A real estate purchase involves a significant financial investment, so many details must be carefully considered to make sure everything goes smoothly and successfully.
Here is a list of advice to get you started if you are looking to undertake either of these things:
- Do your research. Before buying or selling anything, be aware of the procedure. Our buyer and seller pages are a fantastic place to start. A range of helpful tools and guides are available here.
- Employ a real estate agent who can meet your needs. They can offer a variety of services, such as market trend monitoring, comparable market studies of comparable properties, setting up showings, and negotiating conditions on your behalf.
- Make sure your working and communication styles, approach, and agent are complementary before hiring them. Ask inquiries and express any preferences.
- Get the agent's rebates and incentives in writing if they are offered to you.
- Have a defined budget. Know how much you can and want to spend. Don't forget to budget for additional expenses like moving costs, real estate commissions, mortgage insurance, and moving costs.
- Read the small print. Even though the amount of paperwork can be intimidating, it's important to keep in mind that real estate contracts must be carefully read because they are legally enforceable. Additionally, I would advise consulting a real estate law attorney who is covered by insurance. They can look over the conditions, check the title, and take the necessary actions to finish the deal.
Here is some selling advice:
- Provide property information. Work with your agent to verify that all of the property's details are accurately listed, and have as much supporting information on hand as you can.
- Consider whether you want to only have planned showings or if an open house is required. To establish ground rules, speak with your agent. For instance, do you want visitors to remove their shoes before entering your property? Any valuables should be put away, and documents containing personal information, such as credit card statements and invoices, should be stored securely.
Here is some further buying advice.
- Work with your realtor to investigate the systems of the property's age and condition, and discover whether any renovations were done with the necessary permissions. For added peace of mind, it is a good idea to think about getting a home inspection.
- Be precise. Aim to be as specific as you can in your offer to prevent confusion later. Specify the items you anticipate being included in the transaction (such as the appliances and light fixtures) and make it clear if any agreed-upon repairs need to be finished before closing.
- Incorporate restrictions to safeguard yourself. While eliminating stipulations like financing or a house inspection can increase the appeal of your offer to a seller, keep in mind that it may also be problematic for you.
- Create a backup plan. Verify that the closing dates for your next property and the sale of your existing home coincide. If so, you might need to make arrangements for bridge funding and interim housing.