Buying a home in London, Ontario & the area can be an emotional experience &, for some, time-consuming and uncertain. Some house buyers (and their Realtor) can get caught up in the excitement of buying a house in London, Ontario & tend to overlook some details. Their home purchase then could be an expensive process! There are three fundamental reasons why these things happen, they are:
- Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
Here are just a few tips when buying a house in London, Ontario, that can guide you.
Making an offer without sufficient information
What price do you offer a seller? Is it in line with other comparable houses you have looked at? Without thorough research of the market and comparables, you could quickly bid too much, or worse, miss out on a great buying opportunity.
Buying the wrong home
What are you looking for in a home? A simple enough question, but the answer can be quite complicated. More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Take the time BEFORE you go out looking at homes to define your wants and needs clearly.
Not Getting Mortgage Pre-approval
Pre-approval is quick, easy and free. Knowing beforehand what you qualify for will help you to avoid disappointment. When you are shopping for a home, this will give you more power; the seller will consider your offer as a serious one.
Make sure you identify and budget for the extra costs that can occur ahead of time. A good Realtor will have a detailed expense sheet and go over the additional charges with you. You may want to discuss any extra fees with your lender, lawyer, and any other professional you may use.
You are not done yet.
Take your time.
- Do you understand your mortgage details?
- Has anything been forgotten?
- Do the paperwork and documentation reflect your understanding of the transaction?
- Will your Realtor and you do a final walkthrough of the property you bought 2-3 days before closing? (You want to ensure that there are no unusual changes in the home’s condition and what is supposed to stay in the property-stays).
The above points are just the tip of the iceberg; below the surface, there is a lot more to buying a home in London, Ontario, than most people realize.
In a recent survey, 73.8% of Canadians said they either paid too much for their house or condo or made a few mistakes somewhere in the buying process!
Being prepared ahead of time & having the experience of a professional Realtor to guide you will exclude you from the 73.8% club!