OAKVILLE NEIGHBOURHOODS AND HOME PRICES

Twelve Top Tips for Planning Your Oakville Home Search

1. Know your limit: Plan to live within your means.

The 'norm' to budget for housing-related costs (mortgage, taxes, heating) is about 1/3 of your gross monthly income.

2. Get pre-qualified for your mortgage with a "guaranteed rate" period.

This is to give you lots of time to find the right house - you want to be pre-approved before you start the search. First obtain a copy of your credit history, gather together your income, debt and income tax records. I am able to provide the names of independent and bank affiliated mortgage brokers whom my past Oakville and Milton clients have been very pleased with.

3. Make a list of “must-have”s for your home and another of “would-like-to-have”s.

You may want a double car garage and two full baths on the second floor but these features may put homes in the right neighbourhood of Oakville or Milton out of your price range. Prioritize both lists and be realistic.

4. Don’t spend a lot of time looking at homes you can’t afford.

This reduces the temptation to overextend your budget.

5. Realize the neighbourhood you choose is more important than the house.

It is all about Location, Location, Location. You can fix a house; a neighborhood is what it is.

6. Think about resale value.

When you spot a home you like, consider how it will look to future buyers. Proximity to transit and major road, over improvements for the value in the area, corner lots -- there are many factors to consider. I will help you understand how these influence resale value.

7. Be realistic about your personal budget.

You want to be able to afford a holiday, not just a roof over your heads. Knowing you can afford a vacation when you need it may be more important than that extra bathroom!

8. Know what your closing costs are and be sure you have enough cash.

These include lawyer’s fee, various adjustments for pre-paid utilities etc, moving costs, Provincial Land Transfer Tax and essential purchases eg. appliances if not included in the home.

9. Understand what "market value" means in the neighbourhoods you choose.

Homes rarely go for ‘bargain basement prices’ – realtors work hard to price properly. You need to ‘do the research’ by going out and looking at a ‘test batch’ then watching what they sell for.

10. Get prepared to act– in any market the most desirable homes sell very quickly.

Once you know what you can afford, what closing costs and carrying costs to expect, then get ready to act fast when the right home comes along.

11. Have the house inspected and be prepared to walk away if there are costly issues.

A home inspection is essential to stay within your budget. Remember that the seller is obligated to fix a leaking roof but not a hole in the carpet - but you'll want to replace the carpet and that can put you over your budget! If there are too many issues, be prepared to walk away - there are always "more fish in the sea".

12. Enjoy Your House-Hunting Adventure. I will make it exciting and stree-free!