Why It's Risky to Buy Property Without the Help of an Agent
By Joshua Katz / March 01, 2016
Buying a property is never a small expense, which is why people tend to try and save as much money as they can. Unfortunately, sometimes they decide to save by thinking they can do without an agent. Needless to say, this usually turns out to be a grave error. Here are some reasons why you always need a real estate professional at your side when buying property.
Finding the “Real” Cost
Sure, you may know your budget, and you may compare the particular home you are in to some other homes, but it is nearly impossible for a layman to accurately assess the real price of a property. There are so many things to consider, like hidden costs. There are usually additional fees, including the price of upkeep and even the reputation of the neighborhood. When a deal seems too good to be true, it usually is. It’s best to have a real estate professional working with you to land the best deal possible.
Agents Know the Market
Let’s face it, you may know what you want in a property, but knowing where you can get it is a completely different thing. By describing your dream home to an agent, you can deal with this the easy way. Not only will the agent know where to take you, but if the negotiations fail, they will already have several alternatives for you to consider (and most likely in better neighborhoods, too). Keep in mind that it took them years to build their network of contacts, meaning they’ve got the experience and market savvy you want.
Up until now, we mentioned problems that you are unlikely to deal with on your own, but there are also problems that are impossible to solve without adequate help. What if you found a perfect home for you, in a great neighborhood, with optimal price? Unfortunately, this home has some ownership issues, which probably means that somebody is selling you property that isn’t legally theirs. In order to prevent this situation, you need someone qualified enough to carefully read section 32, also known as a vendor’s statement, for that particular property.
When to Say “No”
We already discussed the issue of uncovering the real price of a home, but people sometimes tend to not take this as seriously as they should. For example, sometimes buyers tend to underestimate additional expenses that they will have to undertake in order to make this home move-in ready. This is when you need someONE who knows what they are doing to tell you when to cut your losses.
Buying a home is a major expense, which means you will need an experienced professional to protect both you and your money from various scams and traps. The first step in avoiding a trap lies in knowing there is one, and bringing an agent along ensures that you will always be warned in time.
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