Is there anything you are forgetting when buying a home in London, Ontario?
I know that when I meet buyers for the first time, be it first-time buyers or 5th time buyers and go through a checklist of the buying process, I hear from everyone; “You know, I never even thought of that!”
Below are four essentials point:
- Are you preapproved for a mortgage, is it in writing and how long is the interest rate guaranteed for?
- What lawyer are you going to use? Do they specialize in real estate and their fee, not just their real estate fee but also their disbursements! (You would be surprised by the stories I hear where that low fee did not turn out to be so low! Yes, the price was low, but additional charges such as filing fees, record keeping, and blah and blah fees add up!) Get it in writing; they are lawyers, which would be their advice to you!
- When working with a REALTOR, do you have to sign a buyer agency contract? Not sure or what is Buyer Agency? Have your REALTOR buyer agency to you, and if they insist you sign one before showing any homes, fully understand what you are signing and how long are you committed to that REALTOR? In most cases, you don’t and won’t mind being committed, but what if your relationship is not working out! Be careful!
- What about a home inspection? Do not leave that to chance or google the least expensive inspector on the web. Home inspectors in Ontario are not regulated, and would you trust hundreds of thousands of dollars for a home inspection to save $100 or $200?
These 4 are the more common misconceptions and erroneous information or perceptions that home buyers have.
Buying a home is the easy part; it is the details that will make you toss and turn at night. Be prepared and sleep well!
There are 22 misconceptions; would you like to know the other 18?