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How to buy a house and have a life, too Courtesy of the Ottawa Real Estate Board Jan. 21/2010 Anyone who has so much as dipped a toe into the real estate market knows that buying a home can be a time-consuming effort. Determining what kind of home you want, figuring out your budget, investigating neighbourhoods, searching for homes that interest you, booking appointments, visiting Open Houses, and arranging financing can seriously eat into your spare time (and your not-so-spare time, for that matter). It can be a daunting prospect, especially for first-time buyers. Working with a real estate professional can simplify your home-buying process immensely. Here are just a few of the things that he or she will look after on your behalf: • finds homes that meet your needs and wants • arranges viewing appointments and accompanies you to showings • provides you with information about comparable properties so you get a clearer picture of what you should expect to pay for a given home • when you’re ready, writes up your offer and presents it to the sellers • negotiates on your behalf to reach an agreement Think of these as things you could do on your own, but that would take up a lot of your time and energy and might not be things you feel comfortable doing. Real estate professionals are welleducated about the laws governing the sale and purchase of real property, and many of us focus specifically on working with buyers. We can help you get from the start of your home search to the closing date smoothly and efficiently. While you’re in the process of buying that first home, it’s important to take a hard look at your budget and lifestyle when determining how much you spend on it. Be realistic. Leave room in your monthly budget for emergencies and small luxuries. That may mean buying a different home than the one you’ve always envisioned, but how many of us want to be so “house poor” that we can’t afford occasional treats like dinner out or a new pair of shoes? There are plenty of well-appointed homes at many different price points in and around Ottawa, and a real estate professional can help you find the ones that fit your budget. Remember to also plan for closing costs, new furniture and any appliances or renovations your new abode might need. Your real estate professional can help you figure out how much to set aside for these items. You can also take advantage of tools such as the federal Home Buyer’s Plan, which allows firsttime homebuyers to withdraw up to $25,000 from their RRSP to put towards their down payment. That’s $25,000 per person, so if you’re buying a home with a spouse, you can each withdraw up to that amount from your retirement savings. First-time homebuyers are also eligible for a Land Transfer Tax rebate of up to $2,000 from the province, no matter whether you’re buying a resale home or one that’s newly built. So if you’re ready to become a homeowner, jump right in – with a real estate professional at your side to help make the process much less daunting. Call or email Ian Ponting 613-830-3350/613-222-2662 or ian@royallepage.ca

Why Home Insurance Can Help Keep Peace of Mind By Ian Ponting For many families, purchasing home insurance translates into peace of mind. However, selecting the right type of insurance that covers all needs is often a challenge. There are many types of insurance policies available; ranging from a comprehensive policy that covers all risks to “no-frills” policies that provide minimum coverage. Regardless of the policy type, annual costs can be reduced by shopping around and by asking about discounts. In most instances when securing a mortgage, the lender requires that a home become insured as soon as the homeowner takes possession. This is not only to protect the bricks and mortar, but also to ensure that the value of the property remains intact in the event of any damage. A lender may not grant a mortgage if the property is considered uninsurable. Therefore, a home’s wiring, plumbing, roofing etc. must be at a level that is acceptable to the insurance company’s appraiser. Occasionally, the cost of insurance for new homes is lower because the risk of faults developing may be less likely. It is often difficult for homeowners to determine the value of their personal property. Most homeowners seek advice and guidance from an insurance representative, but ultimately it is up to the individual to decide the value of personal possessions for insurance purposes. To help determine the value of personal property, conduct an annual inventory of items. Videotape or photograph the contents of every room in the home or write out a room-by-room list, then assign a value to every item. Include clothing, furniture and artwork, etc. For particularly valuable or fragile items or collectibles, request special coverage. Keep a note of the make, model and serial numbers of items and file receipts for any major purchases such as televisions or video recorders. For safety’s sake, store an annual inventory list off-site (in a safety deposit box or with your insurance broker). It is not wise to under-insure. Instead try to find the right balance, based on a reasonable budget that considers affordability against the items to be insured. Insurance companies charge an annual fee or “premium” for coverage and there are a number of ways to lower the premium. For example, by paying a higher deductible in the event of a claim, premiums will decrease in cost. The deductible is the amount paid for a claim before the insurance company makes the remaining settlement. Some insurance companies offer reduced premiums to seniors or if there are no smokers in the home. Homeowners can also benefit from lower premiums if the property has a monitored security system, smoke alarms or a sprinkler system. A loyalty discount can be realized if the homeowner has maintained a claims-free record for a number of years. Some insurers also offer a discount to members of professional organizations or if more than one policy is purchased. Insurance can be purchased either directly from an insurance company or from an insurance broker. Many large insurance companies sell their own policies directly to the public via advertisements or a 1-800 number. Homeowners deal with an employee or agent of the insurance company who only sell their own company’s policies. Alternatively, a local independent insurance broker can offer a variety of policies and prices from a number of insurance companies and will comparison shop to find the best price for the coverage required. Most of us will never lose our homes or all we own to fire, water or theft, but we know it could happen. Paying an annual insurance premium is a small price to pay for security and peace of mind.

Inventory Increases, Market Balances in June [2010] Source: Ottawa Real Estate Board July 6, 2010 July 6, 2010 : Inventory Increases, Market Balances in June [2010] Members of the Ottawa Real Estate Board sold 1,615 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,897 in June 2009, a decrease of 14.9 per cent. Of those sales, 418 were in the condominium property class, while 1,197 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. “For the first time in 2010, inventory increased year-over-year in June, by almost six per cent. The Ottawa housing market is now moving towards balance, rather than the seller’s market we have been in for most of the past year,” said Board President Pierre de Varennes. “Sales last month were very close to the five-year average for June, so what we see here is a return to the stable, steady market conditions that Ottawa tends to experience. Home sale prices continued to grow at a healthy rate in June,” he added. The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $326,572, an increase of 6.4 per cent over June 2009. The average sale price for a condominium-class property was $256,969, an increase of 8.3 per cent over June 2009. The average sale price of a residential-class property was $350,878, an increase of 7.4 per cent over June 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.