Tips for Buying your First Home in London, Ontario

Buying your first home is exciting. It will be a place you’ll call home for many years.

It can, also, be a little scary. It is probably one of the biggest purchases you will ever make. Don’t panic or start stressing! We have you covered. Here are our top tips for buying your first home in London Ontario.

Get Pre-approved for your Mortgage

Getting a mortgage approval is one of the most important parts of buying a house. The last thing you want to do is start house hunting, only to realize you can’t afford it. Some real estate agencies won’t even start looking at houses with you until you have a mortgage pre-approval. Step 1 when buying your first house should include getting your mortgage pre-approval. Shop around for mortgages. Find the best option for you. Plan out your finances before you start viewing houses.

Have a Realistic Budget in mind

Decide on your minimum and maximum spend for your house. Be realistic. If you set your pricing lower, you may have to be more flexible with what houses you will be able to afford. And that’s okay! Many first-time home buyers buy fixer-uppers with the intent of renovating over the first few years in their home.

Make a list of priorities

Are you set on a particular area in the city? Do you want a townhome, a single-detached home, or a condo? What are your priorities? What areas are you flexible in and where are you not? Make a list.

First time buying a home in London, Ontario

Choose your real estate agent

Research real estate agents in your area. Find a realtor with experience and one that can walk you through the process step-by-step. Our experts at Team Forster would be more than happy to help you through the buying process.

Be flexible

You made that list of priorities. However, for your first home be flexible. It may be your first home, not your forever home. Many buy a starter home and move within the first 10 years citing a growing family or a change in jobs.

Get a house inspection done before buying

You do not want to find mold hidden in the walls after you move in and the sale has been finalized. Get an inspection done. It’ll save you time and stress.

Thinking about buying your first home in London Ontario? Look no further. Our experts are available right now to address any questions or concerns you may have.

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