There is so much to think about when you are selling or purchasing your home. We sometimes get distracted by the excitement of a new property – whether you choose to downsize or take on a larger property. Here are some reminders to think about before you purchase Ottawa real estate.
- Taking on Too Much Mortgage
Know what you can afford and stick to your budget. With the new “stress test” rules in effect for mortgages make sure you feel comfortable with your mortgage affordability. Make sure you check with a reputable mortgage broker and get pre-approved before you start looking at other properties.
- Skipping on Inspections
“Forearmed is forewarned” as the saying goes. You can save money elsewhere and this is not the area you want to skip. Home inspections are for your protection to make sure the house you want has good bones and not a money pit.
- Don’t Lack Future Vision
Make sure the home you want is not too big or too small. Always plan ahead for the future. Check out any upcoming developments in your area. If you are backing on green space, you may wish to find out if any new dwellings or developments will be added in the future.
- Flexibility
Don’t lose out on a beautiful house for one or two thousand dollars. Always make sure you are flexible on any purchase or selling deals. After all you want to be fair to both parties.
- Not Using a Respectable Real Estate Agent
At Winch Walton we always value our clients by treating them respectfully, ethically and valuing what is important to them. We can help you with market analysis and vetting homes for you to save time and frustration. We also offer free home staging when you are selling your home.
- Considering Additional Costs After Purchase
Unfortunately, the costs for condo fees and property taxes are usually on the upswing. Make sure you factor these additional costs in your budget when you purchase.
- Always Have a Contingency Plan
We don’t live in a perfect world and sometimes “life” gets in the way. When you are purchasing a home, make sure you have a plan in place in case you become sick or perhaps are laid off. It is always good to know that during times like this, you don’t want to stress over money. A little nest egg can go a long way until you are back on your feet.
At Winch Walton we pride ourselves in helping our clients. Let us know how we can help you with any of your Ottawa real estate or home staging needs. Contact us today!