Buying a home can be one of the most crucial investment decisions you’ll ever make in your life. Because of this, you want to make sure you get the best deal from a lender and understand what your lender needs to cover.
The process of real estate can be quite tricky so many homebuyers choose to have a real estate agent or a realtor assisting them in purchasing a home.
What if you opt to buy a property on your own without the help of a realtor? While that’s highly plausible, chances are you’ll carry the risks and potential arising issues that come with a home purchase without a realtor. Below are some possible problems that you might encounter:
- Overpayment
It is easy to fall trap to overpaying for your dream home without the knowledge and consultation with a realtor. This is because of the price of ‘For Sale By Owner’ (FSBO) set by the seller. In most cases, sellers are either notorious or clueless about the standard market price, so they end up setting up a high price for their homes. If it’s only you and the seller doing the negotiations, you may end up buying a home that is above the market value.
- Disclosure issues
While some provinces do not allow any disclosure, most provinces authorize the sellers by law to disclose problems with their homes. This aspect is crucial as you don’t want to end up buying a home, only to find out later on that there’s a pest infestation or a huge problem with the plumbing system.
As some provinces require to have a Caveat Emptor or “let the buyer beware,” having a real agent can give you the guarantee that such home problems will be disclosed. This is important so that you would know what to expect or how to proceed with repairs.
- Inspection problems
It can be quite challenging for an average person to deal with a home inspection. On the other hand, a realtor can unravel any potential problem that a house may have. If you do it yourself, you might miss out on spotting potential home problems. You may not even know different types of inspections that are advisable for your area, and risk purchasing a home with real issues. The good thing about hiring a real estate agent is that they have experience in the inspection process. Because of this, they will know how to pick out the important things that you will base your negotiations on. Check out our blog post on home inspections here.
- Neighbourhood risk
Your property’s neighbourhood is a crucial factor when it comes to a home purchase. This can have a significant impact on value, as well as re-sale potential in the future. You will want to take into utmost consideration of your safety, security, accessibility, and the amenities and perks that the neighbourhood provides. Because of this, it is worthwhile to know what you are getting, and if it fits your goals for ownership. We’ve put together a list of things that you should consider when looking at a new neighbourhood here.
The advantage of having a realtor is that they are experts in the neighbourhoods in the area you are buying. They know the areas of concern such as school districts, property taxes, HOA rules, commutes, property values, and others alike. You don’t want to fall on the risk of ending up in the wrong neighbourhood. Check out our cities page for features on each of the cities we specialize in.
Final words
With these potential problems in mind, you may now realize the importance and value of hiring a realtor or a real estate agent when planning to purchase a home. With their assistance, all the circumstances mentioned above will be dealt with accordingly.
If you’re looking for a top-rated real estate agent in Langley, get in touch with us today! We’re happy to help.