Are you considering buying a home in Ottawa? The feeling of overwhelm is normal! You’re already one step ahead by doing research beforehand. I will review the home buying process and the number one thing you should do to get prepared to buy a home. If you are relocating to Ottawa I will review exactly what you need to do to begin the process.
Right off the bat I want to let you know the very first thing you need to do before you start looking at homes. And that is – get pre approved. There is no point in shopping without knowing your budget! Work with a bank or mortgage broker to not only understand what you can afford but what your actual monthly payments will be.
There are many companies, banks and brokers you can use to get a mortgage pre-approval. Some of the top banks in Canada and Ottawa are:
If you are new to Canada you might have better luck working with a mortgage broker rather than a bank. Mortgage brokers can shop around for you and find the you the best rate. If you want to be connected with a trusted mortgage broker connect with me and I will send you a list!
So you might be wondering what buying a home will cost you. We have a wide variety of options in Ottawa. On the low end you can find condos for as low as 300K. You can also find condos in downtown Ottawa that surpass a million. Obviously location has a lot of impact on the price of your home. Townhomes in the suburbs range from 500-700K and single family homes are anywhere from 700K to over a million.
If you’re from Toronto these prices might seem much more achievable but Ottawa can still be a very expensive city!
Now once you do purchase a home you will need to have a downpayment – generally this is at the least 5% of your home’s price. A mortgage broker will go over this in more detail with you. Once your house closes you will also have land transfer fees as well as lawyer fees. Buying a home isn’t cheap! Lawyer fees are generally $1000 to $1500 and land transfer tax varies on the price of your property purchased. There are a ton of calculators available online I suggest you use. If you are a first time home buyer you will qualify for a rebate on the land transfer tax – so good news is you won’t have to worry about that.
One of the hardest parts about purchasing a home is figuring out which neighborhood you want to live in! If you’re from Ottawa I’m sure you’ll have a better understanding of where you want to live. If you are relocating to Ottawa this can be extremely challenging to figure out. On my channel I have a neighborhood review series which I suggest you check out. You can also schedule an appointment with me where I can help you decide which neighborhood you should focus on finding a home.
The next step is actually viewing homes in person! Before you view homes however choose a realtor you want to work with who will facilitate all the showings with you. If you are from out of town, viewing homes can be a challenge. I recommend coming to town for at least a weekend and schedule anywhere from 4 to 8 showings. Make sure you work with a realtor who can accommodate this so you don’t waste a trip over here!
It all becomes real when you decide you want to write an offer on a home. This is where you will determine the price you want to offer and if you want to include any conditions. One thing to consider is not every offer is accepted – sometimes there are multiple offers and another buyer wins the deal. Or maybe the sellers do not want to negotiate and reject your offer. A lot can happen during this process.
Buying a home can seem overwhelming. The key is to work with an advisor you trust to guide you through the process. I recommend working with someone you trust and who understands what you and your family are looking for. If you are looking for someone to help you in your home buying journey here in Ottawa please reach out to me and I’d be happy to help!