Buying a second home in Ottawa: pros and cons
Get a Free Moving Quote
Have you been thinking about buying a second home in Ottawa? This is certainly a dream for many Canadians. However, what is important is that you do not make any rash decisions. Just like there are many advantages to this, there also are some disadvantages. For this reason, we are going to help you by listing the pros and cons of this process. Either if you would like to buy a second home to make it a source of income or a vacation home, you should consider everything we will write about. If you want to make it a second home and you decide to relocate, count on the most reliable movers Gatineau can offer to help you. They will be by your side every step of the way and they will make sure the whole process runs smoothly.
What are the cons of buying a second home in Ottawa?
Let us start from the bad sides of buying a second home in Ottawa. These are the following:
- This is a large financial investment– the prices of houses in Ottawa are quite high. This means that if you are buying a second home to be your source of income, it may take several years before there is a return on investment;
- Renovations will probably be necessary. If you find a home at a decent price, the chances are great that you will have to renovate some parts if you like some of the remodeling trends in 2020. Either if you will be doing it on your own, it will take a lot of time, money, and energy;
- You will have double expenses. If you have two homes, you have to pay bills and maintain both of them. In case there is some damage, you will have to pay for the repair as well. This can happen either if you will be using it yourself or if you will be renting it;
- There are different rules for mortgage insurance. From 2014 Canada Mortgage and Housing Corporation stopped offering mortgage insurance on a second home. This means that the lenders require a 20% down payment on second homes. On the other hand, there are some private insurance companies that can offer you second home mortgage insurance.
What are the pros of buying a second home in Ottawa?
There are probably as many pros as there are cons that you should consider before making a decision. The pros are:
- There are several financial gains. First of all, if you want to rent the second property, you may pay less tax. The reason for this is that you will deduct expenses from rental income. Also, you will receive a regular monthly income from your tenants;
- This is a great thing if you plan to retire. Retirement is certainly a part of your life you should enjoy to the fullest. Buying a second home in Ottawa can certainly help you with this. In case you decide to relocate to that home, count on the most professional moving services Ottawa has to offer;
- You will get to enjoy your second home. Whether your new home is alongside sandy beaches, on the side of a glorious mountain, or tucked away in the woods, you will be living your dream when you come here for holidays. You will also get to know the locals and easily become part of the new community;
- A new home is also a convenience. This is a place where you can leave all of your sports or vacation equipment. You will not have to carry it with you every time you go away. So, just think about whether a house or a condo would suit you better.
Do not hurry with making a decision
When buying a property is in question, this is certainly not something you should rush with. There is a great number of aspects to consider and think through. You have had a chance to see some of them, but you may also think of several more. If you are not in a hurry, avoid giving yourself a certain time-frame during which you should make a decision. Take as much time as you need and you will not make a mistake. In case some of your friends or relatives have bought a second home, ask them for a piece of advice.
They will let you know all the details which will certainly be of great help. In addition to this, if you decide to buy a second home, it is preferable that you hire a realtor. Provide them with all the necessary pieces of information and they will do their best to find precisely what you are looking for. Make sure you inform them about your budget as well.
In this article, you have had a chance to see some of the most important pros and cons of buying a second home in Ottawa. Now, what you should do is to take everything into consideration and think thoroughly. This is quite a large investment which is why you should not make decisions hastily and call the Ottawa moving company just yet. If you change your mind and decide to invest that amount of money into something else, it is fine. On the other hand, if you decide to buy it, you will surely have a great time there and make great memories. Just make sure you choose a good location and there will be nothing to worry about. Either if you use it for holidays or if you rent it, you will not regret it.