As the milestone of buying a new home in Ottawa brings forward many responsibilities, there’s a few things that should be considered in regards to a home before paperwork is signed and furniture is unpacked. Thankfully, we’re going to provide some excellent tips for anyone interested in buying a home and committing to such a long term investment. With this being said, here’s a look at five “must dos” before buying a home in Ottawa.
- Beware The “Fixer-Upper” – The “fixer-upper” home always comes in a harmless package in favor of the purchaser. These homes usually appeal to people interested in building/renovating a home at a lower price, but don’t have the time to build a home from the ground up. However, some “fixer-upper” homes are un-repairable when it comes to a rotting foundation or basement leaks. Have a specialist come in beforehand (or check for yourself) to make sure that the “fixer-upper” is worth repairing and occupying.
- Investigate The Home/Surroundings – Brushing up on the background of a home can save a lot of trouble in the future. Check into the neighborhood and some of the history of the home. Does it have a history of a flooding basement? Are the neighbors up at all hours of the night? If so, doing some investigative work beforehand will prevent a dream purchase from becoming a nightmare.
- Save For The Down Payment – Saving for the down payment is required for purchasing a new home, so start saving if you plan on making a purchase. Since homes do not run cheap and many loans require 20 percent upfront, saving early is the main objective for claiming stake in a new home.
- Have Finances/Credit In Order Before A Home Purchase – To buy a home and keep a home, major financial and credit issues need to be addressed before a home purchase is considered. This basically means that you’ll need to avoid large purchases, monitor your credit, and pay your bills on time. One you have these issues in order, you’re more than ready to investigate a home purchase.
- Buy A Home You Can Afford – When it comes to buying a home you can afford, aim a little lower so you’ll have no problem making payments. Hoping for a surprise promotion or raise won’t make loaners and lenders budge, so don’t rely on chance when it comes to a home purchase. Optimism is great, but reality is needed when purchasing a home.
So now that these areas are covered, it’s time to search for the dream home within your reach. Staying up to date on your finances and performing some investigation beforehand will not only keep the housing market in your favor, but keep a smile on your face long after the paperwork is signed.