Are you thinking about buying a home? Part 2

First Time buyers, as well as repeat buyers, are often confused by two key terms- what it means to be pre-qualified or pre-approved for a mortgage.

These terms will almost always come up when you speak to a real estate agent be it at an open house or if you ask to see a property. This is a key question because it tells them how serious you are about buying. Getting pre-qualified is a very important initial step for a buyer to complete before you start looking seriously for a home. I would suggest that you do it even before you look online as you will know your price cap and you won’t be disappointed by looking at properties in a price range above what you can afford.

One mortgage lender I spoke to explained it this way. First get pre-qualified.  A pre-qualification is when you run the numbers on an unofficial basis. By numbers, I mean your monthly income vs your monthly debt repayment plus mortgage payment, plus heat, plus property taxes. In essence, a prequalification is to determine, how much you can afford. It does not take into consideration the whole financial picture or your credit history. It is a starting point only. It will give you an idea as to what you will need to save for a down payment. You will also find out what type of documentation you will need to gather together for when you go to the next step and seek a pre-approval. At this point there has been no credit check done etc. But, if you have a shaky credit history or if you are carrying a lot of debt, now is the time to discuss with the mortgage specialist how that might impact things when you seek a formal pre-approval from a lender.

Now, you know what it means when a real estate sales person asks you if you are pre-qualified and you will have a rough guideline as to what you can afford and what it will cost you.

Are you thinking about buying a home (Part One)

With the spring real estate market being just around the corner we are already starting to see an increase in the number of people wanting to take a look at homes that might be of interest to them. Before you do that though there are several steps to consider:

  1. Decide if you really want to move and if so to where. Seems a simple question, but it really isn’t. All sorts of factors come into play such as schools, family sporting activities, amenities offered in different communities, commuting time etc. As best as possible know which area that you want to start looking in and what are the key points that are important for you.
  2. Try and agree on what each person wants to find in that house. Everyone has priorities that are important to them. For example a two car garage might be nice, but is it a priority? A four bedroom might be essential to one member of the family, but not the other. Having a home on a large lot might be nice, but do you have the time to look after it? Have a good idea what you want so that your agent knows where to start looking. These are some of the first questions that you will be asked before you look at homes.
  3. Don’t get overwhelmed with what you find online. This goes back to point number 2. If you know what you want before you start looking it is less likely that you will be distracted by homes that really don’t meet your needs. The more focused you are the easier it will be for us to find you what you want.
  4. Another key first step is – Check out your financing. What can you afford? Mortgage specialists in the banks, independent mortgage brokers etc. can all help and you will know your price cap before you start looking either online or in person. This is a crucial step and it will prevent a lot of disappointment as you go forward because you will know your limits and what will work for you.

These four points apply to both experienced buyers and first time buyers. The Beardsley Team will be happy to assist you with any of those four points. On our web site you will find our exclusive, free buyer assist package. Click here: http://www.beardsleyteam.ca/buyer-assist.html

Bev and Keith Beardsley are sales representatives and “Seniors Real Estate Specialists” with Century 21 Action Power Team. They serve many of the rural and semi rural communities around Ottawa as well as Ottawa, Orleans, Barrhaven. Their main web site is www.beardsleyteam.ca

Bev and Keith can be reached or texted at 613-897-6839, direct 613-821-2384 or at BeardsleyTeam@outlook.com

Welcome to Greely

Continuing the series on some of the unique communities around Ottawa.

Greely is another unique rural community situated in the southern rural section of Ottawa. It is a sprawling bedroom community for Ottawa, but it does have some industries within its boundaries. Today it is one of the fastest growing towns in Ottawa showing a 59% growth in the number of homes in the community in the last eight years. The 2011 census puts the population at just over 9000, but with the rate of growth that figure is out of date.

There is a wide mix of housing that varies in price range from the $200,000s to well over one million dollars. There are excellent adult living communities, residential communities with quiet, wide streets and most lots are a half acre to 2 acres in size. With easy access to the city it has become a favourite destination for many homeowners. Commuters have a variety of options including Bank St, Albion Rd, River Rd or access to the west end via the 416. The airport is just a short drive away.

For those looking for shopping facilities, one of our favourite destinations is the Greely 24 hour Foodland Grocery store with an attached LCBO. Other nearby locations are in Findlay Creek or Riverside South and South Keys.

Greely has three elementary schools and a very active community association. The association helps to organize a winter carnival, provides input into City of Ottawa planning proposals, recreational activities and much more. Greely offers homebuyers a modern well run community that still reflects its rural lifestyle and origins.

For a update on Greely’s 2015 real estate market click here: https://youtu.be/-SnMQKZP3Mk

Our main web page has lots of real estate information including video market updates for several areas of the city. Click here www.beardsleyteam.ca

We would love to discuss Greely and the real estate market with you. Give us a call or text at 613-897-6839 or call 613-821-2384. We can also be reached at beardsleyteam@outlook.com.

Welcome to Osgoode

This is another in the short series we are doing on some of the rural communities surrounding Ottawa. Great places to live and check out.

OSGOODE

This town of approximately 2500 (2011 census) is ideally located and has easy access to Greely, Metcalfe, Manotick and Kemptville. Essentially it is another bedroom community for Ottawa as well it serving the local rural area. There are several different access points if you commute into the city including River Rd (with access via Roger Steven’s to the 416), Stagecoach Rd and Manotick Station Rd.

This a very friendly community and an active one with a community centre, recreation complex and several parks that include Hockey, T-ball, Basketball, softball. At the end of the town’s main road where it meets River Rd there is W.A. Taylor Park. This park has a  boat launch to the Rideau River and a delightful picnic area. The town has a post office, a local convenience store plus a large Foodland grocery store. The Red Dot café, a well-known restaurant and one of our favourite places to dine, is located in the same complex as Foodland. Major shopping complexes are located just a short drive away in Kemptville or Barrhaven. We have always enjoyed the drive from Osgoode along the Rideau River to Kemptville. It is a very scenic and relaxing route to drive.

There is a real mix of housing from roughly the early 1900’a right up to modern newly built homes. There are older stone and brick homes, lots of bungalows and two story homes as well. In general, prices range from the mid $250,000s up into the $700,000s. There are lots of tree lined, family friendly streets with homes sitting on nice large lots. In other words, there is something for everyone’s tastes and budget.

A quick video tour is here: https://youtu.be/dZuTLnyP92I

A quick look at Osgoode’s 2015 real estate market can be found here:https://youtu.be/5VK0Zrhjqbg

Ask for the Beardsley Team, we are your local agents serving Russell, Metcalfe and Osgoode and the surrounding area and communities.

Visit our web site www.beardsleyteam.ca for all your real estate needs or give us a call at 613-897-6839.