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