Is there anything you are forgetting when buying a London Ontario house?
I know that when I meet buyers for the first time, be it first time buyers or 5th time buyers and go through a checklist of the buying process, I hear from everyone; “You know, I never even thought of that!”
Below are some things to think about and get answers to or decide on before you make a purchase and during the purchase process.
- How much exactly have you been pre-approved for a mortgage, is it in writing and at what rate and is that rate guaranteed and for how long?
- What lawyer are you going to use? Do they specialize in real estate and what is their fee, not just their real estate fee but their disbursements! (You would be surprised of the stories I hear where that low fee did not turn out to be low! Yes, the fee was low, but additional charges such as filing fees, record keeping, and blah and blah fees add up!) Get it in writing; they are lawyers, which would be their advice to you!
- When working with a Realtor, do you have to sign a buyer agency contract? Not sure or what is Buyer Agency? Have your Realtor explain buyer agency to you and if they insist you sign one before showing any homes, fully understand what you are signing and how long you are committed to that Realtor. In most cases you don’t and won’t mind being committed, but what if your relationship is not working out!?Be very careful!
- What about a home inspection? Do not leave that to chance or google the least expensive inspector on the web. Home inspectors in Ontario are not regulated and would you trust hundreds of thousands of dollars for a home inspection to save $100 or $200?
At least now there are 4 you have thought about. Want more?
Buying a home in London Ontario is the easy part, it is the lack of details,lack of preparation and the lack of information or the lack of experience that will make you toss and turn at night.