From bungalows to townhomes, single family homes to condos, buying a new home can be overwhelming whether you are a first-time buyer or are downsizing from your family home. We've gathered together some great information to help all new home buyers and links to amazing resources that can help you decide if buying a new home in Ottawa is right for you and which home is perfect for your needs.
These following resources are intended to help anyone interested in buying property at new home developments across Ottawa and considering houses for sale in our real estate inventory.
We’ve integrated an intuitive tool with our website that lets potential buyers estimate their monthly payments whether they plan to purchase a new home or find lower rates through mortgage renewal or refinance. The mortgage calculator provides an opportunity to submit an asking price, down payment, and other relevant info to determine the amount of cash needed and whether they can afford the monthly expenses. It also provides details on interest rate risk and an amortization schedule to offer insights on payments over time.
Real Estate Content
In Five Reasons to Buy a New Home, the psychology behind why many choose to build a new home instead of purchase resale is discussed. It explains the allure of the new home smell, avoidance of replacement costs, and inclusion of the latest heating/cooling/insulation/building materials technologies. A selection of floorplans, and interior design options that reflect the buyer’s tastes, are benefits that are touched upon as well.
We also have resources on “Getting Ready to Buy Your Home”, to help you understand what to expect when going down this long and exciting road, among others. Available articles include “How to Prepare to Buy a Home in Ottawa, ON”, which goes through the details on creating a budget for a down payment and expenses such as a deposit, appraisal fee, home inspection fee, mortgage broker fee, property insurance, property taxes, and title insurance. Other points it elaborates on include:
- Checking your credit
- Deciding on a type of home
- Finding a mortgage lender
- Finding a real estate agent
- Picking the right neighbourhood
How to Buy a House in Ottawa, ON discusses the process of getting prepared, finding a home, and involving a team of professionals. These professionals include a real estate agent, inspector, insurance broker, surveyor, appraiser, lawyer, and mortgage lender. It also explains how to go about making a formal offer on a home and how to get a mortgage after being pre-approved. Closing day is the final step of the process, and the article explains what your responsibilities entail in securing the home in your name.
Real Estate Terminology
Our Real Estate Glossary covers the terms often used in real estate transactions, which those unfamiliar with the process can find confusing at first. You’ll learn terms such as adjustable rate mortgage, APR, appraisal, conventional mortgage, amortization period, foreclosure, refinancing, and others. The glossary also provides an introduction to concepts such as equity, default, and variable rate mortgage.
Find New Homes with Phoenix Today
We are a team of land development professionals, new home builders, and residential and commercial property specialists. New home development has benefited home buyers across Ottawa. Contact us for information on communities, condos, various types of new homes, and rentals by submitting a request online or calling 613-723-9227.