Buyers Information

Home Buyer Information

Buying your new home is a serious venture. It can be an absolute pleasure or a massive headache. Your house is not just your home, it is a serious investment in the dwelling, the area and your future.

When buying a home – you’re bound to have many questions. For example, “In what area can I find a home that suits my needs?”, “How much money will I need to afford the monthly payments?” and “How long will the home buying process take?

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Common Home Buyer FAQs

As a buyer, where do I start?

Begin by deciding what type of home you are looking for; a condo, townhouse or detached home? Then it is important to decide an area that you would like to live and a good way to do this is drive around different areas and look at the type of amenities you are looking for. It is important to know your budget and what you want to spend on your future home.

How do I look for a home?

There are many websites to look at to get a sense of community. The one almost all sellers have their homes listed on is Realtor.ca. Contact a professional Realtor, such as The Twin Team! We are knowledgeable of the market and neighbourhoods that you are looking in. We have full access to listed properties and have inside knowledge of up and coming listings and also access to exclusive listings.

What is the best time of year to buy a house?

Traditionally, the busiest market is the spring and then followed by the fall. However, Ottawa has a strong government population and is the most stable market in Canada, creating home buying opportunities all year round.

When do I apply for a pre-approval?

This is an important step as it is important to know what your budget is. A mortgage professional will determine what you can afford and will provide guidance on costs associated with home ownership. Knowing what you can afford makes the home buying process a much more enjoyable experience. There is no point in looking at homes you can’t afford.

Do I need to sell my house before buying?

It is important to determine if you can do this step and we recommend you consult with your mortgage professional to see if this is possible. They can discuss bridge loans and identify the costs for you.

Why do I need a building inspection?

A professional building inspector can identify potential deficiencies that the average person may not recognize. They will also educate you on required maintenance of your home to give you years of enjoyment and keep expensive surprises from popping up.

How much do I budget for closing costs?

Legal costs for home buying average $1500 and it is important that your lawyer’s quote includes all related expenses. There is also moving costs and we recommend you get a few quotes and check references before choosing one. Additional closing costs can be Land Transfer Tax, Title Insurance, and utility hook up charges.

Are there different types of house offers?

Depending on the market, some properties will be marketed as an “Offers Presented” where offers are to be submitted on a scheduled date and time. In these scenarios, it can be advisable to do a pre-inspection and have your financing arranged before submitting your offer. If the seller accepts your offer, the contract would be binding. A conditional offer is when you make an offer subject to conditions such as financing, inspection, lawyer review, and/or insurance. In the case of a rural property, well and septic inspection would also be included.

What usually comes with a house when I buy it?

Traditionally all larger kitchen appliances are included along with a washer/dryer. Most window coverings, built in cabinets/shelving, light fixtures, and bathroom mirrors and towel bars. It is important to make a list when you are viewing a home to ensure that you include outside items as well such as sheds, hot tubs, gazebos and pools. If there is anything that us usually included that the sellers have decided to exclude, they must disclose this.

Do I need a Realtor?

Why would you not? As professional Realtors, we will set you up on a search, show you properties, provide relevant market knowledge and past sales information. We can also help you with finding the resources for building inspectors, real estate lawyers, tradespeople etc. We have knowledge on the communities and provide information on schools, and characteristics of the neighbourhood. We have many years of experience and know the Ottawa market very well.