget should include both the down payment and the closing costs.
Get Pre Approved for a Mortgage
Before you start looking for a home it’s a good to have a pre approval.
The best thing you can do before buying a home in Ottawa is ask for advice from an Ottawa mortgage broker. They will guide you through the process and show you the options that are available to you. They can also help you find the best 5 year fixed rate in Ottawa and best 5 year variable mortgage rate in Ottawa.
Find a Real Estate Agent
Buying a home in Ottawa is much easier when you have good advice and therefore it is important to have a good real estate agent. Not only someone who will show you the best homes according to needs but who will also give you advice and help with the negotiations. Your real estate agent will be your best ally throughout the entire process, from searching for options to obtaining the closing documents.
Learn more: Realtor.ca
Begin the Search for a Home
Knowing exactly what you’re looking for when buying a home in Ottawa will help make the process faster and less complicated. Think of all your preferences and write them down to have them on hand when looking for homes. Take into account the lifestyle you want to have, your needs and your plans for the future.
Have a Home Viewing Journal
It is possible that your agent will take you to visit numerous homes in one day and it will be difficult to remember the details of each one when the day is over. This is why keeping a journal of the homes will be a big help.
Prepare an Offer for the Seller
Once you choose a house, your real estate agent must make an offer to the seller. For this, a purchase agreement is prepared with the price to be paid, the conditions of purchase, the deposit, and the closing date. After the document is delivered, the seller must accept the offer, reject it or make a counter offer.
Inspect the House
This step is not mandatory, but it can be very useful. Consider hiring an inspector upfront and make your offer based on the outcome of the inspection. In case the house has big problems, you will have the possibility to negotiate in the repairs or have the price reduced.
Learn more: Is a Professional Home Inspector Required?
Closing on Your New Home
The closing day is the time when you legally take possession of the home. The closing costs are finalized, your lawyer makes sure that the house is in your name and, finally, you receive the property papers and the keys to the house.
For more information about buying a home in Ottawa, I invite you to contact me anytime.