Category: Housing tips

Royal LePage TEAM REALTY Tip Series: 6 Tips For Buying Rural in Ottawa

Posted on by teamrealty

While buying rural has its advantages, if you have never purchased rural property or lived in remote areas, knowing what to look for may make you feel a little lost. To make sure this process goes smoothly, we have compiled a list of tips to consider when making your purchase so that you can fully enjoy life in your new home. 

Leaving behind city life to buy rural property is a rising trend in Ottawa. Buyers are now seeking homes where they can live, work, and play. As a result, our town and country offices and agents are busier than ever with buyers looking to find a home “Beyond the City”. Today, buyers are more ready than ever before to trade in their busy lives for a lifestyle that allows them to enjoy life each day, no matter what the world looks like around them. People want simple and sustainable living, with large lots or water access, and a small town charm that makes life feel safer and more fulfilled than ever before. While many Ottawans have already taken the plunge and relocated over the past year, there are a few considerations to make before making your move. To help you, here are a few tips to make sure you are prepared to buy rural in Ottawa:

 

Tip #1: Get Comfortable With Septic Systems

If you have lived in the city your entire life, septic systems have likely never crossed your mind. When you reside in rural or remote communities however, septic systems will be your new reality for waste and water removal. Caring for these systems requires routine pumping (every 3-5 years), and mindful care inside of the home, such as spreading out usage of appliances like dishwashers and washing machines and not treating your toilet like a trash can. 

Tip 2: Get a Proper Well Assessment Done

Well water is typically safe for consumption, bathing, cooking and cleaning, but there will always be a risk of contamination if it is not cared for properly. Ask for any documentation of maintenance or inspections done on the well in recent years; these inspections should typically occur three times a year, so the sellers should have some record of this. For good measure, you may want to also send a sample of the water away to a lab for a full workup to ensure there is no risk of contamination. 

Tip #3: Check Your Connections

With many people now both living and working from home, having a high speed internet connection and reliable phone service is essential. Limited internet access has been a barrier keeping people away from buying rural in the past, but as a response to the growing need brought on by COVID-19, the Government of Canada is taking action to get more reliable internet access for people living in rural and remote communities immediately. If your cell phone provider does not cover your area or if the connection isn’t reliable, you may also want to consider re-introduce a landline into your home.

Tip #4: Take Into Account New Expenses

While you may be happy to say goodbye to condo fees when buying your home in the rural Ottawa Valley, there may be other payments associated with maintaining your property in a rural community. This could include fees for snow removal, garbage pickup, road work, or other services that ensure the community is safe and accessible. 

Tip #5: Consider Transportation

If you are working from home, transportation might not be your number one concern. However, if you travel daily you may need access to one or two vehicles; This may increase your monthly expenses by adding on car payments, gas, car maintenance and insurance costs. Those who rely on public transportation may be in for a long commute, as access to city bus routes is limited in rural or remote areas.

Tip #6: Work With An Agent

At Royal LePage TEAM Realty, we have agents dispersed throughout the Ottawa Valley who specialize in servicing rural communities. The advantage that comes with working with these agents is that you can truly benefit from their knowledge and experience. With their guidance, you can enjoy your new home knowing that you have the best team in Ottawa working together to ensure your transition from city to country is seamless, and that you have all the information you need to maintain your home properly for years to come. 

 

Buyers Toolkit – Springtime

Posted on by curiousprojects

Buyers Toolkit – Springtime

Spring is in the air, and the real-estate market is ramping up for the beginning of buyers’ season.  Things tend to move faster in the spring and houses for sale are often sold shortly after they are listed.  As a potential home buyer, it is important to be prepared as possible before you start looking at potential homes – that way, the chance of losing your “dream home” to another buyer is greatly decreased. You may be wondering … “What are some of the important things that can help you stay on-top of, and ahead of this year’s spring market?”  Have no fear, in this toolkit we have everything you need to know, and do, to make the buying experience go smoothly for you!

Your “Tools”-What you want to be prepared with ahead of time:

Mortgage Information & Pre-approval

Find out what mortgage you qualify for, and get your mortgage pre-qualification.  By taking this step you’ll know exactly what you can afford to buy and when you’re ready to make an offer, you can be confident knowing you are staying within your financial boundaries.  A financing condition is pretty standard in an agreement of purchase and sale; after your offer is accepted by the seller the time you have to meet the conditions is best spent finalizing your financing on a specific property rather than starting the approval process.

A Realtor

Although that seems like a no-brainer, making sure you have hired the realtor who is right for you is very important when it comes to purchasing a home.  Do some research, ask questions, interview a few realtors, check online profiles and reviews.  You’ll be spending a lot of time with your real estate agent; make sure you trust them, that they’re knowledgeable and that you’re comfortable with them.  Quick and easy contact with your agent is another key piece when it comes to signing and sealing a deal.

Your List of Needs vs. Wants

Knowing what you’ll need in your future home, and things that you want (your wish-list) is one of the most important aspects when it comes to looking for a new home. Needs are things that you must have in your new home (e.g. minimum number of bedrooms, a yard for the dog, a safe neighbourhood) whereas the wants’ or your “wish-list” are things you don’t necessarily need, but you’d like to have (Example: Granite countertops).  Your “must-have” list will help you rule out homes for sale that aren’t suited for your needs rather than spending valuable time on those that don’t.  This process can also open up your search options if some of the things on your need list actually turn out to be wants.

Pro-Con List

It’s important to keep a list of the pros’ and cons’ of each property that you visit, in order to have a better recollection of the home that is best suited for your family. Remember to check small details in each home, like testing the lights, and plumbing, and make note of the neighbourhood characteristics.

Trust Your Gut

When it comes to knowing what home is the right choice for you, you can use the simple tools listed above to help make an informed decision, however the most important aspect of home-buying is knowing when to trust your gut. The spring market moves quickly, and sometimes being prepared, and trusting your instincts are the two key factors standing between you, and successfully making an offer on your future home in time. If the potential home is in your price range, and has the combination of needs and wants you desire – don’t take the time to sleep on it, or you may lose the opportunity to make an offer. Trust your intuition and keep in close contact with your realtor to have the best support and knowledge while making these decisions.

There are many different aspects that are key elements to finding the right home. Working with your realtor to negotiate for a fair price, finding the neighbourhood you’re comfortable with, and ensuring you have the right credit and down-payment for the home you’re interested in are just some of these factors. The home buying process doesn’t need to be complicated – tool kit in hand, and realtor by your side, will make this spring market a piece of cake for you.

Let us know how we can help!  Contact us info@teamrealty.ca

Is it time to invest in a second “nest”?

Posted on by curiousprojects

College students, and living options

 

If you’re the parent of a college/university age student, and you haven’t considered it yet, perhaps now is the time you will. As spring is just around the corner, it’s time to think about what investments you can make, and an investment that shouldn’t be overlooked is buying a home. More specifically, buying a home for your college-aged student to live in during school. Should you purchase a home in your students’ university/college town for them to live in during their schooling? What are the benefits, and drawbacks of investing in a second home? Would this investment bring you a profit? These questions, and many others are part of considering getting a home for your student to live in.

 

Why buy a home for your student?

College and university are expensive endeavours no matter what you do, but with a little planning, you can find ways to cut corners and minimize costs. One of the ways that can be done would be by purchasing a home for your student to live in while they’re in school. By buying a home, you have a hand in your students’ quality of life, and are involved in their living situation (in terms of sketchy roommates, and sneaky landlords). Your student can learn the responsibility of owning a home, without burdening all of the financial costs (as they would have roommates), as well as ensuring they have a stable living situation, that has fewer costs than finding an apartment to rent throughout their school years.

 

What are the benefits of buying your student a home?

There are a multitude of benefits that come along with buying a home for your student to live in including, but not limited to: having stability in their housing, fixed expenses, and the rental income that can come from having roommates. If you have more than one student enrolled, having a place they can both live is easier than having them both go apartment hunting. Their friends can become their roommates (and your tenants), which can allow the mortgage to be paid, and then some.

 

Depending on the size of the home, the income from having tenants along with your children, is that their rent will not only cover the mortgage, but any other maintenance related expenses that your student would need to pay for, or work for, such as the cost of snow-removal. Having a fixed bill payment each month will allow your student to further understand how bills are paid, what the true cost of living is, and how to properly budget. There are so many benefits in the option of buying a home for your student to live in, but a major benefit is removing the costly expense of moving, and storing furniture year after year. In many university towns, students who return home for the summer need to leave their current lease, and pay for 4 months of summer when they won’t be living there. Many students need to store furniture for the summer, which is an additional expense, as well as the gas, time, and travel expenses that come along with moving multiple times.

As students continue to live in your second home, its value will increase, and when your students finish school, you can have the option of selling this home at a profit.

 

Of course, there is always the question of “What if they don’t stay there?” – perhaps your student may be interested in travelling abroad, or changing schools later on – but that doesn’t take away from the investment you’ve made. If your student chooses to study abroad for a year, you will have tenants in place already and the house will continue to build equity. Investing in a home is always a sound decision that holds a variety of opportunity for you, and your student.

 

The investment is always best returned to those who intend to hold onto the “second nest” for longer than their children are enrolled in university/college, as it gives them time to build more equity and increase the value/profit that may come from the sale of this home.

 

Who can help?

In the same manner you would contact your Realtor to look into purchasing a home near you, contact a Realtor to discuss the area, opportunities for growth, and what the rental community is like in that city. It is also an option to purchase a home in Ottawa that is closer to campus for your student to live in – purchasing a second home as an investment is an option that exists regardless of where your student decides to go to school. If your student is going to school out of town, contact a Royal Lepage Realtor in their soon to be “home” to use their extensive knowledge of the housing market, and area in order to make an informed decision. Realtor’s can even help you find tenants for your second nest, should you need them to!