Although the thought of purchasing a brand-new house may often turn out to be quite intimidating for most, the numerous advantages of possessing a property that is not pre-owned outweigh the hassles involved in the process, and you can even team up with an experienced realtor in Manotick, Ottawa like Chris Lacharity to spare yourself from the same. The most crucial factors to consider when searching for Ontarian real estate are your budget, neighborhood, cost/square meter, and finishes.
BUDGET
You must talk to a home loan expert before searching for a house to determine a budget, and when it comes to financing your new house purchase, always remember that the fee for car parking is generally not included in the property price quoted by the builder.
The most effective way to estimate a budget is to figure out not only how much you are going to need for the down payment but also how much you are comfortable spending for equated monthly installments or EMI repayments based on your net salary. Keep in mind that the property taxes are typically included in your monthly mortgage payment and a minimum of two percent of the sale price of the property in question is subject to the same.
If the down payment amount happens to be less than one-fifth of the sale price of your chosen house, your loan provider will ask you to obtain private mortgage insurance or PMI, and your EMIs will comprise the said expense. Note that the parking charge is also included in your monthly expenses.
LOCATION
In general, the greater the population density of the location, the increasingly expensive the townhouse or condominium is going to be. Hence, when checking out affordable local properties with the help of an experienced realtor in Manotick, Ottawa, you may need to take into due consideration less-developed localities too. Such places happen to be more cost-effective when compared to the ones situated in highly developed areas. Nevertheless, as population density grows with continuous real estate development, the financial worth of your house will increase over time by all likelihood in the local property market, yielding a better return on your investment.
COST/SQUARE METER
The preferred method of evaluation is the cost/square meter analysis when investing in a low-cost Ontarian property with a high resale value and this is precisely how the builders choose to price their new constructions initially. You can compare more than one property similarly and find out whether you are purchasing at a competitive market price or not by considering the cost/square meter factor.
You should also check out whether the property developer has included premium products, such as marble countertops, granite bathrooms, and stainless steel appliances as standard amenities when assessing any given property based on the cost/square meter aspect.
FINISHES
You should examine carefully what kind of finishes and appliances the builder has incorporated in the base version of your chosen property versus its so-called upgrades. Keep in mind that the base variant of a single-bedroom unit is highly unlikely to feature increasingly upscale finishes like marble and granite.
Make a point to obtain a comprehensive list of all the specifications in writing from the builder, including the make and model details of all appliances. Do not be influenced by the appliances and finishes displayed in the model unit as the stuff you see need not necessarily be the very same as the ones being offered against the quoted sale price. Model residential units are generally finished with marble and granite along with washbasins and premium timber flooring. However, those features may not necessarily be standard, particularly in frugally spacious or less costly residences.
Call now to team up with an experienced realtor in Manotick, Ottawa!
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