How To Prepare to Buy A House

The housing market in London, Ontario has been showing signs of improvement, with the average home prices increasing over the past year and expected to continue to increase in 2024. 

If you are planning to buy a home in London, Ontario in 2024, here are some tips to help you prepare:

  1. Research the market: Keep yourself updated with the latest trends and forecasts of the housing market in London, Ontario.
  2. Get pre-approved for a mortgage: Getting pre-approved for a mortgage can help you determine your budget and give you an edge over other buyers in a competitive market. You can compare mortgage rates from different lenders using WOWA’s mortgage rate comparison tool.
  3. Hire a real estate agent: A real estate agent can help you navigate the housing market and provide you with valuable insights and advice.
  4. Prepare your finances: Ensure that your finances are in order before you start house hunting. This includes checking your credit score, saving for a down payment, and having enough funds for closing costs.
  5. Be flexible: Be open to different types of properties and locations. This can help you find a home that meets your needs and budget.
  6. Be patient: The housing market can be unpredictable, so it’s important to be patient and not rush into a decision. Take your time to find a home that you love and that fits your budget.
  7. Consider the location: Consider the location of the property you are interested in. Look for areas that are close to amenities such as schools, hospitals, parks, and shopping centers. This can help you save time and money on transportation.
  8. Check the condition of the property: Before making an offer on a property, make sure to check its condition. This includes inspecting the roof, foundation, plumbing, electrical, and heating systems. You can hire a professional home inspector to help you with this.
  9. Negotiate the price: Don’t be afraid to negotiate the price of the property. You can use the information you gathered from your research to make an informed offer.
  10. Consider the resale value: Even if you are not planning to sell the property anytime soon, it’s important to consider its resale value. Look for properties that are in high demand and have a good resale value.

In addition to these tips, it’s important to keep in mind that the housing market can be unpredictable. It’s always a good idea to stay informed and be prepared for any changes that may occur.