Archives for Buyers

What’s the best property type for your first home?

December 23, 2015 | Comments Off

Inexperience can cause first time home buyers to be confused by the multitude of available options. This post by Caroline James is an excellent introduction to the advantages and disadvantages of five popular property choices: a large detached house on a suburban block, a small home on a sub-divided lot, a townhouse, an apartment in a small block and an apartment in a high rise block. To read more click here. The post What’s the best property type for your first home? appeared first on Team Realty. Source: Blog
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Canadian Home Prices Are Growing At One Of The Fastest Paces In The World

December 20, 2015 | Comments Off

The Canadian real estate market continues to boom, according to this Financial Post offering. With a year-over-year increase of 8.2%, Canada ranked 4th of the 23 countries studied in Scotiabank’s report Global Real Estate Trends, behind Ireland (13.3%), Sweden (10.5%) and Australia (8.3%). However, the report warns the trend could change if economic uncertainty and high unemployment counterbalance the attraction of low borrowing costs. To read more click here. The post Canadian Home Prices Are Growing At One Of The Fastest Paces In The World appeared first on Team Realty. Source: Blog
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Unchecked Emotions Can Cause Costly Property Mistakes

December 18, 2015 | Comments Off

We are sometimes enthralled by the presentation of a property, but ignoring the things we cannot see or overlooking obvious problems and risks can lead to disastrous consequences. To the extent possible, put your emotions aside and make buying property a business decision based facts and data. Getting Too Attached To A Property Impulse decisions in real estate can cost major dollars and can have life altering effects. If you fall in love with a house, you may be tempted to waive conditions or pay more than planned in the rush to close the deal. The problem is,
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The Number of Real Estate Appraisers Is Falling. Here’s Why You Should Care

December 17, 2015 | Comments Off

According to this realtor.com post, the number of real estate appraisers is dropping to the point where parties on both sides of real estate transactions could suffer. Since most residential mortgages need an appraisal before a sale closes, a shortage of appraisers will affect buyers, who rely on accurate valuations to structure their offer, and sellers, who can lose a deal if appraisals come in low. The Appraisal Institute notes the number of appraisers has dropped 20% since 2007 and predicts a 3% annual decline for the next decade. Fewer appraisers means longer waits, which could delay a closing. That
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5 must-do’s for first-time home buyers

December 15, 2015 | Comments Off

This homeownership.ca article by real estate lawyer Mark Weisleder gives the essentials for the novice buyer. Start by calculating what you can afford (general rule is 30% of gross income). Then, figure out what is important to you and search for properties with those features. Ask the seller about flooding, leaks, mould, insurance claims and neighbourhood problems. Pay for a thorough home inspection by a qualified inspector and buy an after-sale warranty. To read more click here. The post 5 must-do’s for first-time home buyers appeared first on Team Realty. Source: Blog
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Underwriting insights! What Every Homebuyer Should Know Before Applying for a Mortgage

December 6, 2015 | Comments Off

This homeownership.ca post tells why an understanding of underwriting is a key advantage for home buyers seeking a mortgage. Work with a mortgage professional to get pre-approved for a mortgage so you know your price range and can make an offer instantly. The pre-approval process determines the size of mortgage and type of home you can afford. You will need to assemble your credit report and other documentation (financial and employment history, creditworthiness, income) the lender or mortgage insurer needs to process the application. The documentation required varies depending on individual circumstances. For example, self-employed applicants should be prepared
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Ottawa Real Estate Update: November 2015

December 3, 2015 | Comments Off

Mild weather and post-election enthusiasm spurs on home buyers! Statistics are useful in establishing trends but should not be used as an indicator of an increase or decrease in value of specific properties. If you are curious about the value of your home and/or specific neighbourhood statistics we would love to help. Contact us. Information below provided by the Ottawa Real Estate Board December 3rd, 2015 Members of the Ottawa Real Estate Board sold 990 residential properties in November through the Board’s Multiple Listing Service® System, compared with 891 in November 2014, an increase of
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Not Only Millennials Want Walkable Communities

December 3, 2015 | Comments Off

A walkable community is well-planned, compact and designed for people to walk to work, school, parks restaurants and activities as a form of everyday transportation. According to a National Association of Realtors survey, more and more buyers want to live in walkable communities. The study found that fully 12% more Millennials, the generation born between the mid 1980′s and early 2000′s, would rather walk to their destination than drive. But, fitness enthusiasts and eco-friendly individuals also desire walkable neighbourhoods. Aging In Place Older Canadians want neighbourhoods that better fit their changing requirements. As baby boomers enter their retirement years,
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Ottawa Named 3rd Best City in the World for Quality of Life; Here’s Why

November 30, 2015 | Comments Off

In this Point2Homes post, Nadia Balint attributes Ottawa’s stellar, but unsurprising (to locals), ranking in the recent Numbeo Quality of Life Index to three characteristics: Ottawa is young and fun with almost half the population under 35, it promotes and supports family life and the housing is relatively affordable. The Index rates factors like purchasing power, safety, property price to income ratio, and pollution. To read more click here. Source: Blog
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Income Properties: What You need to Know about Buying an Investment Property

October 13, 2015 | Comments Off

“Don’t wait to buy land, buy land and wait” – Will Rogers Income Properties: Are you Ready? Owning a rental property may seem like a licence to print money. Interest rates are low, the Ottawa Real Estate Market is stable …what could be easier? Buy a property, lease it, collect cheques and plan your retirement. But…before purchasing an income property, you should be aware of the benefits and drawbacks. Advantages of Income Properties: You pay less tax. Because your secondary property is a business, you can deduct certain expenses from your income (mortgage interest, property taxes, insurance,
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Rick Bracken