A Discussion On Whether A Real Estate Agent Is Necessary While Buying A Home
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A Discussion On Whether A Real Estate Agent Is Necessary While Buying A Home
One of the most exciting times of almost anyone's life is buying a new home. However, it can also be quite scary due to the fact that it is likely the most expensive thing you'll ever purchase. As a result, it is essential that you get value for your money since you'll spend a significant amount of your paycheck every month to pay your mortgage. With that said, many people think it's a waste to hire a real estate agent while others think it's crazy to buy a house without one. As a result, we will now take a closer look at the pros and cons of hiring an agent as well as exactly what they can and cannot do for you.
The Benefits Of Hiring An Agent
We will start with the pros of hiring an agent. Many people are hesitant to part with thousands of dollars just to pay for a realtor. However, a good realtor is more than worth their weight in gold. The first benefit of getting a realtor is that they will help you find the best home for you and your family. The most difficult part of buying a home is actually finding one that is suited to all or most of your needs as well as your budget. You most likely don't know the ins and outs of your state or county and have very little idea of the types of properties that are available.
When you hire a realtor, you are actually hiring their expertise. A good realtor knows almost all of the properties that are available in a given area and once they sit with you and talk about your budget and needs, they can almost always match you with at least a handful of properties. If you can do that on your own, then you don't need a realtor. But the chances are, you won't have known about the existence of those properties without a realtor.
Also, a realtor will help to bring you down to reality. Many people are not aware of the market and have unrealistic expectations about what they can afford. They may have lofty aspirations of owning a spacious home with a large backyard and pool, but their budget only allows for a condo. So, when you talk to a realtor, they will immediately let you know whether you're being unrealistic or not. They will evaluate your budget and help you to find a home that is within your budget that has as many of your desired features as possible. Alternatively, they can help you to source a fixer upper that is cheaper but will make a great home with some renovations.
Next, a realtor will handle the paperwork. This is often the scariest and most complicated part of buying a home. There is usually a lot of paperwork and a lot of back and forth between the owners and potential buyers. For someone who is not familiar with the paperwork and legal process, it is extremely tiring and frustrating to figure out the legal jargon. If you don't want to deal with that, then a real estate agent will take care of it for you. So, you don't have to worry about anything and just leave it to your agent.
The realtor will also serve as a mediator between the owner and the potential buyer. This is definitely a benefit since they will negotiate on your behalf and the chances are high that they are better at negotiating than you are. As a result, they can possibly get you a steep discount on the house.
The Cons Of Hiring An Agent
Now that we've looked at all of the benefits of hiring an agent, we will look at the cons of doing so. The first and most obvious one is that they will cost you thousands of dollars. So, if you're tight on money, then you may want to avoid getting an agent and just do all of the work yourself. It will take some extra time and effort, but it is completely possible to find and buy a fantastic home, without an agent.
Next, another con is that there may be a conflict of interest. Realtors earn money by getting a commission when a home is sold. As a result, if a home owner is offering a high commission to a realtor if they get their home for sale in 45251, then the realtor may do their best to get you to buy the property. As a result, this is a serious conflict of interest and you may end up being persuaded to buy a home that you can barely afford and one that is not suitable for you and your family.
Another con is that the agent may place you on low priority due to a low potential commission or payment over other clients that are paying more money or higher commissions. This can be extremely tiring and frustrating since the agent will not spend enough time looking for a suitable property for you and you might need to find another, more motivated agent.
Lastly, if you're not a first time home buyer and you've done so before, then you will not need an agent. After you've gone through buying a property a couple of times, then it gets quite easy to do so. As a result, hiring an agent will be a waste of time and money.
Closing Thoughts
When it comes to deciding whether to hire a real estate agent or not, it can be a tricky question. There are many factors to consider, however, if you're a first time buyer, it is highly recommended. Also, if you're low on time and are not acquainted with all the legalities and paper works, you should get a realtor. However, you should take your time when hiring one and make sure they are motivated to find the best property for you and have your interests at heart. Be sure to check out reviews and get recommendations before hiring one since it will save you a lot of time and energy in the long run.
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