You could hardly ask for a better place to buy a house than in Ottawa. The local market has so much to offer, whether you’re just starting out as a first-time buyer or you’ve built some equity and are looking to upgrade your home and lifestyle.

Great schools, beautiful parks, and an exciting entertainment and shopping scene; what more could you want? However, the question of the day is not “why” buy a house in Ottawa; it’s “how.”

The process of finding the right listing, making an offer, and finalizing the transaction may seem simple on paper. However, you never know what the market may throw at you once you’re well on your way. In this post, we’ll provide you with step by step guidance to take you from “just looking” to getting the keys to your new home.

Do you want even more detailed instructions on how to find and buy your new home? Don’t miss our Buyer’s Guide, which you can download for free right here.

Start With a Goals Assessment

You could compare buying a home in Ottawa with writing a news article. The same five “Ws” all apply – where, what, why, when, and how. We’ve already covered the “why.” We’ve also made a fair amount of progress when it comes to “where.”

Just remember that Ottawa is the perfect size city to call home! A good sized city full of dynamic neighbourhoods, each with its own distinguishing characteristics and charm. As they say, location is everything in real estate. Spending a little time in Ottawa, to figure out what amenities you want to be close to will pay off in helping you find the perfect home in just the perfect spot.

That leaves “what” and “when.” Most people cannot get the keys fast enough once they’ve found a house they love. Others want to coincide their move-in date with events like the start of the new school year or before the weather gets too cold or hot, or want to co-ordinate the move with the sale of an existing home.

So how do you go about finding a home with all the features and attributes you want? This step is so important that we’ll go into a lot more detail a little later on. For now, an emerging picture of what you want will help you assess whether your budget is aligned with your dreams.

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Ottawa is full of exciting and vibrant neighbourhoods! Perhaps one of the communities below is perfect for you:

• Ottawa’s Civic Hospital Neighbourhood; Make it Your Home Too!
• Is Barrhaven a Good Place to Live?
• Neighbourhood Spotlight: Little Italy

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Align With an Ottawa Real Estate Agent

Buying a house can be complicated. The market changes, and conditions can even vary, even by neighbourhood. You may find yourself up against other buyers who have fallen in love with the same home you have your eye on. What can you do to give yourself the best possible chance?

You can’t go wrong by aligning yourself with a local expert who knows how to negotiate in the current market. An Ottawa real estate agent can help you uncover listings you might not know about and advocate for the lowest price and best terms on your behalf. You can do a lot of research ahead of time to help you choose the right agent.

We recommend a thorough review of prospective Realtor®️websites to get a feel for their expertise, neighbourhoods they specialize in, and the level of service you can expect. If their values mesh with yours, look for positive client feedback, keeping in mind if others are satisfied you likely will be too!

A good agent who has dealt with busy and slow markets will be better equipped to help you achieve your goals. Once everything checks out, arrange for an in-person or phone meeting to get a feel for what it will be like to work with them. The right agent will guide you through all the critical home-buying steps, so this is not a decision you want to make lightly.

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How do you know what to look for when choosing a real estate agent? The resources below will help you make an informed decision:

• What are the Signs You’ve Found a Great Realtor®?
• Can I Use the Same Ottawa Real Estate Agent to Buy and Sell?
• 6 Advantages of Buying a Home with an Ottawa Real Estate Agent

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Take a Look at the Current Market

A savvy buyer who has taken the time to get to know the current market stands a better chance of achieving a positive outcome. There will always be nuances that your real estate agent can explain in more detail. That said, knowing the big picture will help you negotiate from a position of strength. One of your first steps will be to figure out what type of market exists in Ottawa and the neighbourhoods you are interested in, and how might this impact the purchase of your new home.

Is it a buyer’s market? You’ll likely have more homes to choose from and sellers who are open and eager to negotiate with you.

Is it a seller’s market? With too few houses on the market and plenty of demand from other buyers, you may have your work cut out for you. It’s more important than ever to know what you want and what compromises you’re willing to make. Above all, be sure to set a ceiling on your budget and commit to it. Jigh competition can lead to bidding wars, and your emotions can run away with you if you’re not careful!

Is it a balanced market? This means there are approximately the same number of buyers and sellers. It’s neither advantageous nor disadvantageous. You’ll want to be patient and flexible, but not too flexible. In this situation, the seller needs you just as much as you need them, so be ready to hold firm when you can.

Create a Flexible Home Buying Plan

Whatever happens, having a plan in place will help you be ready for it. The market may be busy, but there are ways you can compete without necessarily raising your budget. Start with a clear picture of what you want and how much you’re willing and able to pay for it. You may need to be flexible and pivot as the market evolves.

One of the best ways to stand out is to get pre-approved for your mortgage before you even start house hunting. This means visiting your lender and going through the mortgage application process to get an accurate estimate of how much you can borrow.

If the market is busy, a pre-approval is a potent negotiating tool that may allow you to drop the condition of financing from your offer. Sellers don’t want to worry about a transaction not closing because the buyer can’t get financing after all. Your pre-approval gives them the assurance that money will not be an issue and just may tilt the decision-making in your favour, even if an alternate buyer offers a higher amount.

Some buyers also like to craft a handwritten note to a seller about why they love that house so much. It’s a small gesture that doesn’t always work in every market. However, the emotional impact can give you an added edge if everything else is equal. Your real estate agent will help you create an offer that appeals to sellers without giving away any more than you have to in terms of the price or contingencies.

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Is it your first time through the home-buying process? The posts below can give you some much-needed guidance:

• What Every Millennial Needs to Know About Ottawa Real Estate
• What Are the Top Misconceptions for First-Time Home Buyers?
• Strategies to Help First-Time Buyers Enter the Real Estate Market

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Make a List of Needs and Wants

You already have an idea of where you want, and now, it’s time to drill down and crystalize your vision even further. Remember that many aspects of a house can change over time, particularly if you can get it at a price that leaves room for renovations.

Some things cannot be changed without significant expense, if at all. For example, your location and lot size are pretty much set in stone. Before you start visiting homes in person, make a list of all of the must-have and nice-to-have features of your new home.

• How many bedrooms and bathrooms are necessary?
• Do you want a multi-storey home or everything all on one level?
• Are you dreaming of a large backyard and two-car garage?
• What neighbourhood do you want to live in?
• Do you want to be on a bus route?
• Do you want to be in the catchment area of a specific school?

Think About What You Want to Avoid in a Home

On the flip side of the coin, think of what you do not want in your new home. Remember that one buyer’s “must-have” could be another’s dealbreaker. For example:

• Some buyers insist on an open-concept layout while others want the privacy and noise control of a closed floor plan.
• You may want to be close to shops, restaurants, and entertainment venues, which could mean living on a busier street. Someone else may want a quieter area with less traffic.
• A massive backyard can be a plus if you love to entertain outside or have a young family. However, it also comes with a fair share of maintenance, such as mowing the lawn and clearing the snow.

The right amount of “pickiness” is essential when figuring out what you want and don’t want in your new house. Being too selective can limit your options and lead to a long, drawn-out search. On the other hand, a house is a significant investment, and you don’t want to have any buyer’s remorse once you’ve moved and settled in.

Do you have a clear picture in mind? You may just find it in our featured listings right here.

Don’t Forget About Due Diligence

Buying a home full of unforeseen problems is the worst fear for any home buyer. We’ve all heard horror stories about a leaking roof or basement from someone we know or know of. The truth is that almost every house will need a little love and care to bring it to your tastes. Factoring in some repairs and decorating is part of the budgeting process.

In addition, there are ways to protect yourself from buying a house with latent defects. At the very least, be sure to have your real estate agent with you during all showings. After years of scrutinizing houses, your Realtor®️ has developed an instinct about what to look for and what to avoid.

In a buyer’s market, you can also protect yourself by putting a condition of home inspection in your offer. If an issue arises, the seller can either fix it or return your deposit.

Attaching a condition during a seller’s market with multiple offers can hurt your chances of securing a home. Not to worry, though; you can still perform due diligence by arranging for an inspection of your own. There will be a nominal expense, but it’s a small price to pay for peace of mind and getting a home that meets your expectations.

Ask for Help

Once a seller accepts your offer, the process is largely out of your hands. There will be a period of due diligence if you’ve requested any conditions. Once all terms are met, it’s time to connect with a real estate lawyer to perform a title search and ensure the property is free of any encumbrances.

It’s also time to start packing up and getting ready to take possession of your new home! Your friends and family may be willing and able to help to a certain extent, especially if the promise of pizza and a celebration are involved. For the heavier items, it’s best to work with a professional moving company. Not only will this save you and your loved ones from potential injury, but your items will be protected and insured as well. If you are moving from one city to another, this may well be your primary choice!

As you settle in and unpack, your home-buying journey is coming to an end. What better way to close the chapter than by getting to know your neighbours and finding a few favourite places to enjoy? Wherever you end up, we are sure you will love it here.

Are you ready to begin the search for your new home? Our Ottawa real estate agents are happy to help you find the perfect fit. Contact us today at 613.829.7484 or email mail@chellteam.com for more information.