Home Smarts - From Ottawa's New Homes and Condos Part 4

Marnie Bennett is the exclusive real estate expert columnist for New Homes and Condos. Pick up your FREE copy at news stands and distributors throughout the city of Ottawa. See below for her new column "Home Smarts" and learn everything there is to know about real estate.

Email your questions to mbennett@bennettpros.com
Or for more information on Ottawa Real Estate visit http://www.bennettpros.com/

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Marnie Bennett formed her boutique real estate marketing firm after meeting, with remarkable success, as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.

Home Smarts - From Ottawa's New Homes and Condos Part 3

Marnie Bennett is the exclusive real estate expert columnist for New Homes and Condos. Pick up your FREE copy at news stands and distributors throughout the city of Ottawa. See below for her new column "Home Smarts" and learn everything there is to know about real estate.

Seeing Beyond the Sticker Price: Additional Fees on New Homes
Published in the June 5th, 2010 issue of New Homes and Condos

Most of the homebuyers who walk into my office are savvy enough to know that a new-home sticker price is not the end of the financial story. They expect some additional fees; however, the details of those fees tend to blur together. I like to prepare my clients by outlining these costs in simple terms.

Although most builders absorb the majority of these fees, it is important to have a sense of what they are (as they can make a big difference to your bottom line). Don’t be shy: ask your builder’s representative which costs are included.

Sales Tax - Many of my clients confess to being confused by Ontario’s new Harmonized Sales Tax (HST), set to begin July 1, 2010. Until this date, 5% GST (but no PST) will continue to be applied to new homes. Afterwards, the HST, which totals 13% of the purchase price, will be applied to new homes. However, new home buyers will receive a rebate of 6% on the first $400,000 of the purchase price. It is important to note that many home builders currently include GST in the price of the home. If HST is included in the price of the home, the government rebate will be payable to the builder, not to you.

Land Transfer Tax - This provincial tax is applied to both new and resale homes. It’s somewhat of a complex structure and it depends on the value of the land. As an example, a $300,000 home will require a land transfer tax of $2975. First time homebuyers are eligible for a rebate up to $2000.

Utility & Meter Connection - These usually cost approximately $600.

Municipal Lot & School Levies - These fees, which cover a wide range of municipal services, are typically absorbed by the builder. However, any new levies that arise before closing may be passed on to you.

Tarion Corporation Warranty Fee - This mandatory warranty protects homebuyers against construction defects and failure to fulfill terms of the purchasing agreement. This is normally covered by the builder.

Legal fees - Most lawyers charge between $1000 - 1500 for their services.

Mortgage Processing Fee - Ask your mortgage institution if they will waive this fee.

Moving costs - These vary greatly, depending on the number of movers hired, possessions to be moved and distance to be traveled.

Reviewing additional costs isn’t the most exhilarating part of new home hunting. But I can assure you: the better informed you are, the happier you’ll be with your final decision.

Email your questions to mbennett@bennettpros.com
Or for more information on Ottawa Real Estate visit www.bennettpros.com

_____________________________________________________________

Marnie Bennett formed her boutique real estate marketing firm after meeting, with remarkable success, as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.

Hottest April on Record for Ottawa Resale Housing Market

Ottawa, May 5,2010 :

Members of the Ottawa Real Estate Board sold 1,841 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,591 in April 2009, an increase of 15.7 per cent. Of those sales, 425 were in the condominium property class, while 1,416 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Last month’s sales blew away the record for April, which is always one of the busiest months of the year for our market,” said Board President Pierre de Varennes. “The increased sales activity may be partially due to buyers trying to avoid the impending HST and the mortgage changes that came into effect on April 19, but also demonstrates that consumers feel confident about our local economy,” he added.

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $332,979, an increase of 11.6 per cent over April 2009. The average sale price for a condominium-class property was $254,220, an increase of 17.4 per cent over April 2009. The average sale price of a residential-class property was $356,617, an increase of 11.7 per cent over April 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of 2,590 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca.

Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

For more information on the Ottawa Real Estate Market visit our website at www.bennettpros.com

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

View From the TOP - No. 1 Sales Team in the Ottawa Market

MARNIE BENNETT IS ONLY LOOKING UP
Published in the May/June issue of outfront magazine, A publication of Keller Williams Realty, Inc.

What does it take to become the top-producing team for Keller Williams Realty? Marnie Bennett, associate with the Ottawa market center and Ottawa’s 2009 Businesswoman of the Year, has a pretty good idea. Ranking as No.1 for the first quarter of 2010, with $693,683 in GCI, Bennett’s winning strategy is a combination of experience, creativity and skill.

Read below for the full published article.






For more information on the Ottawa Real Estate Market visit our website at www.bennettpros.com

Home Smarts - From Ottawa's New Homes and Condos Part 2

Marnie Bennett is the exclusive real estate expert columnist for New Homes and Condos. Pick up your FREE copy at news stands and distributors throughout the city of Ottawa. See below for her new column "Home Smarts" and learn everything there is to know about real estate.

Your New Home Search: Zeroing in on “The One”
Published in the May 22nd, 2010 issue of New Homes and Condos

When I’m getting to know new clients, I sometimes sense that they’re feeling overwhelmed by all the options on the new home market. While approaching the home search with an open mind is helpful, it’s equally important to recognize the aspects of a home that are truly important to you. Compromise is often part of the process, but there are always a few items that are simply non-negotiable – and, believe it or not, it can take a bit of soul-searching to discover what they are.

I like to sit down with my clients and have an in-depth conversation about their practical needs as well as their “dream home” ideals. The following questions can help to unearth some key priorities:

Life Stages - Families evolve, and it’s wise to consider the future as well as the present. Do you plan to have children? Do you have teenagers who will be moving away soon? Are you close to retirement? Will you need a home that can accommodate different stages of life? These questions can go a long way in helping you decide what type and size of home will best meet your needs.

Lifestyles - The way your family works and plays is fundamental in choosing a neighbourhood. How much commuting are you willing to do every day? How much will your commuting costs be? While houses are generally more affordable outside of the city, the costs of gas and perhaps a second car can add up quickly; sometimes spending the extra money for a more central location is balanced by savings elsewhere.

Examine – honestly – how you spend your leisure time, whether it’s playing sports, visiting cultural hot spots, exploring nature or cocooning with the family. How close would you like to live to extended family and friends? How important are good schools, recreation facilities and walking paths?

Size Requirements - How many bedrooms and bathrooms are needed? Do you need space for a hobby, storage or home office? A family room? A two-car garage?

Special Features - These can range from the indulgent to the absolutely necessary. Do you want air conditioning, a fireplace or a swimming pool? Do you require certain features to accommodate family members with special needs? Are you interested in saving energy, enhancing indoor air quality and reducing environmental impact?
We all have different priorities. Ask yourself which ones are closest to your heart, and the right home will follow!

Email your questions to mbennett@bennettpros.com
Or for more information on Ottawa Real Estate visit www.bennettpros.com
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Marnie Bennett owns a boutique real estate marketing firm known as Bennett & Company, providing a full range of marketing services to real estate developers and builders. Marnie is also a broker and the team leader of the Bennett Real Estate Professionals with Keller Williams Ottawa Realty. The Bennett Pros are the leading real estate team in Ottawa providing 5 star services, with five star treatment.