Ottawa Living for First Time Home Buyers

Owning a home is a dream for many living in Ottawa. In order for the purchase and subsequent move into a new home to be the happy and satisfying experience it was meant to be, you need to ensure that you are prepared for the responsibilities that come with it. Some people view home ownership as similar to renting, except with the power to have pets running around, and to paint the walls whatever colour they’d like. Along with these privileges of owning a home comes the responsibility of a mortgage, taxes, and home maintenance. As a first time home buyer, preparing for home ownership requires you to take critical stock of your finances and expectations.

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Questions for Prospective Homeowners


Are you ready to buy?

Owning a home is about more than just being able to decorate any way you like; it's about being prepared to invest time and money into maintaining your house into the future. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards. It’s also about enjoying your space whether it’s in your own company and/or with your friends and family.

What does your budget look like?

If you have the budget to purchase that perfect dream home, the sense of elation and excitement can take you over the moon. Our Keller Williams real estate agents are more than happy to help you get closer to that dream. However, you need not be discouraged if your dream home isn’t on the horizon just yet. Setting aside a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. You’ll feel more at ease buying a home within your means now and looking at purchasing your dream home down the road when it’s more feasible. In the end, this will save you from dealing with a lot of stress and you’ll be much happier for it!

What is your debt-to-income ratio?

This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural areas for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas however, you could end up purchasing a bachelor suite that’s smaller than 400 square feet. No matter what factors need to be considered, we will be able to help you experience what Ottawa living is all about.

What are you looking for?

Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather pay a fee every month to have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you.


Our Keller Williams Agents Can Help


The Keller Williams agents on the Ottawa Real Estate Team will work hard to find you a residence you’ll love living in. Our real estate team is dedicated to helping you find the right home, at the best price. When you hire us to help you buy your first home, we will work with you to figure out what you want and what your budget range is. We’ll then find a way to merge these two priorities and find a residence that strikes a balance between the two.

Keep your objectives in mind when you visit a home. As a prospective home buyer, you’ll find it helpful to write down a list of features that you need and want in a potential new house and judge each one by your list rather than details that could distract you from your end goal. When you're alone with your agent, you can go over the pros and cons of each home. Our Keller Williams agents can help you stay on track while still keeping our eyes out for a great piece of property.

Engage the services of a good real estate lawyer. We can connect you with several lawyers in the Ottawa area who could be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be difficult to navigate for the inexperienced, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees in the long run makes this upfront investment well worth the cost.

Make the offer. The process of purchasing a home can be a maze of "buyer", "seller", "chattels", "deposit", and "completion"…if you don’t have the right real estate agent by your side. We'll be happy to simplify the process by preparing the paperwork and examining all the details with you before submitting an offer. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase as you want to ensure that your new home will be safe and functional. Getting an inspection done will save you the headache of dealing with these issues. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end because of the money and time you will save. There are several certified inspectors in the area that we'd be happy to recommend.

Do a final walkthrough before closing the deal. We will do a thorough walkthrough with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can simplify the process of buying a home. Don't hesitate to contact us to find out more about how we can make Ottawa living a dream come true!

Contact us for more information about first time home purchasing.