Home Buyer 101 London Ontario
How Often Do You Hear Yourself Saying: “No, I Haven’t Read It: I’ve Been Meaning To!”
Most house buyers only think about price, style and location. But there’s more than that! For most, buying a house in London, Ontario & the area can be an emotional roller coaster! It comes with many details, and some buyers may get caught up in the excitement and need to pay more attention to a few things.
Over the years, through experience in working with hundreds of buyers and sellers in London, Ontario real estate, we have been able to help clients overcome the conflicting misinformation about real estate and apply sound common sense so that our clients are assured they are making significant decisions and avoiding emotional overzealousness to buy!
If you spend hundreds of thousands of dollars on a home in London, Ontario, and whether you are a first-time buyer or buying your 5th, a few minutes of informed insights will be well worth your time.
Below are a few reports to help you make the right choice!
What price do you offer a seller? Is the seller’s asking price too high? Is it ideal? Without research on the market and comparable homes, you are bidding blind. A professional Realtor who represents you should offer an unbiased opinion on a home’s value based on market conditions and the house and neighbourhood conditions. I said it should, but how would you know if it is unbiased, what comparables are used, and in what time frames? Without this knowledge, you could quickly bid too much or miss out on a great buying opportunity. Why? There are ten other great tips in this report.
Report# 2 Buying a Condo
Buying a condo in London, Ontario, be it an apartment, a townhouse, or a townhome, takes much more care than purchasing a house. The reason is that due diligence is required to understand the condominium corporation’s bylaws, financial status, rules and regulations, and by-laws! These notes will give you several helpful, straightforward tips for buying a condo in London, plus answers to a condo corporation and valuable links.
Report # 3 Who Else is Going To Be Involved When I Buy Real Estate?
Many other professionals or non-professionals are involved in your real estate transaction. An excellent, thorough Realtor will ensure you are working with qualified professionals.
Report #4 Role of a Lawyer in a Real Estate Purchase
The purchaser’s lawyer’s purpose is to protect you, the purchaser, throughout the transaction and ensure that you obtain a good title to your new property. The purchaser’s lawyer also represents your mortgage lender’s interests in preparing and registering the mortgage documents—tips on what to ask a lawyer.
Report # 5 Role of a Home Inspector
There are several reasons for having a home inspection, but the most compelling reason is that the inspector looks at the property differently than a purchaser.
- The job is to look for significant problems visible on the home inspection day to help you reduce your risk.
2. A good home inspector will also educate you on operating your home’s systems.
3. A great Home Inspector will explain how to solve the problems found that day, giving you enough information to make the right buying decision with everything you have learned.
What is a home inspection, how to choose a home inspector & what to be careful about?
Report # 6 What Do All These Real Estate Words Mean Anyway?
What do all these real estate words mean? Learn a few; never will a lawyer, Realtor, economist, mortgage lender or hairdresser ever confuse you again!
Questions To Ask Yourself!
Most of us do not have enough cash to purchase a home without a mortgage loan, so we have to find someone to lend us the money. This part is intimidating for many of us, so we put off the home mortgage pre-approval process until the last minute, and we’re eager to start viewing homes right away. That’s why it’s never too soon to speak to a loan advisor right at the get-go to get on track to understanding what you can afford. As a pre-approved buyer, you’ll save time when house hunting. And you’ll be more confident and more inclined to make offers in an expedient fashion.
And it is highly recommended for your benefit and the realtors to understand exactly what you are looking for, and here’s why:
What to expect
Discuss their process of buying; including finding you the best home, for the best price. They’ll develop a custom search and a plan to help you with your purchase. They’ll explain their role in the process, and the roles of the other professionals you will work with along the way.
Discuss the features of your dream home. The goal is to know what YOUR real estate goals are. How long do you plan to stay in the home, which areas you would like to search in, what style of home do you like? The agent will make a list of your “Wants,” and your absolute “Must-Haves.” This is important to narrow down your search so that the focus is only on homes that will work for you.
Review your budget.
With pre-approval in hand, your agent will help define the range of properties you can include in your search. There is nothing worse than dropping down in budget after seeing homes you can’t, or don’t want to, afford.
Set up your communication expectations right off the bat. How do you like to be communicated with—text/e- mail/phone? All of the above? Are there any times that are off limits, or would you expect to be informed around the clock?
The earlier you meet, the more beneficial it is. Most people start thinking seriously about buying a home at least six months before they buy.
You’ll be able to focus on what’s really important versus a pipe dream. While it may not be as fun as roving from one open house to another, the process of working with lenders, dealing with paperwork, and digging deep into the realities of what you can actually afford is a critical step.
Having a professional to answer your questions will allow you to act quicker when you are ready to pull the trigger!
What is something that your current home does not include…
✨ A walk out basement?
✨ No stairs, a one floor bungalow?
✨ 2- car garage?
✨ A guest bedroom?
Choose 1 or several and tell me below what your next home will have!