Home Buyer 101 London Ontario
When Shopping To Buy a Home in London Ontario & Area
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 or even their Realtor can get caught up in the excitement and tend to overlook 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 avoid some of these most common overlooked details below:
- You are making an offer without taking the time to gather sufficient information to make a prudent decision.
- So confused and can’t decide or discouraged with what is available for sale or the price or being outbid!
- Rushing into buying and then finding out the home they selected did not fit their lifestyle or comfort zone.
- Unexpected repairs because of not doing a home inspection or, worse yet, not hiring the best home inspectors in the market.
- Incorrect advice from parents, friends, neighbours & co-workers who mean well
- Misinformation from social media, newscasts or reality shows
In a 2019 Consumer Real Estate Survey, 77.8% of Canadians responded that they either paid too much for their house or made a huge mistake somewhere in the buying process!
The specific way you progress through a home buying transaction varies. Still, many home buying steps are a must, and omitting one or more can cause you pain financially & emotionally.
- Imagine the property vacant: Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.
- Income Plus Lifestyle Equals Mortgage Payment: Sit down with a competent real estate professional and honestly discuss your income level and living expenses. Take into account future considerations like children, add-ons, amenities or fix-ups. Your dream home is certainly worth a sacrifice but doesn’t mortgage your future.
- View Several Homes: See at least 3-5 properties. Don’t move on the first property you see but, don’t move too slowly either. With an excellent real estate professional, you’ll be able to view enough properties to get a great overall perspective of your market. And when you find the right property, all the legwork will be worth it.
- Utilize Your Team: By aligning yourself with the right real estate professional, you’ll have an entire team working for you. Top real estate professionals have lenders, inspection teams, appraisers, lawyers, tradespeople and cleaners.
- Be Like CSI: Check out all your costs before you sign: utilities, cable, taxes, and insurance, maintenance and homeowner dues, if applicable. Make sure all services are on (gas, electricity, and water), so you can inspect everything is in working order, Ask lots of questions and be very detail conscious.
- Do a Final Walk-Through Before Closing: Visit the property one to two days before signing the final documents with your lawyer. Many times, things unintentionally overlooked can be spotted in a final walk-through.
- Plan for Flexibility: Allow for contingencies and have a backup plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction; however, with a great real estate professional and his/her teams, this will seldom occur.
If It’s Not In Writing, It Doesn’t Exist: All promises and discussions are in writing. Don’t make any assumptions or believe any assurances. Have your real estate professional keep an ongoing log (in writing) of all discussions and get the seller’s written approval for all agreements.
If you are spending hundreds of thousands of dollars on a home in London, Ontario, and regardless if you are a first-time buyer or buying your 5th, a few minutes of informed insights will be well worth your time.
Below are 6 of 22 reports we have prepared to help our clients make prudent decisions!
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 condition. I said it should, but how would you know if it is unbiased and what comparables used and in what time frames? Without this knowledge, you could quickly bid too much, or worse, miss out on a great buying opportunity. Why? There are ten other great tips in this report.
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 being is that due diligence is required to understand the condominium corporation’s bylaws and financial status, rules and regulations and by-laws! These notes intend to give you several helpful, straightforward tips for buying a condo in London, plus answers to a condo corporation and valuable links.
There can be many other professionals or non-professionals involved in your real estate transaction. An excellent, thorough Realtor will ensure you are working with qualified professionals.
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.
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 does.
- The actual 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 the operation of your home’s systems.
3. A great Home Inspector will explain how to solve the problems found that day, which will ultimately give 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?
What do all these real estate words mean? Learn a few; that way, never will a lawyer, Realtor, economist, mortgage lender or hairdresser ever confuse you again!