So, you're thinking of buying your first home in London, Ontario. You have a job, a few bucks in the bank for closing costs and a down payment, and you're ready for the wonderful world of home ownership. What do you do? Allow me to give you a little guidance.
Buying a home in London, Ontario can be a very stressful time in your life, but it doesn't have to be. By following a few simple rules, the entire process can flow smoothly from start to finish.
1 - The first thing to do is to contact a Realtor that you like, know and trust. Someone that you know will put your best interests ahead of their own. Why? Because a professional Realtor should be your consultant, your negotiator and the person that oversees the transactional details. A professional Realtor has the contacts that you will need, such as a Mortgage Broker, lawyer, home inspector, and so on. Think of a professional Realtor as your 'one stop shop' for all your real estate needs.
2 - Meet with your professional Realtor at a convenient time for everyone to begin the home buying process. This can be done in the comforts of your house or apartment, at the office, at a restaurant, or anywhere that your professional Realtor can set up a laptop. The only thing you'll need to bring is your Wish List of what you want, need and desire in a home. Not too bad so far, huh?
3 - It will now be time for your professional Realtor to set up a meeting with a qualified Mortgage Broker to get you pre-qualified. It's time to see exactly what you can afford. You Mortgage Broker will let you know what to bring to this meeting, and within 24 hours, you will be able to go out with your professional Realtor to begin looking at homes in London, Ontario. Pretty simple so far, right?
4 - Your professional Realtor should have a list of homes that you may be interested in according to your Wish List. As well, if you're like most first time home buyers, you will have your own list from all those late nights of searching realtor.ca for the perfect home. It's now time to meet with your professional Realtor to go over what's available in your price range, and for your professional Realtor to begin setting up appointments for you. This is the fun part.
5 - Once you and your professional Realtor have found a London, Ontario home that you could see yourself living in, it's time to write up an offer. You love everything about this home, and it's perfect for you. You and your professional Realtor will look at comparable properties that have sold in the neighbourhood to give you an idea of what you should expect to submit for your offer. You will also discuss the terms, chattels and fixtures, a closing date for you to move in, as well as any conditions that you should include such as a home inspection and financing conditions. It's time for your professional Realtor to get you the best deal possible. Have your cheque book ready because once the offer is accepted, you'll need to write a cheque for your deposit. This will go towards the purchase price of your first London, Ontario home but it is not your down payment.
6 - Once you and the seller have come to an agreement on price, terms and conditions, you now have to get to work to remove your conditions by the time stipulated in your offer. Your professional Realtor will set up a time for the home inspection, and meet you there while you go back to your Mortgage Broker to finalize the financing details. In most cases, you will have between 5 and 7 days to have this taken care of. No need to get worried. It's plenty of time. Your professional Realtor will be there with you every step of the way from giving a copy of the offer to your Mortgage Broker and lawyer to attending the home inspection with you.
7 - Assuming everything went the way it was supposed to, it's now time to start packing as you'll soon be moving in your first home in London, Ontario! That wasn't so bad, was it?
With the right professional Realtor working for you, buying your first London, Ontario home can be a joyful, rewarding experience for everyone involved.