How Not To Overpay When Buying a Condo in London Ontario

How do you, a buyer of a condo in London Ontario, able to act quickly when the condo you like either has multiple offers or the threat of one?

Yes, the condo market in London Ontario is heated as these April statistics say it all.

Being prepared ahead of time is one thing you could do, the other is what I call market education. That means knowing what is on the market as far as styles, prices, neighbourhoods go. What will happen is that once you grasp what the condo market is doing, you can make a decision based on facts and not fear of loss or impulse!

Do not be lulled into complacency as the results can be you overpaying or choosing the wrong condo in London Ontario!

Cosigning a Loan To Buy a Condo in London Ontario?

What are the consequences if your daughter and her husband want to buy a home, but recently asked you to “Co-Sign” on the loan?

Cosigning a loan for a condo

There’s nothing wrong with helping a family member or close friend with buying a home.  However, co-signing on a loan should be done with great care and knowledge of the consequences.  Co-signing means that you are extending your personal credit for the benefit of someone else.  Problem is, if the borrower defaults, the lender will look to you for full repayment.  So you’re not really a co-signer, you’re a co-debtor.  Here are a few tips that may prove helpful when co-signing:

Although you’re co-signing, make sure your co-borrower is putting cash into the transaction.  The more they put in, the lower your risk.

Obtain a credit report on the person you’re co-signing for, even if it’s another family member.  If they’ve defaulted on other debts, there’s a good chance they’ll default on the debt you’re co-signing.

Ask the lender to release you from the loan when the principal balance is reduced to a certain amount.

Examine how your credit rating and ability to borrow will be impacted.  Co-signing on a loan can sometimes impact your ability to get financing if you need it.

Make sure your name is listed on the deed as a co-owner.  And by all means, speak with a good real estate lawyer.

If your son or daughter separate, who owes what on the home? You could end up buying out one or the other.

If the home is sold, will you share in any appreciation or gain in value?

These are only a few of the consequences let alone the dis-harmony between families or a friend. I have advised and helped many families over the years, so not only is a competent lawyer and lender required, but a real estate person with your interests in mind.

Let me share my experience with you.

Reading This Will Cause Your London Ontario Condo To Sell

I read that most people spend more planning a vacation than their financial future and as a Realtor, I can say most people do not spend enough time planning the sale of their condo!

Focus sells condos

Oh, they may read articles about staging, lighting, maybe even search properties on line and then , that is it!

Very little planning is done about how the condo could be marketed better, when it should be marketed, who will market it, what skills do the people you choose to help have, including your lawyer, a listing Realtor who has experience with condos, perhaps even  your finacial advisor or accountant.

 Here are some free links to help nudge you toward making wise decisions!