Oakville; the lively and dynamic city located on Lake Ontario between Toronto and Hamilton is a great place to live in. The continued cultural expansion and economic growth have attracted numerous buyers to the Oakville area, which has increased competition, boosted the realty market and led to a shortage of cheaper homes.
If you are looking for a house in Oakville; know that it is an amazing decision. However, there are certain dos and don’ts you must keep in mind. Almost everyone is aware of what needs to be done; but most of us surpass what needs to be avoided; which can be the cause of future issues.
So, let’s dive into the things to avoid when buying a house in Oakville. Once you know what to avoid; you will also know what to do; so, by the end of the article, you will be well-prepared to begin your house-hunting and buying venture.
1. Not Knowing What You Can Afford
Knowing what you can afford will help you to shortlist your choices. Since the pandemic people are seeking quieter neighborhoods with a low population and larger properties, which is a key factor that’s driving growth in the realty market in the Oakville region.
The average price range of property at Oakville ranges from $439,900 to $18,980,000. Once you begin house-hunting without fixing up a budget; you will be confronted with stunning properties way out of your reach. Not knowing what you can afford can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you can actually buy. So you should be aware of what you can afford and what not.
2. Skipping Mortgage Pre-Approval
Assuming the amount you will be liable to from a mortgage is not really a good idea. You might begin house-hunting assuming a budget and might get disappointed if the bank isn’t paying you what you expected. Additionally; it will also be a waste of time and effort and you could miss out on better opportunities as the realty market at Oakville is fast-moving.
Therefore, avoid skipping a pre-approval of the mortgage. A pre-approved loan indicates you are authentic and genuinely interested in the property. This will serve as a brownie point in your favor when there is competition from potential buyers.
3. Not Using an Agent
It is crucial you hire a real estate agent to navigate through the process of home buying. To gain a seamless experience, you want an experienced realty service or realtor who has a deep understanding of the real estate market and processing at Oakville. If you do not hire an agent, you are just inviting stress and unnecessary complications. A realtor can assist you through the initial discovery stage, find you the best comparable, and ensure your deal is on track.
You should be willing to compromise and be realistic but not so much that you cave on essential things. Finding your dream home or house hunting can be complicated but it needs to be carried out and this can be done efficiently with a realtor by your side.
4. Not Getting to Know the City and Opportunities Offered
You do not want to relocate only to realize Oakville is not really what you imagined it to be. Research online, communicate with your realtor and get an understanding of the best access to shopping, reputable schools, and other basic necessities.
5. Ignoring the Neighborhood
Do not solely focus on the residence; evaluate the neighborhoods too. You could enquire about the regulations followed, home costs depreciation or rise through the years and so on. Create a list of potential neighborhoods so you get a fair idea of which area suits you the best. For instance, here are a few neighborhoods that you could go for –
If you enjoy marine life, luxury condos and townhomes, go for Bronte, located along the west.
If you are looking for an urban-style neighborhood which is picturesque, historic and known for shopping, dining and nightlife, Old Oakville should be your go-to option.
Perfect for you if you are looking for the best schools, outdoor recreation, shopping, and dining. It is an ideal place for families with teenagers or empty nesters.
Apart from these, there are neighborhoods like River Oaks offering a perfect blend of urban feels and recreations, Ford Drive which is an upscale area, Wedgewood Creek offering affordable homes, and West Oak Trails with green vistas and so on.
6. Getting Desperate
Getting desperate is natural if you have been looking for a house for a long time. But one must avoid this as this can compel you to make a chain of bad decisions like rushing to put in an offer, offering too much, overlooking important flaws and neglecting to inspect, which can all lead to severe problems in the future.
We know buying a house is a big decision with a lot of risks but when you avoid errors and proceed with caution, there is nothing that can go wrong; you can protect yourself from grave mistakes and shop with confidence!