Purchasing a new property is an exciting event that many people look forward to, but without proper guidance from a qualified realtor, it can quickly turn into an exhausting nightmare. In order to make your property-buying experience as stress-free as possible, it is important to understand how to make the most of your real estate agent’s time and knowledge.
Know Your Requirements First
Before you even meet with a realtor, it is best to prepare as much as possible. Know what you want from your new property in terms of both location and features of the home including number of bedrooms, bathrooms, outdoor space etc.
Prioritize the must have features, so you know what you can forsake, if the sales price negotiation becomes a challenge.
Similarly, get your finances in order, i.e. have an adequate deposit and reduce other debts. Plus ideally secure mortgage lending pre-approval. Understand what types of loans are on offer, and when you’ve been pre-approved, commit to a budget or ceiling amount on the what you’re prepared to pay for a home.
Taking these steps beforehand, i.e. before you’ve even looked at a property or contacted a real estate agent, will expedite the property-buying process by helping your realtor start out with a strong understanding of your needs as a client. Now you have a good estimate of what you can afford to spend on your next property. 🙂
For ongoing budgeting purposes and to close the deal (i.e. buy the house) include a thorough calculation of the costs associated with purchasing a new property.
Factor in lawyer conveyancing fees, property taxes, closing costs, and other fees over and above the mortgage repayments.
Communication Is Key
As with any healthy relationship, keeping a clear line of communication between you and your realtor is essential.
Let your realtor know what to expect from working with you. Do you like calls, texts, or face-to-face meetings?
Do you have an irregular work schedule? Will you need a ride to look at properties? What is the time-frame in which you are looking to purchase a property?
All of these are topics that should be discussed with your realtor immediately. This can help avoid unnecessary hassle and miscommunication further down the line.
Use Your Realtor to Get Inside Information
Your realtor will be skilled at navigating all things related to real estate buying and selling. He or she will have exclusive knowledge about neighborhoods, available listings, appropriate pricing, and legal requirements in their area. For example: Calgary in Canada, an experienced realtor in the area, will have inside knowledge on Calgary real estate including real life stories relating to buying and selling homes.
The realtor can help with so much of the property buying process: from home appraisals aka comparables or comps, to sales price negotiation, and how the property could be improved.
Use the agent’s expertise to your advantage, and allow him or her to guide you through the entire process.
Purchasing a property can be complicated, and more than likely, you will have questions at some point. Fortunately, your real estate agent is there to provide answers. Even if you do not think you have any questions now, all buyers should ask a few basics.
Always ask for recommendations on lenders, contractors, and home inspectors. When making such a large purchase, you want to work with people you trust every step of the way. An experienced real estate professional in Calgary can provide a network of reliable vendors.
Find out the dynamics of the local market. You can ask your agent to show you the cost of comparable homes in the area. The realtor should be able to tell you whether a neighborhood is growing or declining and how this may affect the value of the property you are considering.
Property Disclosure Statement
Ask for a property disclosure statement and history of maintenance on the home.
The disclosure is a document on which owners list any problems with the property. The disclosure may also include some maintenance records. In addition to providing the disclosure, a realtor can talk to the current property owner about any recent damage or repairs. Your agent should know common types of damage to look for, including water damage or roof damage.
Sit Back and Relax
Although many property buyers work with realtors, not everyone knows how to best utilize their time with the agent.
Understanding how to make effective use of the realtor’s knowledge and resources can significantly improve your buying experience, allowing you to focus on the excitement of your new purchase.
With a little preparation and the assistance of a realtor, all you have to worry about is how you will decorate your new space.
To help you enjoy the home buying process seek professional advice from expects, like a lawyer, and an accountant. Your position is not the same as another person’s circumstance so you will need recommendations that are right for you.