5 Things to Consider When Buying a Home in Ottawa
Last updated on May 11th, 2021 at 01:11 pm
Today, I’m going to tell you the top five things that you should consider when investing in an Ottawa home.
What You Should Think About When Investing in a Home
Home Prices Could Decrease.
The average price of a home sold through the MLS in October was $419,699, up 7.1 per cent from $391,931 during the same month last year.
This is according to data gathered from the Canadian Real Estate Association.
Still, experts believe that home prices could fall. It’s important to be aware of that when investing in properties so you know what you can afford.
Local Markets Differ
Just because prices are up 9.5 per cent year-over-year in Calgary doesn’t mean that conditions are going to be exactly mirrored here in Ottawa.
In fact, according to the CREA, home prices were flat in Ottawa during that same month.
Thus, while it helps to know about national trends, it’s most important to know what’s happening on the local housing market.
Transit Lines Help Boost Value
When you live close to good rapid transit options, you could see your property values increase over the years.
This makes sense: More people want to live somewhere that makes commutes easier, quicker and shorter.
Buying Pre-Construction Has Its Risks
This shouldn’t deter you from buying an unbuilt home but you should go into it cautiously.
Make sure that you’re working with an experience Ottawa REALTOR who can ask the developer all the right questions. For instance, you’ll want to know what proportion of renters you can expect in the community as well as what condo fees apply.
Know How Long You Plan to Stay
The longer you’re willing to stay, the lower risk you have of needing to sell your home when prices are low.
In other words, the longer you stay, the more potential you have to turn a profit.
If that’s important to you, then consider how long you’re willing to stay in that home.
Here to Help With All of Your Ottawa Home Buying Needs
If you’re ready to take that next step toward owning your own Ottawa home in the new year, please contact us, Geoff and Bobbie McGowan, today.
We would love to assist you by answering any questions you may have as well as providing you with some valuable resources.
Until next time,