Real estate agent, has an attention to details that regular buyer/seller may overlook, and even have your back when it comes to legal matter by putting your best interests first. And of course, an agent knows what to look for, given his knowledge of the real estate industry. Superior negotiating skills that an average buyer or new home buyer does not have yet.
Condominium, or better known as a condo, can be a great real estate asset based on your current needs as a single, couple or family looking for a new place to live. Of course, being different from a single-family home, you need to consider some differences, pros, and cons before hiring an agent to buy a condo.
Condos come at a lower price compared to a single-family residence, generally. Of course, this can be a good thing but also a negative considering that you have a single wall separating you from your neighbors above, below and to the left of right to you. However, considering that many condos come with a shared fitness center, pools, tennis courts, restaurants, shops, and bars, the fact that you can sometimes hear your neighbors from across the hall isn’t necessarily a bad thing. Another pro is low maintenance compared to a house residence. Apart from this, a community where your new condominium is located is of utmost importance and many other variables that can make or break your purchase.
Why Getting an Agent’s Help is Important?
With all this said, it seems that you have a lot of researching to do. You know how time-consuming and unreliable it can be, and when it comes to choosing your place to live, there is no place for mistakes. This is why hiring a real estate agent when buying a condo can save you a lot of time and money. Even more, choosing a reliable and experienced agent ensures that you find your dream home easily. Additionally, here are some of the most important benefits of buying a condo with a real estate agent.
Help and Advice with the Preparation
Whether it’s the first time you’re buying a home or you’ve moved a few times already, there are always contingencies that vary from state to state, from a seller to seller and community to community. These differences and details are best known by experienced agents. Consulting with a real estate agent can save you a lot of time and money. It is great to consult with one even if you’re not sure if you can make the purchase. An agent is a person that is best informed and updated on all things real-estate-related. They can go through your current needs and abilities with you and see exactly what kind of condo you need, what is your price range, and advise you on choosing the right part of town based on your job/school and other facility preferences.
Attention to Documentation
Buying your next home, as said before, requires taking many variables into account. Financing abilities, documentation, personal needs, and requirements, etc.
These are all things a real estate agent has experience with and can help you to glide through the process without any issues. There are many contingencies that differ from buying a family house or vacant land. For instance, when buying a house, you sign the typical sales contract prior to closing, while when buying a, there is an additional contract needed to be signed before the deal is closed and the purchase is made. Luckily, agents have closed hundreds of deals such as this, so, normally, they are far more familiar with the needed paperwork.
Take into consideration that mistakes in documentation and omissions of those mistakes can cost not only time but a lot of money that you could potentially save and pay for renovations or other more useful things. So, differences in documentation like this that cannot be overlooked emphasize on the importance of hiring a reliable and experienced real estate agent when buying a condo.
Agents Have Resources
Agents know what to look for based on your specific needs. After consulting with you, they can suggest the best options, because what you want may not always be what you need. So, this is when a professional’s advice and their resources come in handy.
And speaking of resources, knowing what to look for can be helpful in detecting issues with your dream condo too. For instance, you may be looking at homes with a list in your hand of what you’d like it to have. However, your agent is on the look for potential problems like leaks, mold, furnace issues, insect problems, etc. all the things a home shouldn’t have. All these problems may not be immediately visible, but there may be telltale signs that only an experienced eye can spot. So in the end, their resources and experience will save you thousands of dollars down the path.
Comparative Market Analyses
Additional reasons why you need resources are when it comes to prices of condos. If you’re moving in into a new area, new state or city, you may not be familiar with the price range of condos. So how can you tell if the price you have negotiated with the seller is a good one? You may be losing hundreds or thousands on something you could potentially buy for less. So, having an updated list of comparable prices of sales can be of great help, and that is something that only real estate agents can provide.
Apart from the comparative market analyses, they will tell you if that price range you’re looking for is reasonable for that region based on the current and reputable data of the neighborhood’s demographics. This is a list of important factors like schools, hospitals, and restaurants and other facilities, crime rates, etc. This is time-consuming to do research on your own and you may not always find real-time information.
Negotiating is Underestimated
Speaking of ranges and reasonable prices, how much you are willing to pay is sometimes irrelevant if your agent is good at negotiating. This is why buying solo and telling the seller how much you’re willing to pay beforehand is unwise. Prices can be adjusted and agents have superior negotiating skills thanks to their experience.
What’s more, your agent has a fiduciary responsibility towards you, meaning they watch out for your best interest. This ensures that you are getting the best value for your money and nothing less. Most importantly, apart from their trained negotiating skills, they have no emotional attachment to the outcome to cloud their thinking. You may love a place at first sight and that may put you in financial trouble at the end, but the agent works on getting the best possible price for your condo or is off to looking for another great place at a better price.
Buying a condo isn’t something you do every day, so why not do it right? It is normal to have concerns and questions, but you cannot get all the answers on your own. So, contact an experienced real estate agent that can help you purchase your next dream home.