How to buy a house and have a life, too-

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. You can find a roster of members of the Ottawa Real Estate Board at www.OttawaRealEstate.org. Or call/email Ian Ponting. 613-222-2662 or ian@royallepage.ca

The President's Pen column was prepared by the Ottawa Real Estate Board and first appeared in the January 21, 2010 issue of the EMC community newspapers