Your Home Buying Plan

1.  Before you shop, develop a needs vs. wants list
Everyone has a picture of their dream home. The dream home would include all the features you not only need, but also have  that long wish list. However, when it comes time to buying a home, the wishes can be expensive. A  beautifully landscaped backyard, a heated garage, a spa-like ensuite all sound great, but these are usually considered luxury items, which can add considerably to the price of your home. 

That’s why it’s a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first.  After that, you could consider your wish list,  and see how it all comes together financially.  

With such a list in your hands, you’re less likely to be caught up in the excitement of the pursuit. You’ll have a good idea of what you want, within you price range, and if you can afford those additional items.

2.  Find out what your price range is 
Online mortgage calculators are a good place to start, but as you get closer to being ready to buy,  speak to your lender about a written mortgage pre-approval.  Developing a realtionship with your lender is the best way to get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).  

3.  Find the right representative
A REALTOR® can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise. Speak to your REALTOR® first and he or she can be helping to guide you right from the start. 

4. Find out what the London Ontario real estate market looks like
 Start with your REALTOR® – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

5.  Find your dream home!
Preparation is the key!   You may be surprised by how quickly you can make a decision.

With your pre-approval, a little market knowledge, and your needs/wants list, call your Realtor, hit the pavement, and when you see ‘the house’, put in an offer.
 With the right team behind you, it really can be that easy!