“Think about the stage in life you are in and how your needs are likely to change over the coming years.” RAHUL KOCHAR
RAHUL KOCHAR VICE-PRESIDENT, OPERATIONS, PHOENIX HOMES
R ahul Kochar, vice-president of oper ations at Phoenix Homes, cites that
familiar subject – location. “Location tends to be the most important factor,” Kochar says. “Minimizing your commute time to work, school and amenities has a big impact on your quality of life. The driving culture in Ottawa tends to be less forgiving to long drive times.” Kochar’s statement brings up something that improves living on a daily basis. If it’s possible to live close to work, or close to an easy way to get to work, take advantage of it. In Ottawa, there are plenty of locations with good access to highways and to public transit, and there are pockets of the city where people can live while working nearby. What else? Kochar grins engagingly. “Knowing your realistic budget is very important. You should consider all costs associated with homeownership, such as the full price of the home.” This includes all applicable taxes and fees, anticipated property taxes, anticipated utility costs, 52
2014 Home Builders’ Annual
maintenance costs and insurance. He suggests doing calculations for different mortgage rates, too. “You want to ensure you are financially healthy if rates were to go up as much as even two percentage points. Once you know your budget, you can find a builder that has product in your price range.” Those are two great ideas for saving money and maximizing your equity in the investment. What else? “Your spatial requirements are the next thing to consider,” says Kochar. “Think about the stage in life you are in and how your needs are likely to change over the coming years. You may consider a smaller home for a shorter period of time with the intention of moving into something larger if and when your family size necessitates it.” He adds a thoughtful tip. “The livable area in a basement should also be taken into consideration.” He says the cost of finishing these spaces with your builder at the time of purchase can be quite affordable, so now might be the most advantageous time to do it. “You should also consider delivery timelines, as they can range greatly depending on the stage of approvals.” A good point, and one of the reasons to be careful choosing your builder. He finishes with, “The housing type is also important, as there are important financial implications to having a condominium or a home on a private roadway. You should make sure your agent provides all the information and documentation for these types of housing products.” Phoenix Homes builds homes in many sizes, styles and price ranges, so Kochar, who grew up in the business alongside his father Cuckoo Kochar, knows what he’s talking about, and provides great tips.