Buying a newly built home is considered an exciting event, but it can turn into a disaster unless you are well prepared. There are five must-dos before you start looking at homes for sale in Ottawa. First, get your “financial house” in order. Next, you should think about the kind of house you would like and the neighbourhoods you are interested in. Then, you should find a good real estate agent. When you find the home you want to purchase, a home inspection is essential. Finally, make sure you have a good understanding of the closing process and costs, and what the monthly mortgage payments will be once you move in.
Reality hits hard if you aren’t prepared financially for possibly the most expensive purchase you will ever make. Get a copy of your credit report and fix any errors or issues so that your mortgage qualification process will move smoothly. Saving enough money for a good down payment and the costs at closing will help you prevent unpleasant surprises. When you have a home custom built, it will not usually look like the model that you looked at. Because there are add-ons, costs, and fees for getting the features built into a house you want, you should save extra so that you can negotiate with the builder. Shop around for a bank or financial institution that will give you a mortgage pre-approval. Research companies that have experience with writing a mortgage for new construction. Do not always presume that the financial company a builder directs you to will be the best financing option.
When the financial issues have been settled, spend a few minutes writing down needs and wants that you would like to see in a home in Ottawa. You can modify this list as you see the features that different homebuilders offer. Explore neighbourhoods and talk to potential neighbours, this may also help narrow down your choices.
When you are ready to begin looking at model homes, it is very important to select a good realtor who has experience with showing and selling new homes. Consider interviewing several people to make sure you find someone who understands what you are looking for and who will be pleasant to work with. Make sure you can communicate with your realtor and you understand what they can and cannot do to help you in your search for a newly built home.
When you have selected a builder, and before you agree to start the process, make sure to have a realtor help you with the contract to see if there are any problems with having the new home inspected. You need to know what the penalties would be from walking away from the purchase if the builder has not constructed the home to code or if there are any problems with construction. Many people have been saved heartache, frustration, and large repair bills by requiring a home inspection before purchasing a new house.
Before you go to closing, you should have an understanding of the documents you will be asked to sign and money that you will be expected to bring to the table when it is time to purchase your home. The title company should provide you with an estimate of fees and help you understand the paperwork behind buying your house. It is important to avoid financial surprises that will delay the purchase or that might put you in a financial bind.
If you follow these five must-dos before you purchase a home, you will find yourself in a position to enjoy yourself in your new house without many worries.