Home Buyer 101
Home Buyer 101 When Shopping To Buy a Home in London Ontario & Area
Buying a home in London Ontario & area can be a roller coaster of emotions :
- Finding the right place
- Securing a mortgage
- Moving in.
If you’re like most of us, your home will be your most substantial investment. The emotions over such a large and personal purchase can often cloud good common sense.
Many home buyers do very little research before “diving in” and investing their hard-earned money. Oh, they may know the part of town they like, the price range, the style and even some of the amenities they would want, but your research should not end there.
Doesn’t it make sense to be as informed as possible? That is what the following is all about. It’s designed to help you avoid ten common, critical errors many home buyers make. If you follow these ten suggestions, with the help of the right real estate professional, you’ll make an excellent practical decision that will truly benefit you for years to come.
- Inspect, Inspect and Inspect: Go over the home inspection report with a fine tooth comb with a professional home inspector. For condo purchases, go over the Status Certificate; go over the by-laws and association fees. Don’t take anything for granted, inspect everything!
- 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 a good 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 Columbo Be CSI: Check out all your costs and expense 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 after all the furnishings have been moved out to be sure there are no surprises. Be sure the property is as precisely as you had agreed upon when the offer was accepted. 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 to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions could be misinterpreted. Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the seller’s written approval for all agreements.
- Loyalty Breeds Loyalty: Be open, honest and up-front. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right real estate professional in the beginning and your home purchase will be a simple, easy and profitable experience you’ll have fond memories for years to come.
Enquire about our” Dedicated Buyer Plan,” a fail-proof system proven to make the buying process less stressful!
Frustrated Looking For a Home to Buy in London Ontario?
Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal home for a great price and in a great neighbourhood in London Ontario?
If you enjoy doing that, great. Are you aware you may be missing out on some great homes that sell in a day or two or a house that was priced quite so aggressively that it sells as soon as it comes on the market or on a specific street?
Do you think you will get a head jump on others by searching daily or weekly? Avoid paying commissions? Avoid a pesky or bothersome real estate person (don’t blame you)?
Or, perhaps you are curious, or you are in the ‘just thinking stage’ of real estate. Possibly to purchase or sell.
Regardless, real estate changes, people change, neighbourhoods change, real estate markets change, and the motivation of buyers and sellers vary.
So how do we, as real estate professionals, keep you, the curious, the maybe, the must-have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, breadwinner or just plain ready to move informed about real estate in London Ontario?
My associates and I view a lot of houses and condos every week. We do loads of searches daily for clients; we are continually researching properties, even For Sale By Owners.
You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near-sighted home inspectors, all you have to do is to put up with us!
Buying a House in London Ontario & Area Guides
| How would you feel if that before, during and after you bought a house in London Ontario you knew that the price was right, the location and the condition of the home were right?
Most house buyers only think about price, style and location. But there’s more than that!
For most, buying a house in London Ontario & area can be an emotional roller coaster! It comes with a myriad of 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:
The buying process should uncover the following:
In a 2017 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 but many home buying steps are a must, and omitting one or more can cause you pain financially & emotionally.
These free no obligation guides were written to guide real estate buyers through the process and is based on real-life experiences, both the good and the bad and from hundreds of transactions, so this is the real thing, there is no theory or personal opinions, just actual real-life facts.
Also, note that you don’t have to go through 21 more questions to receive these guide, then, be directed to another page, click, click and more clicks, and then, get phone calls or emails telling you how good someone is and generally being a pain in the butt.
If you are going to spend 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.
Contact Us today for these free reports today; they could be worth thousands of dollars to you.
|No Need To Overpay For a Home In London Ontario & Are
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 be able to offer an unbiased opinion on the value of a home, based on market conditions, condition of the house and neighbourhood. I said it should, but how would you know if it is unbiased and what comparables were used and in what time frames? (At the end of this report I will explain how you can know!) 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
|7 Insider Steps For Buyers of Real Estate
If you’re like most, the decision to buy a home involves many stresses and strains. For about 90% of buyers, it’s the single largest financial transaction of their lives. Missteps in any part of the buying process can cost thousands. These notes intend to give you several helpful, straightforward tips for buying a home that meets your needs, and in time become a smart financial investment for you.
|Who Else is Going To Be Involved When I Buy Real Estate?
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 and with experience and trial and error, they will only work with the more competent lawyers, home inspectors and mortgage lenders.
|Role of a Lawyer in a Real Estate Purchase
The purpose of the purchaser’s lawyer is to protect you, the purchaser, throughout the transaction, and to make sure that you obtain good title to your new property. The purchaser’s lawyer also represents the interests of your mortgage lender in preparing and registering the mortgage documents. Tips on what to ask a lawyer.
|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 does. 1 The actual job of an inspector is to look for significant problems visible the day of the home inspection to help you reduce your risk. 2 A good home inspector will also educate you on the operation of the systems of your home. 3 A great Home Inspector will give you an understanding of how to solve the problems found that day which will ultimately give you enough information to make a good buying decision with everything you have learned. The BIG Question: Who is a great home inspector and how do I know?
|What Do All These Real Estate Words Mean Anyway?
What do all these real estate words mean? Learn a few, that way never will a lawyer, Realtor, economist, mortgage lender or your hairdresser ever confuse you again!
London Ontario Buyer Guides
| London Ontario real estate continues to have one of the best house and condo prices in Ontario. So, what can you buy a house or a condo for in London Ontario and area?
These guides will give you a general idea of what you can get for your money, home styles, links to local services, schools and prudent real estate information.
Contact us Today for these free Exclusive Guides.
|London Ontario Condo Guide
A helpful guide for condos in London with area prices, styles, neighbourhoods, apartment condos, townhomes & townhouses, phone numbers& access to further condo rules and ethical practices. Exclusive to Sutton Group Envelope Real Estate because we designed it, wrote it and published it, and it is yours with no obligation and best of all, no charge!
|London Ontario House Guide
An excellent, unique 19-page guide that will give you an idea of London Ontario house prices, neighbourhoods in London, schools, telephone numbers, utilities, hospitals, links. Break down of price ranges, styles and Sutton Group Envelope Real Estate is the sole supplier of this guide, get your exclusive guide now!
Hot Water Heaters-Choices
A typical water heater accounts for about one-fifth of the energy used in most Canadian homes. Choosing the right water heater can have a huge impact both financially and environmentally – especially as energy prices and carbon levies continue to rise.
Many of us still choose conventional, gas-fired hot water tanks, because they’re the cheapest – or are they? Over its lifespan, the initial price of your water heater can represent as little as 12 percent of its overall cost. The other 88 percent is energy.
For that 88 percent, we wanted to get the biggest bang for our buck. So, we asked Ken McCullough of Think Mechanical in Edmonton to walk us through three high-efficiency choices: conventional-style high-efficiency power-vented tank, on-demand tankless and hybrid heat pump.
“The more people you have in your home, the more hot water you’re going to use,” McCullough says. “It’s important to know that you have the highest efficiency that you can have. Otherwise, you’re just throwing money out of the window.”
Super-efficient water heater nirvana
These days, water heaters all come with an “energy factor” rating or EF. A tank with an EF of 1.00 would be perfectly efficient, with all the energy being converted into hot water. This factor is often expressed as a percentage. A standard tank has an efficiency rating of about 60 to 65 percent, meaning 35 to 40 percent of the energy goes up the flue or radiates out as the water sits in the tank.
You’ll also want to look at your new system’s recovery rate – the rate at which it can heat the fresh water flowing into the tank. The higher the frequency, the less likely you are to run out of hot water during heavy use. Here we present three excellent choices for dramatically increasing the efficiency of your water heater.
High-efficiency power-vented water heater
If you’re reluctant around new technology, you might consider a high-efficiency power-vented tank. It looks like an old-school water heater, complete with a 50-gallon tank, but it’s side-vented (like a high-efficiency furnace) to decrease heat loss. This helps boost its efficiency to 90 percent – or, about 30 percent more efficient than a traditional tank. Meanwhile, it’s a very high recovery rate, 80 percent in one hour, will help keep the hot water flowing. You can get a 79-per-cent efficient model for $2,700, but the highest efficiency model we looked at clocked in at over $4,800 installed.
Tankless on-demand water heater
We were particularly interested in an on-demand tankless water heater. As the name suggests, this heater kicks in only when you turn on the hot water tap, heating the water as you use it rather than storing it in a tank. It heats the water quickly enough to provide an endless supply, assuming you’re not using a lot of hot water all at once (say, washing clothes and running the dishwasher while you shower). “You’re going to turn on your tap, and you’ll get hot water,” McCullough says.
With an efficiency rating of 95-97 percent, this is the highest efficiency available in a natural-gas water heater. At 95-per-cent efficient and priced at $3,700 installed, our choice is more expensive than a conventional water heater, but the long-term savings more than balance that out. And, because there’s no tank, the system frees up a lot of space in your furnace room.
Heat pump water heater
McCullough also showed us state of the art in efficient water heating: a hybrid heat-pump hot water tank. It looks like a conventional tank, but with a cap on top containing a heat pump. The heat pump draws heat from the air in the (typically very warm) mechanical room – like a refrigerator in reverse – and transfers that heat to the water. This allows the heater to achieve an efficiency rating of 330 percent, meaning the heat energy transferred to the water is more than triple the amount of electricity consumed.
Because the heat pump water heater is entirely electric, it is perfect for net-zero homes with no gas hookup (you also save $60/month on gas-line administration and delivery charges). Some early adopters are choosing these in conventional homes as well. McCullough quotes $4,400 for this option, making it slightly cheaper than the high-efficiency power-vented tank. The one downside is its relatively slow recovery rate of just 80 litres (21 gallons) per hour.
A good contractor can help you balance your needs, your budget and your environmental goals, helping you make the right choice. He or she will also bring pride in work to the installation itself. Shop around and read product reviews and remember: spend more up front and save more over the life of the water heater.
In the end, we went with a Rinnai tankless water heater in our own home. We consider ourselves early adopters, and we loved the idea of an endless supply of hot water. A current Energy Efficiency Alberta rebate helped put us over the top.
So far, we’re thrilled with our choice, although the quirks of the system created a few start-up challenges. For example, our daughter’s first shower started hot but quickly switched to cold. The culprit seemed to be our low-flow shower head; it turns out on-demand heaters require a specific minimum flow rate to remain on.
We solved the situation with a single quick adjustment (we turned down the temperature setting from 60 C to 49 degrees C on the water heater, thereby increasing the proportion of hot water needed for a comfortable shower). This has an added benefit of saving more energy – and, we’ve already had two baths going at the same time!
It does take a few seconds longer for the hot water to arrive. But, once it comes, it keeps coming for as long as you need it.
That said, please don’t tell our daughter she can now shower for hours.
Written by David Dodge & Scott Rollans