Buying a new or existing home is a large investment that you don't want to mess up. Paying too much or buying a home with hidden problems can cost you in the long run. Here are three professional services that can be beneficial to you when you buy your next home.
Inspection
When you make an offer to buy a home, it is a good idea to have a professional inspector look at the home to find any potential problems or damages that you may not see on your own. A professional inspector will accurately inspect the home and make a detailed report about their findings. This report is helpful in negotiating repairs to the home or changing the home's offer price.
An inspector will look for anything broken or not working right in the home. He will inspect things such as the electrical, plumbing, HVAC system, appliances, roof, attic, foundation, and exterior of the home. The inspector will make sure the insulation has been installed right and will also look for any water leaks or mold in the walls. Any deficiencies the inspector finds will be written into their report.
For about $200 to $300 you can hire a professional inspector. This is a small price to pay when you consider the potential for thousands of dollars in problems they find before you buy the home.
Real Estate Agent
When buying a home without a real estate agent, you will miss out on all the expertise and experience that they bring to a home buying process.
A real estate agent is paid by the seller, usually out of the home's sale proceeds, so as a buyer you don't have to pay anything for these services.
Besides having all the local market's real estate sales statistics at their fingertips, a real estate agent knows how to negotiate a good deal on your behalf. When you agree to hire a real estate agent, they have a fiduciary duty to look after your interests in the transaction process.
A real estate agent has all the legal forms and contracts that you need to fill out for any transaction, and they know what deadlines need to be met on a sale contract agreement. They will help you every step along the way, working with your mortgage lender, and escrow company or real estate attorney.
Unfortunately, there are bad real estate agents out there doing deals, so it is a good idea to ask around to find a good agent who will work their hardest for you.
Appraisal
Most home buying transactions involve a lender who will need an appraisal done on the home. This is to make sure that they do not lend over the actual value of the home. Because mortgage fraud has become a problem over the years, an accurate appraisal is something that a lender won't process your loan without.
An appraisal is not required when you are paying all cash for your home, but you should still make sure you are paying a fair price for the home. Then you can order the type of appraisal needed for your situation. You can use comparable sales in the area to determine if the price is fair, but that doesn't mean it is as accurate as possible. A appraisal is the official way to determine the right price on a home.
An appraiser will come in the home and appraise it based on everything they see.
Some items they will consider include:
- Square footage and finished square feet.
- Size of the lot and the condition of the yard and landscaping.
- Type of exterior and the condition of the foundation structure.
- Appliances included.
- Special features in the home.
- If it has a garage or a carport.
- Number of bathrooms and bedrooms.
By using these three professional services you can buy your new home with the confidence that you are making a good decision. They can even be helpful when you are looking at new construction homes so that you can be sure you're getting what you've paid for.
