There are a myriad of factors to take into consideration when purchasing a home in Ottawa such as real estate market fluctuations, closing costs and mortgage rates.The purchase of a house is both financially and emotionally complex, yet thrilling at the same time. Homebuyers can ease their home purchase by saving for a down payment and improving their credit. In addition, government programs may provide assistance for their mortgage.
Experts expect Ottawa’s housing market to remain resilient despite challenges, with stronger growth expected in more affordable neighborhoods like Orleans, Kanata and Stittsville and Barrhaven/Riverside South.
One of the largest closing costs is land transfer tax, which applies when selling residential property and can add thousands of dollars. You can reduce this expense by looking for homes in urban areas; alternatively, there may be ways of cutting costs by consolidating down payments and closing costs into one payment plan.
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Source: cleantechnica - 🏆 565. / 51 Read more »