Why should you buy real estate in London, Ontario?
The top real estate agents in London revealed that London was deemed the province’s best-kept secret by Ontario. It had everything you could desire affordable living, employment, and it was even labeled the province’s brain capital. Everyone has a unique objective for buying a home in London, Ontario. Recent statistics indicate that the housing industry has made a remarkable revival amid the COVID-19 public health crisis. With limited supply and rising demand, the Canadian real estate market is setting records in every category. All early forecasts indicate that London will be able to sustain this trend through the rest of the year and into 2021.
There can be a possibility that maybe you’ve been pushed out of the rental market and want the security of owning your own home. Perhaps you’ve concluded that you can’t afford to buy in other Ontario areas because the properties are too pricey. You may currently live in the region but desire a larger house to accommodate a growing family or a smaller one as you approach retirement. London’s popularity is growing as more people seek to escape the major metropolitan area in an urban environment with small-town charm. The London Dream team, the top real estate agents in London, Ontario, offers you with three most vital reasons why you should consider buying your dream home in London, Ontario.
The Cost of Buying a House in London, Ontario
· Housing costs fluctuate amongst neighborhoods, as they do in any community. The highest median price was $451,556 in London North, while the lowest was $288,723 in St. Thomas. London’s south and east are in the midway. With such a plethora of different ranges, you may be able to locate a property for significantly less than London’s general average. The London Dream team, the top real estate agents in London, Ontario, will assist you to find the best prices in the desired areas in London, Ontario.
· Additional expenditure to consider is the Land Transfer Tax, however, if you are a first-time homebuyer, you may be eligible for a credit of up to $2,000. Otherwise, use this land transfer tax calculator to figure out how much you owe. Home inspection expenses, GST and HST, a utility entry fee if you’ve never utilized local service providers, property tax, and interest may also be levied. Of course, you’ll have to pay to relocate, and you may also have to buy tools, furniture, appliances, or pay for house modifications.
Picking a Neighborhood in London, Ontario
· The London Dream team, the top real estate agents in London, Ontario, previously explored how the average price point fluctuates by neighborhood in London, Ontario, but so do the culture and utilities. Many of the ancient brick homes in North London have vaulted ceilings, fireplaces, and wood flooring. There are also new family houses and modern condominiums for singles and young professionals.
· It is a preferred location for nature and sports fans due to its tree-lined streets and convenient access to the Thames River Parkway. The abundant facilities and community spirit make it a tremendously alluring region, and houses retain their value well. Universities, schools, shopping, dining, and hospital assistance are all accessible.
Securing Financing for a New Home
When considering buying in the London, Ontario market, you must be fully prepared. Pre-approval demonstrates to a seller that you are a serious, motivated buyer who is ready to go. All too typically, buyers see a home they want to buy but do not have a mortgage pre-approval. To evaluate if you can afford to buy and whether a lender would loan you money initially, you must carefully assess your economic state. This is why, The London Dream team, the top real estate agents in London Ontario suggests, examining your finances with your bank before looking at properties is a wise decision.
Once everything is in order, the London Dream team, the top real estate agents in London Ontario calculates the figures and pre-approves you for the maximum amount you may borrow depending on your monetary data. Pre-approval typically locks in the interest rate for 120 days, but there is no need to buy and, even if you do, you are not expected to pay the whole amount. If borrowing rates fall, you may seek pre-approval more than time.
The London Dream team, the top real estate agents in London Ontario, ensures that your journey to buying your dream home is stress-free and that you make a wise decision that will reward you in the future.
LONDON DREAM TEAM
Sagheer Chattha: 519-694-1850
Pal Dhillon: 519-619-9497
Address: 675 ADELAIDE STREET
NORTH LONDON, Ontario N5Y 2L4