Top 5 Tips for Buying a Condominium in London & Its Environs
Buying a property in London is a significant milestone and a major responsibility, especially for a first-time homebuyer. Even though purchasing a home is rarely a simple and straightforward process, researching the market thoroughly will not only help you track down your dream home but also purchase it at the most appropriate price.
Whether you’re thinking of leaping on the housing ladder, trading up, or relocating to London, this article will help ease you through the process. We’ve prepared this guide to help you get a more affordable condominium in one of the best places to live in London.
Why Buy a Condominium in London & Its Environs?
Due to the COVID-19 pandemic, Canada’s housing prices climbed to a record high in 2020, with London’s overall average of $618,707. London is famous for its high prices and many people do not consider it when planning to buy a property.
However, there are many affordable condominiums in different parts of London and its environs.
Below are the top 5 tips for buying a condo in London and its environs:
- Financial Stability
Before you begin the search for a condo, it is wise to organize your finances first. Decide whether you’ll agree on a mortgage in principle or make funds available. The financial decisions you make should be based on your plans, future aspirations, and lifestyle.
2. Organize Your Finances for the Best Location
When looking for the most desirable London, Ontario neighborhoods, you’ll find out that the prices are high. However, you can buy a condominium in up-and-coming areas like Dorchester, Kilworth, Ilderton, Komoka, and Lucan, among others.
Due to the pandemic impact on the real estate market, many London vendors are now accepting offers below the original asking price. The advantage of buying prime properties is that they sell quickly even in a difficult market.
3. Safety & Security
Up-and-coming neighborhoods and other new developments are the cheapest investment you can make. However, most of them are close to areas that are not safe to walk around, especially at night. Therefore, you need to consider the proximity to top shopping spots, major centers, and recreational areas in London.
4. Proximity to Public Transport
When buying a condo, consider important amenities like transportation, shopping, and markets. You should be able to walk to the nearest subway station, in case the taxis become expensive and inconvenient.
5. Don’t Rely on Rental Income to Cover Your Mortgage
You need to be able to cover your mortgage even if the rental prices drop or the market weakens. Buy the best condominium you possibly can — but only the one you can afford. Make sure it’s within your budget.
This way, even if your economic situation changes, you will be able to cover your expenses.
The Bottom Line
London is a prime investment location and worth considering when planning to buy a property. Now that the London property market is experiencing a slump, and the local housing market favors buyers rather than sellers, it’s the perfect opportunity to buy a condominium.
If you want to buy the right investment property in one of the most beautiful places in Canada, contact us today. We will find you a condo in London that suits your needs, style, and budget.
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