Steps to Take Before Beginning a Home Search

How to prepare for a successful home search.

Starting your journey to find a new home is exciting, but jumping in unprepared can lead to stress and missteps. By taking a few essential steps before beginning your home search, you can set yourself up for success and make the process smoother and more enjoyable. This blog post from Elevate will help you prepare for a successful home search.

Here’s a step-by-step guide to help you get started.

Determine Your Budget

Before browsing listings, it’s crucial to understand how much home you can afford. Evaluate your income, expenses, and savings to establish a comfortable budget.

Pro Tip:

Use an online mortgage calculator to estimate your monthly payments and ensure you leave room for additional costs like property taxes, insurance, and maintenance.

Save for Your Down Payment

Having enough saved for a down payment is one of the most critical steps in the home-buying process. In Canada, the minimum down payment varies based on the purchase price:

• 5% for homes under $500,000
• 10% for the portion of the home price between $500,000 and $1,000,000
• 20% for homes over $1,000,000

Why It’s Important:

A larger down payment can reduce your monthly mortgage payments and help you avoid additional costs, such as mortgage default insurance.

Pro Tip:

If you’re a first-time buyer, explore options like the First-Time Home Buyer Incentive or use your RRSP savings through the Home Buyers’ Plan to boost your down payment.

Get Pre-Approved for a Mortgage Before Beginning Your Home Search

A mortgage pre-approval not only gives you a clear picture of your buying power but also shows sellers you’re a serious buyer. This step can save time and help you act quickly when you find the right home.

Why It’s Important:

In competitive markets like London, Ontario, pre-approval can make the difference between securing your dream home or losing out to another buyer.

Make a List of Must-Haves and Deal-Breakers

Think about your ideal home and what features matter most to you. Do you need a certain number of bedrooms? Proximity to schools or public transit? Write down your must-haves, nice-to-haves, and deal-breakers to guide your search.

Example:

• Must-Have: A backyard for your kids or pets.
• Nice-to-Have: An updated kitchen.
• Deal-Breaker: A long commute to work.

Research Neighborhoods to help with a successful home search.

Each area in London, Ontario, has its character and amenities. Explore neighbourhoods like Masonville, Wortley Village, Byron, or Old East Village to find one that aligns with your lifestyle and priorities.

Tips for Research:

• Check school ratings if you have kids.
• Look into commute times and public transit options.
• Visit neighbourhoods at different times of day to get a sense of the vibe.

Plan for Additional Costs

The cost of buying a home goes beyond the purchase price. Prepare for closing costs, moving expenses, and potential repairs or upgrades.

Key Expenses to Budget For:

• Legal fees
• Land transfer taxes
• Home inspection costs

Find the Right Realtor

Partnering with a local real estate expert is one of the best moves you can make. A knowledgeable realtor will guide you through the home-buying process, provide insider market knowledge, and help you avoid common pitfalls.

Why Choose Local Expertise?

Elevate Real Estate Group Realtors understand the London, Ontario market and can match you with homes and neighbourhoods that fit your unique needs.

Understand the Home-Buying Process

Buying a home involves multiple steps, from submitting an offer to closing the deal. Familiarize yourself with the process to minimize surprises.

Bonus Tip:

Download our Free Home Buyer’s Guide for a comprehensive overview of what to expect.

Let Us Help You Find Your Dream Home

Starting your home search on the right foot can make all the difference. At Elevate Real Estate Group, we’re here to guide you through every step, ensuring you find the perfect home for your lifestyle and budget.

Let Us Help You Find Your Dream Home

Ready to find your perfect home? Visit our Find My Dream Home page to share your wishlist and let us help you discover a property that fits your lifestyle, needs, and budget.

 

Why Choose Elevate Real Estate Group?

At Elevate Real Estate Group, we understand that buying a home is a major decision. That’s why it’s important to have the right team by your side. Our experienced realtors—Stewart Blair, Jeremy Odland, Brittany Wurfel, and Caitlyn Ford—bring unmatched expertise and dedication to every client.

Additionally, our in-depth knowledge of the London, Ontario, market allows us to guide you through every step of the process confidently. From the initial consultation to the moment you receive your keys, we’re committed to making your journey smooth and stress-free.

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Elevated Excellence in Real Estate

When you ask our clients, you’ll hear time and time again how we stand out in a competitive market. Our unwavering focus on Ethical Behaviour, providing the Best Client Experience Possible, and maintaining a Commitment to Excellence sets us apart.

Unlike others in the industry, we do not chase awards, focus on sales volume, or rush through deals to move on to the next client. Instead, we care about Every Client, Every Deal, Every Time. Whether you’re a first-time buyer or a seasoned investor, you can trust us to deliver the care and respect you deserve.

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Get Our FREE Guides Today

Thinking of selling your home? Find out its true market value with our Free Home Evaluation! Get expert insights and a precise estimate to help you make confident, well-informed decisions.

Click here to access your free evaluation.

Ready to start your home-buying journey? Download our Home Buyers Guide today and get practical tips and expert advice to make your dream home a reality.

Click here to access the guide.

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Contact Us

Do you have questions or need personalized advice? Call us at 519-933-6198. Let’s work together to find the perfect home for you!

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House vs. Townhouse: Which is the Right Choice for You in London, Ontario?

Top 5 Benefits of Condo Living

Your Essential Home Buyers Guide: Top 10 Tips for Buying a Home

 

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Make your next move smooth and hassle-free! Check out our guide: Stress-Free Moving Day for practical tips and strategies to stay organized and keep moving day stress to a minimum.

🏡 Your Dream Home Awaits in London, Ontario

Discover how Elevate Real Estate Group can help you find the perfect home in London by reading our latest blog post: Helping You Find Your Dream Home in London.

Find Us Online

Stay connected with the Elevate Real Estate Group and discover more tips, insights, and updates about the real estate market. Follow us on YouTube for informative videos, Instagram for property highlights and updates, and Facebook to stay informed about the latest listings and real estate news. You can also connect with us on LinkedIn to learn more about our team and professional services. Join our community today!