24 Nov Buying Strategies for Today’s Market
Buying Strategies for Today’s Market
With changes in the Ottawa real estate market, many buyers, especially first-time buyers, have had a harder time trying to get into the market place. However, with recent supply increases and settling of the market, now is a good time to review several buying strategies, that may help you.
- Many of us plan to buy our forever home. It is more realistic to choose a home that will suit your present needs and build some equity. When the time comes in the future to make a change, you can either renovate or upgrade, leveraging the equity you have built up. From condo apartment and townhomes to freehold townhomes, small and larger singles, choose a path that makes sense for you.
- Trying to save for a larger down payment while paying rent is difficult. It is advisable to invest with a smaller acceptable down payment to get into the market and start building equity. It has been proven that usually you cannot save as fast as house prices rise.
- Sharing and joint ownership is starting to be more popular. If you have good relationship with another person that wants to get into the housing market, this may be an option for you. This is more complicated so best to consult a lawyer to have a pre-contract outlining possibilities, i.e. if one owner wants to sell and buy-out options.
- Another idea is to purchase an attractive income property. Having a tenant to help pay the mortgage is a smart benefit to you especially in early years. Keep in mind that you are becoming a landlord and with that there are responsibilities, see the Renting in Ontario section on the Ontario website for more information.
- Leverage the knowledge of an experienced realtor® in the neighborhoods you are interested in. A realtor® that knows the recent comparable sales, actually been in the homes and knows their features, i.e. square footage, condition, upgrades, any issues, will allow you to understand fair market value and give you confidence in purchasing.
Contact us with your real estate questions! We would be happy to provide you with an update on neighborhood market values and housing options throughout Ottawa.