October 2020 Real Estate Newsletter
Monday Oct 19th, 2020
Fall is such a beautiful time of year in Ottawa! Lots of changing colours, tons of apple picking orchards, pumpkin patches and so many family activities to do! Its also a great month to buy a home….
One of the most asked questions from clients is “what is the process to buy a home” especially from first time buyers. Let me break down the process for you and explain how this works.
Whether you are purchasing a new build, condo, or freehold property, this is a new and exciting experience. You will have a ton of questions, concerns, and may even feel overwhelmed, but don’t worry, the Mero Sells Homes Team is here to help! Here are some of the most common questions I am asked when I’m working with a first-time buyer:
- How much down-payment do I need to buy a house?
- What can I afford to buy?
- Do I need to get pre-approved from the bank?
- Do I have to pay you for your services?
- How long does it take to find a home?
These are just a few and there are of course, many more. I always recommend starting with the first step in the process – getting a pre-approval from a bank or other financial institution. This will give you a clear idea of how much down-payment will be required, the maximum price point you can afford and help narrow down your search.
Next, we will begin viewing some homes that are in your price point. I recommend that you be open to different areas and different home styles. Its important to get a feel for what is available in the market and to see what appeals to you most.
Once we find the right home for you, we can begin the offer process. We will put together an offer that has your best interests in mind, that will protect you and have the highest chance of success in todays competitive marketplace. Here is the best part – you do not pay for these services, the seller does! How does this work? When a seller lists their home with a Realtor, they will have to pay commission on the sale. A portion of that commission is offered to the Buyer’s Realtor as payment for services. This is called a co-broking commission and it will usually range from 2% -2.5%, depending on the agreement that the seller and listing brokerage have agreed upon.
Next, you are probably wondering what services that you will pay for as a new home buyer? You will need to pay your down-payment, home inspection costs, lawyer fees, moving costs and other miscellaneous fees such as setup fees for utilities etc. As a first- time home buyer you will not pay land transfer tax for purchases of up to $368,000. Anything over and above that and you will be given a maximum refund of $4000.
Overwhelmed yet? That’s pretty much the whole process in a nutshell! If you are ready to stop renting and start owning, contact the Mero Sells Homes Team today to get started. Ill be happy to explain to this to you as many times as you need!
This Month’s Neighbourhood Feature: Almonte
Located on the Mississippi River, Almonte is a cute small town with lots of boutique shops, restaurants, and plenty to see and do. Fun Fact: Several Christmas movies have been filmed here too!
Almonte is a great place for a day trip as its only 40 minutes west from downtown Ottawa. It’s home to several festivals and events, including the North Lanark Highland Games, Naismith 3-on-3 Basketball Festival, Almonte Celtfest and Busfusion. There are several places to eat and drink, including a rustic Barley Mow that overlooks the waterfalls. Joe’s Italian Kitchen is an authentic Italian restaurant and is highly rated. They also have a patio overlooking the waterfalls. Café Postino is another great spot offering authentic Italian cuisine. Their location is in a vintage post office in the heart of downtown Almonte. Several coffee shops such as Equator Coffee Roasters and Baker Bob’s offer fair trade coffee and delicious treats. The Almonte farmers market runs from May to October and offers a variety of goods from local veggies to fresh breads and so much more.
I highly recommend a trip to Almonte, you will not be disappointed!
As always, it would be my pleasure to assist you, your friends and family with any Real Estate needs. Please don’t hesitate to reach out with any questions!