inspecting a new home

8 Things You Should Check When Inspecting a New Home

When buying a new home, you’ll want to check for red flags that could indicate future problems. Your inspection is critical to finding anything that might be hidden or overlooked by less diligent buyers. However, with new technologies and home design strategies being used more frequently, the modern inspection process differs from what buyers have come to expect in previous years. Today’s inspectors are trained professionals who understand how various factors impact the home from both inside and out. No matter your inspector, there are some things you should check. This will help you make an informed decision about any issues that may need to be addressed before moving forward with your purchase. Check out these 8 things you should check when inspecting a new home…

Licensed and Certified Inspectors

All states require that home inspectors be licensed, but this is not a requirement for home builders or appraisers. A licensed inspector is held to a higher standard than an unlicensed person because they have demonstrated a commitment to quality and integrity in the profession. In addition, the inspector’s insurance company may require that he or she have a state license to inspect your home. For example, in Texas, an inspector must have a license to inspect new homes under construction, additions, or repairs that exceed $5,000. A certified inspector will have undergone extensive training, including instruction on the building codes and safety issues that affect the home and its inhabitants.

The Exterior of the Home

The exterior of the home can indicate a lot about its condition and its maintenance level. It can also give you insight into how well it was built. Some things to look for include:

– Curb appeal: A well-constructed home will have a good curb appeal, while a shoddily built one will not. Check for things like uneven levels, poor attention to detail, and other things that should be fixed.

– Excessive wear: If the siding is peeling, the windows are cracked, or the paint is old and cracked, the home may be due for replacement.

– Structural integrity: Make sure the walls are plumb, the roof is not sagging, and there are no signs of structural damage.

The Roof

Asphalt shingles can last up to 20 years. Wood shingles last about 15 years, depending on the quality and maintenance. Next, inspect the roof’s condition, including the type of roofing and any signs of damage. If the roof is nearing the end of its life span or there are other concerns, it may be a good time to negotiate with the seller to replace it.

Windows and Doors

The windows and doors can tell you a lot about how well the home is insulated. If they are not up to modern standards, they could be a significant energy loss. Check the following:

– Are the windows and doors level? Evenly spaced? In good condition? If not, they will need to be replaced, which could be a costly project.

– What type of windows do you have? If you have older single-pane windows, you will likely want to replace them with newer, more energy-efficient models.

– Are the doors and frames insulated? What type of insulation do they have? Again, this could be an energy loss.

The Foundation

The biggest potential issue with the foundation is a structural defect that is not evident on the surface. Check for cracking and other signs of foundation issues.

– Are you on a hill or a slope? If that could affect the foundation, it could indicate a problem.

– What is the soil like? If it is loose soil, it could indicate a problem.

– Are there any indicators that the water table is close to the surface? If so, there could be a problem.

Interior Walls and Ceilings

While you can’t see the foundation, you can see inside walls. Check for the following to get an idea of the home’s condition and maintenance level.

– Do the walls have cracks? Are they uneven? Are they plumb? If so, you may need to have them repaired or repainted.

– Are the walls consistent in their finish? If not, it could indicate repairs that were done badly.

– How are the electrical outlets and light switches mounted? Are they level? If not, that could indicate a need to repaint.

Electrical Systems

The electrical system is the heart of the home. If there are excessive or loose wires, it indicates a potential problem. Check the following items:

– Is the electrical panel mounted level? If not, it could draw in pests and cause a potential fire hazard.

– Are there any loose wires? If so, that could indicate a problem.

– Are the breakers properly sized? Excessively large circuit breakers could indicate a problem.

The Water Heating System

The water heating system is another important component of the home. You can check the following:

– Is the water heater mounted level? If not, it can cause damage to the unit.

– Is the water pressure in the house consistent? If not, it could indicate a problem.

– Are there any loose connections? Loose connections can cause a variety of issues, including decreased flow.

Summary

These are just a few things you can check when inspecting a new home. It will help you make an informed decision about any issues that may need to be addressed before moving forward with your purchase.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Should You Renovate or Relocate Your Home

Should You Renovate or Relocate Your Home? What To Consider Before Making a Decision!

Do you feel like your house has lost its charm and looks old and outdated? If so, it’s time to consider either renovating your home or finding a new place to live. Both of these options can be overwhelming and require significant time, effort and money. However, with the right planning and advice, you can make the right choice for you and your family. Here are some things to think about when deciding whether to renovate or relocate your home:

Decide what you want to change about your home

If you’re planning on renovating your home, start by deciding what you want to change. Are you looking to add more space to your home? Do you want to change the layout? Do you want to add a new bathroom or kitchen? How much you’re able to change your home will depend on the type of renovation you’re doing. For example, if you’re looking to build a new addition to your home, you’ll be able to do whatever you want with the design and layout. However, if you’re looking to remodel your kitchen, you’ll have a lot less freedom. You’ll need to work within the existing layout of your home and the types of materials used in the construction.

Consider how much you’re willing to spend

As with any major project, you’ll need to consider how much it’ll cost. You’ll need to factor in costs like the price of materials and contractors’ rates. You’ll also need to consider the cost of moving if you’re looking to relocate. Where you live will also have an impact on how much it’ll cost to renovate or relocate your home. For example, it will cost significantly more to renovate or relocate in a major city than it will in a small town. Whatever you decide to do, it’s important to have a realistic budget in mind so you don’t end up spending more than you can afford.

Think about where you’d like to live instead

Before you consider renovating or relocating your home, you should think about where you’d like to live instead. You need to consider factors like the quality of the neighborhood, your commute to work and the local school system. It’s important to find a place that is right for your family. If you’re planning on relocating, you’ll need to do some research to find places that might be right for you.

Find out how much renovating will cost

There are many factors that will impact the cost of renovating your home. Some of these include the type of renovation you’re doing, the materials you’re using and whether you need to hire contractors. If you’re doing a small renovation like adding a new bathroom or updating the kitchen, you could do it yourself or hire a contractor for a fairly reasonable price. However, if you’re doing a major renovation like adding a new floor or building an addition, it’s going to cost a lot more.

Discover the pros and cons of relocating

If you’re considering relocating, you should first explore the pros and cons of this decision. Some of the pros of relocating include:

– You’ll have more choice as to where you live: If you’re looking to relocate, you’ll have a lot more choice as to where you’d like to live.

– You may be able to find a larger home at a lower cost: If you’re looking to relocate, you’ll likely be able to find a larger home at a lower cost than if you’re renovating.

– You can avoid the hassle of a major renovation: If you’re planning to move, you won’t have to deal with the hassle of a major renovation.

The Bottom Line

When deciding whether to renovate or relocate your home, it’s important to consider all of your options. This will help you make the best decision for you and your family. Remember, it’s important to consider factors like the cost of renovations and the cost of moving as well.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Ottawa Real Estate and Capital Mortgages. Best Ottawa Broker

Ottawa Real Estate

Ottawa Real Estate: Best Ottawa Houses and Condos to Buy

You want a mortgage broker to help you understand the ins and outs of purchase financing — whether it’s your first home or you are a repeat buyer.

Understanding the Ottawa Real Estate Market

Remember how I said it was a good idea to find a mortgage broker in your area? You need to find someone you can trust, who has the experience to find you the perfect mortgage and can talk your way out of a tricky situation. We recommend Capital Mortgages as a very trustworthy broker in Ottawa and you can find them on this website. Getting Approved for a Mortgage. You want to find a lender you can trust and feel comfortable talking to. When you first become a homeowner, you want to be your own independent lender. It’s your money!

How Do I Buy a Home?

Step 1: Find a House to Buy. The first step to buying your first home is to find a house to buy. Ensure it is within the budget you think you can afford.

The Process of Buying a House

The mortgage process starts with your loan application. If you are buying your first home, it’s typically a short, simple application, and with many lenders, your application is completed online and submitted by mail. With less than two weeks to go before closing, you’ll meet with your mortgage lender, or “servicer,” in person and sign the loan papers. The Mortgage Debt After you’ve signed the loan papers, you’ll be able to close on your mortgage loan, including the last few moving expenses and stamp duty you paid for the home, over the phone. You’ll be required to provide any additional paper work and pay the administration fees.

Tips for First-time Buyers

When to buy your first home? Buying your first home is a special event that has lots of considerations and should be handled in an organized way. As a first-time buyer, you have a lot of big decisions to make, and don’t want to make the wrong ones.

When to sell your first home? If you are getting ready to sell your home, you have a few more considerations to deal with. Before putting it on the market, make sure the place is in good condition and ready to go. A few fixes can help make sure you get the best price for the home you have worked hard to own.

Checklist for First-time Home Buyers. There are some important questions to consider before you start your first home search. We’ve asked four of our real estate experts to give us their advice for a good checklist.

Buying a Condo

Finding the best condo condos in Ottawa is a difficult task. It’s complex and you need an understanding of a variety of factors, including property taxes, unit fees and condo board meetings. Here’s how it breaks down: Condos priced below $300,000 are few and far between in the City of Ottawa and may need to be bought in a house or apartment complex or purchased in a multi-unit development, like an apartment or a townhouse. These houses or apartments are often near train stations, making access and commuting to work easy. Depending on your budget, there are many options.

A Mortgage Broker’s Role in Real Estate

Like a good parent, your mortgage broker will be your guide and your teacher. He/she will help you take advantage of the many benefits of having a mortgage. These benefits include: The income-earning potential of your mortgage. Freedom from monthly house-related expenses. Potential for growth in capital gain potential the power to customize your mortgage terms. How Much You’ll Pay in Mortgage Interest. Most experts agree that the mortgage interest rate is the most important factor in calculating your borrowing cost. The annual percentage rate (APR) is the amount you will pay annually on your mortgage payment. However, it’s important to note that there are several ways to calculate how much interest you will pay on your mortgage.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

 

Capital Mortgages Inc has been serving the community since 1999 with over 4 billion dollars in mortgages placed. New Home

What to Consider When Buying a New Home

Here at Capital Mortgages we can help you with all your housing needs including questions related to buying a new home. Please read the blog below to get a better understanding of items when you are ready to purchase.

The Process

Whether it’s moving houses or starting a new job, it’s always a very difficult and uncertain thing to do. Being used to a specific location and knowing where your friends and family are, are the primary reasons that you’d want to move house. You also look for nicer houses or newer options than you’ve seen before, to enjoy the most out of your next experience in life. Of course these things aren’t guaranteed to happen, but you can easily take the decision to move houses with a few guidelines and planning.
Looking for a House? Let’s look at the whole thing from the beginning:
How can you find a house to buy? It depends a lot on where you are from, where you currently live or the exact reason that you are looking for a new house.

The Paperwork

The process of purchasing a new home involves lots of documents. Most of these documents will be reviewed and handled by your lawyer. It is always good to understand that some of these documents do incur a fee. Some of the main documents are:
Purchase agreement, MLS, Insurance Ryder, Certified Cheque to cover balance of down payment, lawyer costs, disbursements and land transfer taxes if applicable.
Each province and brokerage may have additional documents.

Neighbourhood

How are the neighbours? Is the community friendly? What’s the crime rate? Is there a good playground? The neighbourhood will impact how well you can do your daily activities, your family life and your work. If you are looking for more space, if you work from home and you have other children, what about the schools and bus services?
If you’re looking for a new community with good schools, shopping facilities and a great atmosphere, read on. Quality Are you looking for a 2 storey house or a 3 storey house? Is it large or small? What is the floor plan? Does it have double doors in the living room? What about stairs in the kitchen? As well as the kitchen design, there are other design aspects to consider like how good are the cabinet finishes, the colour schemes and the staircases?

House Features

Before making a big purchase you need to have a full understanding of the features that are included. For a start make sure the home you are looking at meets the minimum energy ratings of ENERGY STAR and GCF. While it’s great to look at the lighting and shading options of the home it is vital to have the ability to control these. Energy Star houses have an outside valve fitted which can be controlled by your mobile phone. This is an important feature because it will save you money on your energy bills by reducing the use of heaters and air conditioning. Make sure the home you’re looking at is energy efficient because you will save a fortune and help protect the environment. Another thing to consider is the number of bedrooms.

Conclusion

When choosing to buy a home, there are lots of considerations that you need to consider. For the best housing experience for you and your family, you need to make sure you consider the following when deciding where you want to buy a new home. What is your budget? You need to think about how much you want to spend and also how much you can afford to spend when it comes to buying a home. What is your ideal home style? Are you looking for something big, small, traditional, modern or modern country? If you choose a home style you aren’t really comfortable with it will become difficult for you to make it your home. Asking the right questions will help you in your decision making process. We are here to help with the most informed information and advice on different aspects of buying a home.

Contact us today.

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Home Renovations That Can Increase Your Property’s Value

Thinking of selling your home? Lucky for you, Ottawa is currently experiencing a resounding seller’s market, with the average price of homes sitting at a historical all-time high. To generate even more income from the sale of your property, why not consider some of the following renovations to increase its total value?

Finish your basement

This is a great way to add more heated square footage to your home and increase your home’s value by about $50,000 on average.

Open up your floor plan to create space

Today’s buyers prefer open concept living spaces that combine the kitchen, living room and dining room. Invest in knocking out the walls between these spaces to create a wide-open, inviting room that will attract potential buyers.

Increase closet space

Living in Canada with four seasons, extra closet space for seasonal wardrobes is always welcome! 

Modernize kitchens and bathrooms

You don’t necessarily have to completely overhaul your home’s kitchen and bathrooms, but a minor remodel that will modernize them by incorporating new cabinet fronts or hardware will instantly boost your home’s value.

Improve your home’s curb appeal

A new front door, clean landscaping and nice outdoor lighting fixtures are just some of the ways that you can wow potential buyers when they first see your home. These are quick, easy improvements that greatly boost your home’s physical appearance upon first glance.

Replace carpets with hardwood floors

Carpeted floors are a thing of the past! Modern buyers are interested in hardwood floors throughout the house and will add in their own accent rugs to warm up a space.

Redo the roof

If your home is due for a new roof, replacing yours can recover 107% of its cost at the time of resale and will set your property apart from similar homes for sale in the neighbourhood.

Install a smart thermostat

These types of thermostats can adjust your home’s energy consumption and lower your utilities costs. They’re currently ranked as one of the three most-wanted home technologies by prospective buyers.

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Why is Buying Property More Financially Savvy Than Renting?

There’s no denying it – owning a home in today’s incredibly competitive real estate market can be daunting. From bidding wars to the highest property prices in history in Ottawa, it can seem like much more comfortable of a bet to rent. However, there are some undeniable benefits of buying property – read on to find out why it may be a better choice.

1. You’re building equity

Each payment you make towards your mortgage is putting money in YOUR pocket, not somebody else’s! Granted, the first few years of your mortgage payments will go in part towards interest, but at the end of the day you’re still building equity and increasing your net worth.

2. You gain privacy and the freedom of choice

Not a fan of your kitchen? You can renovate! Feel like painting your walls in a bright color? Nobody is stopping you. Owning a home means that you have the option to decorate and make changes to it as you please. You’ll also get to avoid visits from landlords, or having to play by anybody else’s rules (unless you live in a condo, in which case you’re required to follow the building’s guidelines). 

3. Your property will likely increase in value

At the rate that the Ottawa property market has been accelerating, the same home that you bought for $600,000 today will likely be worth more in even just a year. This means that if you choose to sell, you get to keep the capital gains on your property, minus any applicable tax.

4. Your monthly mortgage payments will sometimes be cheaper than renting

Depending on a variety of factors such as your neighborhood, the cost of your property, and the cost of your property taxes, your mortgage payments will sometimes be cheaper than renting the same home. Even if your monthly mortgage payments when factoring in additional costs ends up being higher than the cost of rent, know that you’re guaranteed to be paying a fixed amount per month for years to come – unlike renting, where a landlord can easily spike the price.

If you’d like to crunch the numbers and figure out if buying a home is worth it for you, don’t hesitate to give us a call today at 613-228-3888 to speak to a mortgage broker.

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Best Ottawa Neighbourhoods To Buy In As A First-Time Homeowner

Property prices in Ottawa neighbourhoods have been on the rise for years, with the average price of home sitting at $677,197 at the time of writing. That is no small number, and one that can easily feel discouraging for a single person looking to buy their first home, or a young family just getting started in real estate. 

You can easily move further out from the city, but not everybody is open to that. There are also neighbourhoods where prices are still affordable, but that doesn’t necessarily mean that they’re areas you’d want to live in.

It’s a tricky market for sure, and one that requires lots of research when it comes to deciding what you’re willing to be flexible about, and what your non-negotiables are.

Here are ten Ottawa neighbourhoods you could consider as a first-time buyer, based on a mixture of affordability and a high standard of living.

1. Carleton Place

Located just 20 minutes past Kanata, this charming town offers a mix of natural beauty and most of the amenities you could need.

2. Kars

Right next to Manotick, this rural town is quickly developing and is right along highway 416.

3. Findlay Creek

This newer neighbourhood in Ottawa’s South end is incredibly popular with families. 

4. Kanata

If you don’t mind suburban life, this is an excellent choice. Prices are still relatively affordable, and Kanata is its own mini-city within Ottawa.

5. Stittsville

Similar to Kanata, and just slightly further out.

6. Carlington

Reasonable price points, with the convenience of being just a few minutes’ drive from the city center. 

7. Hintonburg

While prices are climbing due to its location, you can still find a great fixer-upper in this trendy neighbourhood.

8. Vanier

Yes, historically Vanier has been a rough neighbourhood. However, it’s gentrifying at an incredible pace and parts of it are surprisingly scenic due to its close proximity to New Edinburgh and Rockcliffe.

9. Hunt Club-Windsor Park

This will be quite a commute if you work downtown, but you can find beautiful, new single family homes here at an affordable price.

10. Gatineau

Ok, this isn’t necessarily an Ottawa neighbourhood – but hear us out! You can stumble upon some absolutely gorgeous properties right across the bridge at a fraction of the cost of what you’d pay on the other side of the border. It’s worth checking out.

Looking to buy a home in Ottawa? At Capital Mortgages, we will provide you with the right advice and make the application process lucid, simple, and tailored to your needs.

Connect with one of our experienced mortgage agents today!

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

What You Should Know Before Flipping A House

If you’re considering flipping a house, chances are you’ve watched a couple of HGTV episodes and figure the process is fairly straight forward. Buy a fixer-upper, give it some tender loving care and before you know it, you’ve made a sizeable chunk of change!

While the concept might seem simple, know that you aren’t necessarily guaranteed to turn that much of a profit – even if you’ve put a lot of money into the house. That being said, there is definitely money to be made in flipping homes, when done correctly. Here are some of our top tips for finding success:

Don’t skimp on location​

Your goal is to sell this property fast once you’re done flipping it. Buy in an area that you know people want to live in, and avoid speculating about which neighbourhoods are up and coming, or buying in an undesirable location purely because of the low cost of the property.

Expect the unexpected

You don’t truly know a property until you start peeling away at its layers. Always mentally and financially prepare yourself for the unknown, whether that’s mold in the bathroom or a foundation in need of repair.

Your time is worth money

​Keep in mind that all the time you spend communicating with contractors or doing the upgrade work yourself is valuable. That’s time you could be spending earning money elsewhere. It should be factored into your planning when deciding how much you’re willing to spend on a property, or sell it for once it’s flipped.

Have plenty of cash on hand

​Many new investors get ahead of themselves and buy a property without a sizeable down payment or money in the bank for repairs. It’s a dangerous game to rack up repairs on credit cards and rely on the notion that your home will soon sell and pay everything off. If you’re not adequately financially prepared, you could be in over your head before you know it.

Work with a contractor you trust

​Think of your contractor as your partner on this project. You’ll spend lots of time together and will be in constant communication. Their work directly contributes to the success of your flip, so be sure to work with someone you trust and that you know you can work efficiently with.

Follow the 70% rule

Experienced flippers follow the 70% rule when figuring out how much they want to spend on a house. ​The concept is that you should pay no more than 70% of the after-repair value of a property, then subtract the cost of your repairs. If the home is worth $200,000 and needs $30,000 in repairs, you should pay no more than $110,000 for it. ($200,00 x 0.70 = $140,000 – $30,000 = $110,000)

Stay neutral

​Try not to let your emotions cloud your judgement when flipping a home. Your goal is to sell this property, not live in it – try to look at everything objectively and from a financial perspective!

 

Do you have additional questions about securing a mortgage to flip a home? Give us a call at 613-228-3888 today.

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Renting Vs. Owning – What To Know Before Buying Your First Home

Chances are, you’ve heard from countless people that owning a home is the best financial decision you can make. By investing in property, you’re accumulating net worth over time. By renting, you’re “throwing money out the window”. 

Although people will always need a place to live, which costs money regardless,  there are definitely a few major upsides to owning property.

Renting offers tenants flexibility, predictable monthly expenses, and the peace of mind of knowing that somebody else will cover the cost and time needed to make any necessary repairs to the property you’re living in. You don’t have to worry about the sudden cost of replacing a new roof, and your biggest concern is whether your landlord will sell the property or increase your rent at the end of each lease term. 

On the other hand, home ownership provides you with the coveted opportunity to build long term equity, a sense of stability, and a feeling of belonging to your community. It provides you with the freedom to renovate to your heart’s content, the ability to grow your net worth within a secure investment and the future potential to earn rental income and pay off your mortgage faster by renting out your basement, or a spare room within your home.

There is also the added possibility of your home increasing exponentially in value over several years. We’ve seen this at an increasing pace in Ottawa, with the value of local homes skyrocketing within even the past year. This means that you could easily have bought something at $400,000 just a year or two ago, and now be able to sell it for $550,000 in the current bidding war climate.

Do note that your new home will come with several expenses in addition to your mortgage before making the decision to buy. Some of these expenses include: transactional costs, property taxes, garbage removal, water and sewer service, repairs and maintenance around the house, pest control, landscaping, homeowners insurance and mortgage interest. However, pretty soon you’ll be chipping away at your principal payments and eventually, will own your home outright – putting several hundreds of thousands of dollars in your pocket!

Choosing whether to rent or buy is a unique decision that will be different for everyone depending on their lifestyle and personal preferences. Our team has the knowledge and experience to help you make the best decision based on your needs. Give us a call today at 613-228-3888.