The costly mistakes that trip up London home buyers
The costliest buyer mistake is shopping before you are pre-approved. Close behind: skipping the inspection, forgetting the cash to close, and buying without your own agent.
You might be worried you’ll overpay, or get hit with a cost nobody mentioned. Here are the eight mistakes that cause both, and the fix for each.
The Bottom Line (Quick Answer)
- The big buyer mistakes in London, Ontario: no pre-approval, no inspection, no cash plan and no agent of your own.
- Buying with the Ken Small Real Estate Team starts with a $495 retainer. Our 3% commission is paid from the seller’s side of the deal.
- Every home you buy with our team comes with a warranty and a guarantee. Both are below, with their conditions.
The short version
- Get pre-approved first. It sets your budget and makes sellers take you seriously.
- Plan for closing costs on top of the down payment.
- Set your walk-away line before you offer. Then the call is yours.
Which mistakes cost London home buyers the most?
Shopping before you are pre-approved
You fall for a home before you know what you can borrow. Then you lose it because your offer was not firm. Or you find out you were never approved for that price. Get pre-approved first. It sets your budget and makes sellers take you seriously. Start with pre-approval →
Waiving the inspection to win a bid
In a heated moment it feels smart. It is how people buy a money pit. An inspection is how you find the problem before it is yours. In September 2026, the City of London had 5.7 months of inventory (LSTAR). What this means for you: fewer months means more competing offers. That is when buyers feel pushed to waive. Some homes for sale are a Certified Pre-Owned Home. The home was pre-inspected before it was listed, and the summary is there to read. The summary is for informational purposes only; it neither encourages nor discourages the buyer from arranging their own inspection.
Letting emotion set the price
The home you love is the one you overpay for. We show you what comparable homes sold for, and you set your walk-away line before you offer. Then the call is yours.
Forgetting the cash beyond the price
Land transfer tax, legal fees, title insurance and closing adjustments all need cash on closing day. Buyers who budget only for the down payment get an ugly surprise at the lawyer’s office. Buying your first home? Ontario refunds up to $4,000 of the land transfer tax (source: Ontario.ca (opens in a new tab)). Check the rule first. Ontario’s page says it plainly:
The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
Then run your number on the Buyer Closing-Cost Calculator.
Maxing out your budget
Being approved for it does not mean you can comfortably carry it. A home that leaves you house-poor is a mistake, even if the house is perfect. We help you see the whole monthly picture, not just the mortgage.
Judging the house, not the neighbourhood
You can renovate a kitchen. You cannot move the house. Commute, schools, noise, resale and the feel of the street matter more than the paint. We walk London’s neighbourhoods with you, including the ones that are not your fit. Every London neighbourhood →
Not having your own agent
Call the name on the sign, and you are talking to the seller’s agent. Their job is the seller’s price. A buyer deserves their own representation: someone whose only job is to protect your money. What it costs with us is just below.
Skimming the fine print
Conditions, timelines, the status certificate on a condo, what stays and what goes. The details are where deals go wrong. You read every line with us, so nothing bites you after closing.
What mortgage mistakes should buyers avoid?
The big one is shopping for a home before you have a pre-approval. The next is borrowing the most a lender offers, instead of what you can carry each month.
A pre-approval tells you your budget before you fall for a house. It also makes sellers take your offer seriously.
What does a buyer’s agent cost in London, Ontario?
With us, it starts with a $495 retainer. Our commission is 3%, paid from the seller’s side of the deal.
If a seller offers our brokerage less than 3%, you do not pay the difference. It is in your Buyer Representation Agreement before you sign.
The $495 is not refundable. It pays for work that starts on day one, and you keep everything it produced. And you can fire us any time before you make an offer, with no penalty. What it costs to buy a home with us.
Every home you buy with our team is backed two ways
First, a 1-Year Canadian Home Shield SafeClose™ Warranty: up to $15,000 of protection, $100 deductible. It is paid for by our team and active the day you take possession.
Second, our Love Your New Home Guarantee. If within 24 months it isn’t right, we list it for free: 0% listing-side commission. That applies when you buy your next home with us, one of equal or greater value. You remain responsible for the buyer’s agency fee. Your certificate is handed to you at closing. See the guarantees →
Who this is not for
If you want an agent who opens doors and stays quiet, we’re probably not your team. We push back on a bad house. We run the numbers out loud. And we will talk you out of a home that is wrong for you. If you want a yes-man to the deal, someone else will take that job.
What do London buyers say about working with us?
★★★★★All the way from the start of the house search, Ken was there to help at every step. From setting up search criteria that exactly met our needs, to getting viewings scheduled, to providing honest feedback about the properties (which is often rare for most agents); Ken went above and beyond our expectations. 10/10 experience with Ken.
J H · Buyer · Apr 2023 · via Google
4.9 average from 14 Google reviews, as shown on our reviews page (October 2026). Read every review in full →
The honest takeaway
The thread through all eight
Every mistake is the same one in a different outfit. You act on a rush or a hunch, not on the numbers. A good buyer’s agent is the calm voice between you and an expensive impulse.
Common questions about buyer mistakes in London
What is the biggest mistake first-time buyers make?
What should a first-time home buyer in Ontario know?
Should I ever waive the home inspection?
Do I need my own agent to buy a house?
What closing costs do buyers forget about?
How do I avoid overpaying for a home in London?
What does a buyer’s agent cost in London, Ontario?
Buy with a clear head and an advisor who shows you the numbers.
Fifteen minutes, no obligation. We will map the path and show you what you can afford. Then we walk you through each of these mistakes before you offer.
About Ken Small
Ken Small, REALTOR®, has been a real estate agent in London since 2003. He leads the Ken Small Real Estate Team at Century 21 First Canadian Corp., Brokerage. The office is at 420 York Street, London, ON N6B 1R1. RECO #4727293. Meet the team →