Don’t underestimate the time it takes to buy a home. Even if you work with a top-notch real estate agent, there are myriad details that need to be attended to if you want to make sure that you buy the right house at the right price.
Here are 5 tips for you.
1. Work with an agent you trust. Mutual respect and good rapport are necessary elements of a good working relationship with a real estate agent. If the chemistry isn’t there, find an agent with whom you feel comfortable. This doesn’t mean that you need to work with the person who does the most business. Ideally, you want to establish working relationships with people who are reliable, professional, experienced, motivated and trustworthy.
2. Remember you are the decision-maker. If you can afford to buy a home, you’re no doubt busy generating income to make it possible. Delegating tasks to your team of real estate professionals can ease your workload considerably – but, the decisions about important issues like what you buy, the price you pay, the building and pest inspector you hire, and the kind of financing you use, should be yours. Even though you may be working with a buyer’s agent, certainly take their advice, even actively seek it, but at the end of the day what you buy needs to be your decision.
3. Educate yourself about the market. There’s nothing like pounding the pavement first hand to give you a feeling of confidence about the neighbourhood and values in the area. The market is constantly changing, so sales statistics from six months ago may no longer reflect the current market values. Since the introduction of the Internet real estate agents are no longer the gatekeepers of all of the information. Do your own due diligence and make sure you fully understand what’s happening with prices and what’s going on in the area you are looking at that may influence future market variations.
4. Don’t be afraid to make an offer in competition. In today’s market, multiple offers don’t necessarily send the price higher. Set your limit and take a stab and remember there’s more to an offer than price.
5. Most bad home-buying stories have one thing in common: the buyers didn’t complete their due-diligence inspections. Remember – the money in real estate is made when you buy NOT when you sell. It is important to buy well!