First Time Home Buyer?

Mortgage and Lending with The Mortgage Group

Thousands of homes are sold each year in the Ottawa area. There’s no shortage of housing options, but with so many choices from Stittsville to Barrhaven, the challenge becomes finding the property which best meets your needs.

The housing market is complicated because the stock of homes for sale is always in flux. Even if you could have a complete list of every home for sale at a given moment in a given community, such a list would become quickly obsolete as new homes become available and listed properties are sold.

In effect, Buyers are looking at a dynamic market. So it is important to know as much as possible about the choices in preferred markets, and the way to do that is by working closely with a local REALTOR® who is familiar with local markets and current Real Estate trends. Also, your Sales Representative should have access to all homes on the market, including those that have not yet been advertised.

A home is more than just a collection of bedrooms and bathrooms. Several properties - each with four bedrooms, three baths, and the same price - may well have radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, exterior finishes, neighbourhoods, etc.  A home in Alta Vista can be much different from a home in Nepean.

First, list the features and benefits you want in a home. Consider such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen) and design (one floor or two, colonial or modern, etc.).

Next, determine your priorities. If you can’t get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen? A longer commute for a bigger lot and lower cost?

Last, consider your future needs. If you’ll need a larger home later on, maybe now is the time to buy a bigger house rather than moving or expanding in the future.

Know what your want and target your search in preparation for working with a REALTOR®. Real Estate statistics show that a high percentage of buyers now research their options online and elsewhere for about six months on average before consulting a REALTOR®.

Basic targeting measures, such as general location and affordability, can help you refine your search and focus on homes that offer the most desirable features.

Target your desired neighbourhood. All neighbourhoods and communities have a unique character and value. One community may be well known for historic homes (such as in Rockliffe Park) while Kanata offers suburban living and Centretown gives easy access to downtown office.


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