When you are ready to buy or sell your property, you need to ask yourself the following questions;
- Do you have the time, energy, source of information and contacts to do the job yourself?
- Will the result be as good as or better than it would be if you had professional assistance?
- Will the deal go through any smoother?
- Will it give you more personal time?
- Can you buy for less, or sell for more, if a Realtor’s involved.
Let us see what the possibilities are
Reson 1: Buying
Buying a home generally starts with determining your buying power; that is, you’re financial reserves plus your borrowing capacity. If you give your realtor some basic information about your available savings, income and current debt, he can refer you to the appropriate lenders. Most lenders – banks and housing finance companies – offer limited choices.
Reson 2: Finding
Once you know how much you can and want to invest, the next step is to find the properties that most nearly fit your needs. This is the time to choose a realtor. A realtor has many resources to assist you in your search. Sometimes the property you’re seeking is available but not actively advertised in the market, and it will take some investigation by a realtor to find it.
Reson 3: Selecting
Your job is to make the final selection of the right property. This is when excitement and emotions run high. Your realtor can help by providing objective information about each property. Realtors have access to a variety of informational resources. They can provide local community information on utilities, zoning, schools, etc. There are two things you’ll want to know. First, will the property provide the environment you want for a home or investment? Second, will it have resale value when you’re ready to sell?
Reson 4: Due Diligence
Before negotiation is the time to complete property evaluation. Depending of its size and area, your agent can help you find qualified, responsible advocated providing you with written reports on the property’s title. Title indicates ownership of property and can be mired in the confusing status of past owners or rights of access. Title to most properties will have some limitations; for example, easements (access rights) for utilities. Your advocate can help you resolve issues that might cause problems later.
Reson 5: Negotiating
There are a myriad of negotiating factors including, but not limited to, price, financing, terms, date of possession, and often, repairs and interiors (or indeed the lack thereof). The purchase agreement should also provide enough time for you to approach the appropriate authorities’ formalities for inspections and investigations of the property before you’re bound to complete the purchase. i.e. for properties valued above Rs. 25 lakhs.
Reson 6: Monitoring, Renegotiating and Closing
Between the initial sales agreement and closing (or settlement), questions may arise; for example, about unexpected repairs that require additional financing or when a defect in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your realtor is the best person to help you resolve these issues and move the transaction onto closing.
Reson 7: How Do Realtors Get Paid?
Realtors are generally paid through the sales commission paid by the seller / buyer when a transaction closes. Realtors have expenses and financial obligations just like you, so it will be to your mutual benefit if you choose one and stick with that person. He or she will respect your loyalty and respond with a sincere commitment to you.
Reson 8: Investment of a lifetime – It’s time you decided!!
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. With transactions usually exceeding Rs. 10,00,000, due diligence combined with professional expertise and support makes a realty investment worth a lifetime.
- If you had a Rs.10,00,000 income tax problem, would you attempt to deal with it without the help of a chartered accountant?
- If you had a Rs. 10,00,000 legal questions, would you deal with it without the help of an advocate?
Considering the small upside cost and the large downside risk, wouldn’t it be sensible and best to consider a deal in real estate only with the professional assistance of a Realtor / Estate Agent.
So, don’t think twice. Contact a professional estate agent today!