How to buy a detached single home in Ottawa under $400k
Finding the right home is never easy. For many people, it almost becomes a full-time job on its own. The right balance of distance, safety, and price is a delicate one, it’s hard to get what you want without compromising. But does it have to be?
If you keep a few tricks in mind, finding the right home for you might be easier than you thought.
Trick 1) The Transitway
There are many wonderful neighborhoods just off the transitway that may be unfairly undervalued because of the noise and hubbub people expect. But ask any resident in Queensway Terrace North or Pinecrest, and you’ll find that they’re thrilled with their neighborhoods. You can find detached single homes in these neighborhoods for as low as $350k and enjoy the added safety that the transitway provides; acting as not only a physical but psychological barrier to crime.
Trick 2) The Right Suburbs
No one likes to commute, but the right suburb can be a great place to find the right house for you if you plan it out right. The west-end of Orleans is a mere 15 minute drive from downtown. On the other hand, as the Kanata North tech hub continues to grow into Ottawa’s own Silicon Valley, it’s easier than ever for tech workers to live closer to downtown and commute against the flow of traffic every day.
Trick 3) Fixer-uppers
Renovations are a fast-growing trend in Canada for a reason. They’re the best way to add value to a house in an unpredictable high-priced housing market. If you’re looking at a house that’s below market value because it needs a little tender loving care, keep your eye out for a few things. You don’t want to skimp on a good roof, foundation, or plumbing. These are things that will keep draining your bank account if they have problems. As long as the work needed is mostly cosmetic, adding renovations onto a cheaper house could be a great way to find a great single house to live in.
Trick 4) Don’t judge a book (or home) by its cover
Many neighborhoods in Ottawa have reputations that can scare off prospective home buyers. But as the locals know, there are great family-friendly areas just blocks away such as Castle Heights or Beechwood. As students and young professionals come into these under-priced neighborhoods, reputations start to improve and the market corrects itself. Getting into one of these neighborhoods a year or two before this happens could get you a steal on a house in an up-and-coming area. Do your research, visit the area, explore a little. If it was easy, it wouldn’t be cheap.