What You Need To Know When Buying A Home
Buying a home is a wise investment. In addition to important tax advantages, you’ll also be building equity and accumulating wealth through appreciation of your home’s value. It pays to work with a REALTOR® when buying a home. Here’s why:
1. Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
2. Information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property.
3. Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.
4. Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. I can advise you as to which investigations and inspections are recommended or required.
5. Someone who speaks the language. If you don’t know the lingo, it’s important to work with a real estate professional who does, and can explain the difference between a leasehold fee and an association fee, a PID and a PUD, or the assessed value vs the true value.
6. Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
7. Objective voice. Buying a home can be an emotional undertaking. For most people, a home is the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
8. Why Use A Realtor To Purchase A New Home? A common myth that many home buyers have is that a builder will discount the price of a home if they don’t have a REALTOR®. In most cases, the real estate agent is paid through the seller’s fees, under a completely different marketing budget. With regards to new construction, the builder has already anticipated this cost. If you don’t use a REALTOR®, this is bonus money for the builder. Although most buyers think that hiring a REALTOR® will cost them money, for a home buyer, these services are free.