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Ottawa Homes for under 380K

Ottawa Homes Listed for Under 380K

 

A list of all the homes currently listed in Ottawa for under $380,000. Many of these homes are great for an investor, first time home buyer or down-sizers.

 

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For sale $349,900
17 RICHER STREET, crysler, Ontario

17 Richer Street

Crysler, Ontario

2 Bedroom 2 Bathroom
Exit Realty Matrix
For sale $374,900
1 NATURE STREET, casselman, Ontario

1 Nature Street

Casselman, Ontario

2 Bedroom 2 Bathroom
Exit Realty Matrix
For sale $299,900
505 ST LAURENT BOULEVARD UNIT#654, ottawa, Ontario

505 St Laurent Boulevard Unit#654

Ottawa, Ontario

2 Bedroom 2 Bathroom
Royal LePage Team Realty
For sale $185,000
282 PINE STREET, sudbury, Ontario

282 Pine Street

Sudbury, Ontario

5 Bedroom 3 Bathroom
RE/MAX Hallmark Realty Group
For rent $2,380 Monthly
133 NAMASTE WALK, nepean, Ontario

133 Namaste Walk

Nepean, Ontario

4 Bedroom 3 Bathroom
Royal LePage Team Realty
For sale $339,000
665 EAGLE STREET, rockland, Ontario

665 Eagle Street

Rockland, Ontario

3 Bedroom 3 Bathroom
RE/MAX Affiliates Realty Ltd.
For sale $319,000
4973 COUNTY 31 ROAD, morrisburg, Ontario

4973 County 31 Road

Morrisburg, Ontario

3 Bedroom 2 Bathroom
Coldwell Banker Coburn Realty
For sale $308,900
49 JARDIN PRIVATE UNIT#337, ottawa, Ontario

49 Jardin Private Unit#337

Ottawa, Ontario

2 Bedroom 2 Bathroom
Exit Realty Matrix
For sale $319,000
269 PENESHULA ROAD, mississippi mills, Ontario

269 Peneshula Road

Mississippi Mills, Ontario

3 Bedroom 2 Bathroom
Century 21 Explorer Realty Inc.
For sale $209,000
270 LORRY GREENBERG DRIVE UNIT#302, ottawa, Ontario

270 Lorry Greenberg Drive Unit#302

Ottawa, Ontario

2 Bedroom 1 Bathroom
Royal LePage Team Realty
For rent $2,600 Monthly
428 SPARKS STREET UNIT#1107, ottawa, Ontario

428 Sparks Street Unit#1107

Ottawa, Ontario

1 Bedroom 1 Bathroom
Coldwell Banker Sarazen Realty
For rent $1,375 Monthly
39 SENATORS GATE, perth, Ontario

39 Senators Gate

Perth, Ontario

Cottages Unlimited Realty Inc.
For sale $379,500
2 NATURE STREET, casselman, Ontario

2 Nature Street

Casselman, Ontario

3 Bedroom 2 Bathroom
Exit Realty Matrix
For sale $289,900
203 CATHERINE STREET UNIT#1804, ottawa, Ontario

203 Catherine Street Unit#1804

Ottawa, Ontario

1 Bedroom 1 Bathroom
Coldwell Banker Sarazen Realty
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Finding the right home for you!

When you dream of your dream home, what do you see? Each of us has a vision of what it will be, but getting as close to that vision as possible is a practical, step-by-step process that begins with finding a REALTOR®. A REALTOR® is your best ally throughout the home buying process. He or she can provide expert advice and help you determine how much you can afford, what kind of home you can buy in that price range, and where it may be located.

You’ve no doubt heard the phrase: location, location, location. That’s because it’s the most important factor in making any real estate purchase. To find the right location you must think of where you want to live both in broader terms and in more detail. First of all what type of area do you want to live in?

Urban: Urban communities offer the broadest range of housing types, but generally at higher prices than similar-sized homes in non-urban locations.

Suburban: The suburbs are typically made up of newer neighbourhoods, schools and shopping centres. Prices may or may not be lower than those of the central city, but you often get more square footage, larger rooms and bigger lots.

Smaller towns and cities: A slower-paced lifestyle and lower taxes and housing prices are often big draws to Ontario’s smaller communities. There are fewer types of homes available and the number for sale could be limited.

Rural: A stream flowing over a few acres sounds appealing and your housing budget will often buy you more in a rural setting than any alternative above.

Features Once you’ve considered the broader location options above, it’s time to think about the features you need and want in a home. Prepare a shopping list. How many bedrooms and bathrooms? One or two-car garage? Large backyard or small? List the features you are looking for as needs or wants.

Comparing homes and locations Now you want to match the type of home you’d like with the location. Start reading the real estate ads in local newspapers and REALTOR®-produced publications. These ads will give you an idea of the communities that best match your criteria for home and location. Drive through the communities that are likely candidates.

Check out the types of homes available, how well the neighbourhoods are maintained, the availability of schools and shopping, recreational and religious facilities. Be aware of drawbacks: highway noise, train tracks, airports and large industrial centres. Drive through the neighbourhoods at different times of the day.

Attend open houses in the areas you are exploring. You’ll begin to understand which best suit your needs and which are in your price range.

Open houses also provide an excellent chance to meet the REALTORS® hosting the events. Chances are that you’ll select a REALTOR® from among those you meet at these open houses.

You’ll find the services of a REALTOR® invaluable in helping you locate the home that’s right for you.

Source: Ontario Real Estate Association

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Marketing Your Home

More than Just a Sign on the Lawn

If you’re thinking of selling your home in the near future, you may think that all that’s required is a “for sale” sign strategically placed on your front lawn — but any real estate professional will tell you there’s much more to it than that.

While a sign on your lawn is of paramount importance to the sale of your home, a well-thought-out marketing plan is also essential. Your REALTOR®, of course, is another vital component in the process, and one of the first things he/she will discuss with you is a marketing strategy designed to give your home maximum exposure.

Keep in mind that effective marketing of your home requires a lot of communication between you and your REALTOR® and there are several things you can do to make sure your home gets the best possible exposure.

Be Candid with Your REALTOR®

First of all, disclose everything you can about your property and the neighbourhood in general. This information will help your REALTOR® a great deal and he/she can choose how and when this information can be related to prospective purchasers. For example, there may be something about your home or the area you live in that you may take for granted, but that characteristic could be a major selling point for your home — such as its close proximity to local schools and recreation facilities.

It’s also wise to be candid about any potential drawbacks as well, so both you and your REALTOR® can be realistic in arriving at a suitable list price. Where possible, your REALTOR® is likely to have some suggestions as to how these problems can be improved upon.

As well, your REALTOR® may notice some serious flaws in you home or even some basic elements that are missing. They may not bother you, but could work to your detriment when it comes to selling your home. As a result, your REALTOR® is likely to make helpful, reasonable recommendations that will enable you both market your home successfully. It’s important to keep an open mind and follow his/her advice.

Operating Costs

It’s also a good idea to have information on hand that will give the REALTOR® an idea of the costs of running your home — annual heating bills, along with documentation of any recent major repairs or upgrades — such as a new roof or new wiring or plumbing. These can be very effective marketing tools.

Open House

Your REALTOR® will also tell you that an open house can be another effective marketing tool. While some homeowners are adverse to this idea, it’s one you should discuss with your REALTOR® if you really want your home to receive maximum exposure to interested buyers. During an open house or prearranged showings, it’s a good idea to make sure that you and any other members of your family (including pets) are absent. Many buyers are intimidated by the presence of homeowners and tend to rush through a home as a result.

Clean and Clutter-Free

Before any showing or open house, it’s imperative to make sure your home is clean and uncluttered — both inside and out. Get rid of junk (don’t forget the garage) and any unpleasant odours from smoke, cooking or pets. A neat exterior is inviting and a clean and neat interior just makes good, plain marketing sense.

Consider having your home painted. It’s a relatively inexpensive way to show it in its best light.

Financing and Closing

Financing is another area where you may be able to help market your home more effectively. You can make your home more attractive to some purchasers by taking back a mortgage. It’s an excellent marketing tool, especially if you’re trading down to a less expensive home.

Flexibility on the closing date is another important factor in the successful marketing of a home. Real problems can arise when vendors and purchasers can’t agree on a closing date. Again, it’s important to work with your REALTOR® and listen to suggestions. Some deals are lost simply because the vendor and purchaser can’t agree on a closing date.

Stay Informed

Your REALTOR® should keep you informed by following up after each showing and providing you with a weekly update on how the marketing of your home is progressing. By the same token, if you have any questions or ideas, don’t hesitate to share these with your REALTOR®.

You’ll find that a team effort, combined with a realistic approach will help you market your home much more effectively.

Source: Ontario Real Estate Association

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Don’t forget closing costs!

Don’t forget closing costs when buying a home

Despite the low cost of carrying a mortgage these days, you should keep in mind “closing costs” in addition to your down payment for that dream home.

These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major “closing costs.”

  • Legal fees: Since a lawyer is an essential part of your home-buying team, the work provided involves fees. Most legal fees include searching the title of the property, arranging a property survey if necessary and handling other disbursements as required.
  • Mortgage insurance and application fee: For any high ratio mortgage, which is any mortgage in which 75 or more per cent of the house’s purchase price is covered by the mortgage, the lender requires mortgage insurance.
  • Mortgage broker’s fee: A mortgage broker may charge a fee to set up a mortgage for you. In some cases the fee may be included with the legal fees if your lawyer arranges the mortgage, or included in the lender’s fees if you deal directly with a lender such as a bank.
  • Property insurance: This insurance covers the replacement value of your home and its contents. Most mortgage lenders will require proof that you have this insurance before processing a mortgage.
  • Home Inspection: A professional home inspector knows what to look for and can confirm or add to the information you’ve gleaned from the REALTOR® or your inspection. Basic inspections on most houses are usually in the $150 to $300 range.
  • Land transfer tax: Anyone buying property inOntario must pay a land transfer tax. It usually runs between 0.5 to two per cent of the home’s purchase price, depending on that price.
  • GST: GST is payable to some degree on the purchase price on all new homes, although partial rebates are available on the purchase of most homes. A resale residential home is usually exempt from GST. Various other closing fees, however, do involve payment of GST.
  • Extra charges: You may also be required to pay the costs of such things as heating oil in the tank, or other costs incurred by the seller, but included with the house, prior to the closing day.
  • Hook-ups: There may be hook-up charges required for appliances and services such as telephone, TV cable, hydro and other utilities.
  • Moving costs: Don’t forget the basic costs involved in moving from your old place into your new home, particularly if you use a professional moving company.

A REALTOR® can explain further details on closing costs. Just remember to add them to your financial plan when saving to buy a home.

Source: Ontario Real Estate Association

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Arranging your mortgage.

Arranging your mortgage doesn’t have to be a baffling experience

Buying a home today is an extremely attractive proposition. Interest rates are at their lowest in decades and the housing market is full of homes to suit just about any budget or family requirement. Still, you’ll inevitably have to deal with financing and this will mean taking on a mortgage.

Sorting through the numerous mortgage options available to today’s home buyers can be intimidating for everyone from first-time purchasers to long-time owners. The rules seem to change constantly and there’s a smorgasbord of terminologies to learn.

Fear not–the basics are fairly simple and there are a host of real estate professionals more than willing to help, with your REALTOR® and bank’s mortgage specialist at the top of the list.

Nonetheless, you’ll want to at least familiarize yourself with the mortgage process, how to arrange one and the different financing strategies involved.

First, it’s necessary to know exactly which kinds of institutions will lend you money. Banks and trust companies lead the pack, but credit unions and private lenders also offer funds.

There’s also an option to consult a mortgage broker. Brokers have access to a wide variety of lending sources, including domestic banks and trust companies, but they can also employ other alternatives such as pension funds, real estate syndicates and foreign banks.

You may also find yourself in a situation where you can ‘assume’ an existing mortgage held by the seller. Advantages of assuming a mortgage are that you can speed the buying process due to reduced paperwork and save money in lower legal fees and closing costs. A disadvantage is that the current lending rate may be less than that of the assumed mortgage.

Now that you have an idea who will lend you money, you’ll need to know the different kinds of mortgages that are offered. The most common by far is the ‘conventional mortgage.’ Lenders will loan you up to 75 per cent of the appraised value or purchase price of the property (whichever is lower), and you must come up with the remaining 25 per cent yourself. Many people save specifically for this purpose, but in some cases, alternate or ‘secondary’ financing maybe available.

A ‘high-ratio’ mortgage is one alternative if you don’t have the 25 per cent down payment. These are available for up to 95 per cent of the appraised value or purchase price of the property (whichever is lower) to a maximum set by government regulation. The proviso is that high-ratio mortgages must be insured, and the cost, from one to three percent of the mortgage amount, falls to you.

‘Variable-rate’ mortgages are usually offered for both conventional and high-ratio mortgages. Typically, your monthly payments remain fixed for the term, while the interest rate fluctuates with economic conditions. This means that if interest rates climb, you’ll be paying more per month in interest. If rates drop, you’ll then be paying more off your principal. Conversely, ‘fixed rate’ mortgages maintain the same rate of interest over the entire negotiated term.

There are some other concepts to become familiar with that will impact your mortgage and financial well-being.

Amortization refers to the time period in which the mortgage is assumed to be paid. A common amortization period is 25 years. This means interest and principal payments are set as if you were paying the amount borrowed over a 25 year payment schedule. Obviously, the shorter the amortization period, the less interest you will pay.

Prepayment privileges are very important for borrowers to consider. These arrangements allow you to pay money against the principal, reducing the total amount of interest you’ll ultimately pay.

Open mortgages generally denote those that allow prepayment with few restrictions, while closed mortgages carry no prepayment options.

Don’t be daunted by the many concepts and terms regarding mortgages. Arranging one isn’t that difficult–all it takes is a little brushing up on your part and the experience and advice of a good REALTOR® or mortgage professional.

For more information on buying or selling a home, contact the Ontario Real Estate Association at 1-800-563-HOME for a free copy of the How to Buy Your Home or How to Sell Your Home book.

Source: Ontario Real Estate Association