Are You Ready To Search For Real Estate In London?
It’s finally time! Your dream of owning a home is about to come true. Are you sure you're ready?
The London housing market has become one of the fastest moving markets in Ontario largely due to the skyrocketing prices in Toronto so you need to be fully prepared both financially and mentally when you make that decision to find you dream home for sale in London.
If you are making the jump from renting a home to buying a home, you need to make sure you have all the bases covered for one of the biggest financial decisions you will ever make. Owning a home brings a lot more freedom to personalize your property such as painting and renovating. With these options comes massive responsibilities like taxes, mortgage payments and surprise maintenance costs that can jump up out from seemingly nowhere. Buying a new home in London will be an incredible experience as long as you are fully prepared and expectations are set upfront. Van Bart Real Estate Brokerage Inc. is here to help you along throughout the entire process.
Questions for Prospective Homeowners
Are You Ready to Buy?
You have the paint all picked out, the paint brushes bought, the new knobs for the Kitchen cabinets are going to look great! Soon there will be BBQ’s in the backyard every weekend! All of this sounds amazing for a first time home buyer but there is so much more you need to prepare for. The commitment to maintaining your new home over the years and the realization that you are about to spend a lot of your hard earned money on upkeep can sometimes be tough for new home owners to adjust to. In the long run, it’s completely worth it.
How Much Can you Afford?
The big question! There are so many incredible houses for sale in London but which ones can I afford? Should I stretch my budget to get that Double Car Garage and huge home in North London or will that cute Side-split in Byron suit my family’s needs just fine? It’s important to stay rational when setting your budget for the purchase of your home; you don’t want to move into a home that is more than you need only to realize you are sacrificing too much of your income to try to pay for it. A great Realtor can help you find the proper mortgage and financial advisor to work through your financial numbers to ensure a proper fit.
What is Your Debt-to-Income Ratio?
These are the first numbers any mortgage broker will calculate for you because it's the most important ratio taken into account when lending you money. Your personal debt should not be more than 40% and housing debt should never be more than 32%. The good news is 32% can buy you a wide range of homes for sale in London and surrounding areas. Looking for a country setting in between London and Strathroy? You may be able to find a property for sale with acreage. If you are looking for a home in more expensive neighbourhoods like the Hunt Club, 32% may not get you nearly as much space. Make sure to check out the MLS® Listings for London to get an idea of what your price range will look like.
What Do You Truly Want?
Finding a home for sale in London in the right area with the right features can be a little frustrating. Do you want to live in Old North? Does a brand new home amongst construction in Sunningdale suit you better? Southwest London homes for sale are moving incredibly fast! But wait, that’s only the location and style of home - there’s more! Are you ready to cut the grass and clean out the gutters? What about replacing an old window or figuring out the landscaping in the front yard to have the perfect curb appeal? Don’t forget all the local by-laws about when garbage can be put out and what will be collected at the curb. Home ownership comes with lots of responsibilities!
Van Bart Real Estate Brokerage Is Here To Help
This real estate market is unprecedented. Homes are receiving multiple offers and bidding wars can get out of hand. You don’t need a good agent; you need the best real estate agent in London Ontario. Our experienced real estate team can maneuver this market like no other. We will help you find the right home at the right price and will deliver you the best real estate purchase experience you have ever had. We take the time to learn what it is you are looking for, what budget you are comfortable with and we promise to work diligently to put you in your new home as quickly and efficiently as possible. Our goal is to deliver the best quality real estate service to always leave our customers happy.
Always Keep Your Needs in Mind when viewing homes - Don’t get carried away with something fantastic that you see in a home that may turn your vision rose coloured. Stick to your new home checklist and make sure the "Must haves" are checked. The "Nice to haves" are just that; only a perk and not a necessity. Once you are done looking at a home, sit down with your agent, go over your list and hash out the pro’s and con’s. Every house has them; a good Realtor will help guide you through your list to make sure you're not missing anything.
Hiring an Experienced Real Estate Lawyer - Van Bart Real Estate Brokerage can recommend a great real estate lawyer that is a good fit for you to handle the purchase or sale of your home. We have worked with several lawyers in London and we can’t stress enough the importance of an experienced lawyer. Lawyers are not cheap in any sense of the word but paying for experience is something you will not regret in these circumstances. Paying a little more now may end up saving you thousands in the long run.
Time to Make an Offer - So many different real estate terms! Do you know what a “chattel” is? Terms like “Buyer” and “Seller” are easy enough but terms like “Completion” and “Deposit” have a specific meaning in the real estate world. Part of our job as your Realtor is to prepare the paperwork and take the time to explain what all these terms mean. We make sure our clients fully understand the paperwork before submitting the offer. The fun doesn’t stop there! In today’s housing market the Seller may reject the offer or sign it back at a different price and terms. Multiple offers only complicate this process but you can rest assured that we have the knowledge and experience to navigate this process at the highest level. Leave the complicated process up to the professionals at Oliver & Associates Van Bart Real Estate Brokerage and we will work through the offer on your behalf.
Inspections Are Important - We always recommend hiring an experienced home inspector to thoroughly inspect your new home before the final purchase. A good inspector will check all electrical, plumbing, HVAC and other major systems in your potential home. Inspectors also check the outside of your new home looking at the roof, gutters, windows and foundation. What appears like a simple issue could end up costing you thousands of dollars extra. Consider the inspector’s fee as a piece-of-mind insurance policy and a solid investment in your new home.
The Final Walk Through - Closing day is almost here! Doing the final walk through should be a time to check up on the property to make sure everything is as expected and to do some measurements. Time to measure for window coverings, or figure out what furniture is going to go where.
From your first meeting with Van Bart Real Estate Brokerage to the day you get the keys to your fabulous new home, we are with you all the way and beyond. We are here to answer all your questions regarding your home sale or purchase and here to advocate for you when necessary. Leave the complicated parts of home buying to the best real estate agents in London and just enjoy the ride!
Contact us for more information about first time home buying.