Posts Tagged ‘first time buyers’

MPAC – ABOUT MY PROPERTY

Posted on: May 10th, 2023 by Chris Scott
What is About My Property and MPAC?
Did you know that you can look up property details of your home? You can go to https://www.aboutmyproperty.ca/ and register for an account. All you need is your tax roll number from your property taxes. You can look up your assessed property value, your square footage and even browse other homes within Ottawa.
Residential Property Assessment
MPAC assesses your property, by analyzing the sales of similar properties that have sold in your area. Based on the sales information, there are five major factors that generally account for your property’s assessed value.

  1. Age of the buildings on the property.
  2. Exterior square footage.
  3. Location of your property.
  4. Size of your lot.
  5. Quality of construction.

You can view and download the Market Valuation Report and Methodology Guide in the View My Property Details section and by selecting Reports.
View My Property Details
You can download a property profile report. This will show you the details for your property. You can also view your Property Assessment Notices and download market valuation reports and assessment methodology guides to learn how your property was assessed.
Browse Other Properties
You can browse other properties within Ottawa and surrounding areas using their interactive map.There is a limit of 100 property snapshots of up to 100 properties, you can select favourites and create, view and download customized reports with information on up to 24 properties.Get your own portal with sold listings: Our team also provides details on sold listings in your area. Simply reach out to info@chrisscott.ca with your address and we will get you setup with your own MLS to stay on top of sold listings in your neighbourhood.

 

FINANCIAL CONSIDERATIONS WHEN BUYING A HOME

Posted on: March 13th, 2023 by Chris Scott

When purchasing a home it is important to know what the extra costs will be. The projections below are an estimate of expenses involved in a typical real estate purchase. Not all of these costs* will apply in all circumstances.

LEGAL/ RELATED FEES INSPECTION COSTS
Lawyer Fee $900-$1100 Home Inspection $500-$600
Legal Disbursements $600-$800 Status Certificate $100
Prepaid Taxes or Utility Bills To be determined Septic Inspection $500
Title Insurance $270 Water Inspection $450
MOVING COSTS
Moving Company $600-$4000
Utility hook ups etc. To be determined
Change of locks $100
 
 
PURCHASE PRICE LAND TRANSFER TAX   LOAN-TO-VALUE RATIO PREMIUM RATE
$300,000 $2,975 Up to and including 65% 0.60%
$400,000 $4,475 Up to and including 75% 1.70%
$500,000 $6,475 Up to and including 80% 2.40%
$600,000 $8,475 Up to and including 85% 2.80%
$700,000 $10,475 Up to and including 90% 3.10%
$800,000 $12,475 Up to and including 95% 4.00% Traditional Down Payment
$900,000 $14,475 4.50% Non Traditional Down Payment
$1,000,000 $16,475
$1,100,000 $18,475
$1,200,000 $20,475
$1,300,000 $22,475

 

*Please note: these costs are merely an estimate and are only provided as a ballpark estimate of what to expect when purchasing a home.

TOP 5 THINGS TO CONSIDER WHEN BUYING A HOME

Posted on: February 24th, 2023 by Chris Scott

Buying a home can feel overwhelming for many. That’s why it’s so important to get the guidance of a great Ottawa Realtor. Our team can certainly help you navigate this stressful time and help make it enjoyable and stress-free.  

There are so many things to take into consideration when buying a house. Here are a few of the main things buyers need to think about as they search for a home. 

 

  • Location: The location of the house is one of the most important things to consider. Ottawa is such a spread-out city so this can be overwhelming for some clients.  You should think about proximity to work, schools, shopping, public transportation, and other amenities that are important to you. Also, consider the neighborhood and its safety, crime rate, and access to parks and other recreational facilities. A sense of community and home values are also important factors in the location. As someone who has lived all over Ottawa and sold in every area, we can certainly help narrow down the areas for you.
  • Price: The price of the house is another important factor to consider. You should set a budget and make sure that you can afford the monthly mortgage payments. Also, factor in other expenses such as property taxes, insurance, and maintenance costs. Our team will make sure that you are paying a fair price for your Ottawa home. We will search all recent sales and review them with you before submitting an offer.
  • Size and layout: The size and layout of the house are also important considerations. Think about how many bedrooms and bathrooms you need, as well as the size of the kitchen, living room, and other common areas. Also, consider if the house has enough storage space and if the layout works for your lifestyle and needs. Moving is no fun so you want to make sure your home meets your needs.

 

  • Condition of the house: The condition of the house is important to consider as well. Make sure to inspect the house thoroughly for any defects or necessary repairs. Hiring a professional home inspector to help you identify any issues that may not be immediately apparent. We can help line you up with the best Ottawa inspectors when the t

  • ime comes. We are well connected with other tradespeople such as septic and well inspectors or whatever is needed. 
  • Resale value: Lastly, it is important to consider the resale value of the house. You never know when you might need to sell the house, so it is important to think about its long-term value. Look at the real estate market trends in the area and think about the potential for the house to appreciate over time. As an Ottawa Realtor we are certainly going to help you in this regard. We know the
    market and can certainly help identify areas that are on an upward trend.

 

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