Why You Should Consult a Realtor Before Buying a Property?

While you are looking to buy your dream home or investing your hard earned money in real estate it is advisable that you do all the due diligence before taking a plunge. Real estate requires huge investment and quite often people are looking to invest all their life time savings. Hence it is very essential that you get it right the first time.

Doing a transaction in the real estate space requires immense time and commitment. You can probably take a short cut and skip several steps that one should ideally follow in the transaction, in the hope of getting lucky. But remember that a single mistake can rob you off a significant savings and peace of mind; a situation that could be avoided by hiring an expert in the subject. Especially if you are novice, a realtor is the one you should consult before entering into a real estate transaction. With the help of a realtor, you can carry out the transaction with ease and without stress. Besides you may also be able to generate tangible savings by using a realtor's expertise.

Here's how a realtor can help you successfully execute a real estate transaction

1. Guide you on the deal size

The key question that occurs to anybody while he is looking to buy real estate is the quantum of money that he can invest. If you can share with the realtor some basic information like your income statement (annual earnings), balance sheet (net savings or existing debt), he can guide you on what is the deal size that you can probably look at. He would also be able to help you get in touch with potential lenders who would be able to offer you a loan if required.

2. Inform you about the property options available for the given budget size?

After you have decided the investment budget, the next thing to understand is what kind of properties is available for that budget. If you have set for yourself a minimum area that you are looking to buy, the realtor can guide you the potential options available to you.

3. Help you shortlist from the available options

So that you are able to shortlist from the available options, a realtor would guide you on the pros and cons of each property. The various data points on which a realtor can help you is the prevailing rates, the potential resale value and appreciation that you should expect. Other information related to the amenities (school, hospitals, malls etc) can also be provided by the realtor.

4. Negotiate with the seller

Since a realtor has information available on the prevailing rates for a given property type and has the experience of handling valuations of most transactions that have happened in the most recent past, he can present the prevailing market scenario to a seller in a way that helps you negotiate a fair price for your property.

5. Conduct a satisfactory physical inspection of the property

The property that you may be looking to buy could have several hidden defects or problems. Hence it is important that you get it inspected physically. A realtor is generally in touch with the various agencies that can help you in a thorough inspection. These third party professional would help you ensure that you do not buy a property with defects like leakages, termites, dry rot, or with any structural fault.

So, if you are keen on investing your hard earned money in real estate it would be prudent to hire a reputed realtor in your area - a decision that can help you make all other related decisions sagaciously.

Source: PropertyCluster.com/Blog