Real estate properties are significant investments, and one needs to be careful before signing the dotted line. The same goes for selling properties because of the legalities involved. Smart decisions should be made, as it includes large transactions. One wrong decision could lead to a financial disaster.
For newbie house hunters and home flippers, the buying and selling process can be overwhelming. However, proper examination and consultation can help them understand the process better. Below are smart suggestions for newbie buyers and sellers:
Ask Professional Help
Asking help from professionals is an essential component of the buying and selling process. An attorney can help analyze all agreements and contracts connected with the process. Some of the areas which need proper attention are the property’s appraisal, commissions, and all overhead costs. These should be included in the agreement, and a lawyer can draft a contract for it.
After an attorney drafts an agreement or reviews the contract, it’s best to look for a licensed real estate broker. Screen candidates by doing a simple background check. See if the broker or agent is in good standing or has cases filed against him or her. Once everything checks out, the real estate representative should help the client with the negotiations. He or she will discuss terms with the buyer and seller on the client’s behalf. The broker should also provide copies of the agreement to both parties.
Aside from a broker and attorney’s advice, consider asking help from certified home contractors. They can also help with home inspections to check if the property for sale is up to code. Salt Lake City’s residential plumbers recommend that property hunters also inspect the home’s plumbing system. A faulty system can affect a property’s market value, which can be an advantage for buyers and a disadvantage for sellers.
Recommendations for Property Sellers
Newbie home sellers need to understand the complexities of selling properties. Check out these quick guidelines:
- Verifying a property’s market value is crucial. Do that first.
- Lawyers, brokers, and agents will negotiate on the seller’s behalf. They are also responsible for drafting agreements and contracts before closing the sale.
- A property’s value is determined by the following factors: structure’s age, location, floor and area size, and if renovations or extensions were made. Have the property assessed before putting it up for sale.
- Have a broker or agent stage the property for prospective buyers. Staging helps attract interested buyers, and it gives them an idea of how to design their homes.
It’s also recommended that property sellers secure a Home Energy Rating System (HERS) certificate. This will give buyers an idea about the property’s current energy-efficiency assessment. The “greener” the score, the higher the market value.
Recommendations for Property Buyers
Purchasing property requires making wise decisions and budgeting. Here are pointers for homebuyers:
- Make decisions based on the property’s location, features, and fair market value.
- Before creating a budget, review finances first. Take into account all the costs associated with the new property (real estate tax, broker commissions, renovations and upkeep fees)
- Search for the best-priced property within the preferred location. Compare prices and schedule visits to see the property first hand. Ask a broker and contractor when viewing the property. Their inputs will help with the decision-making process.
- Have a lawyer and broker help review all documents and agreements before signing. They can help negotiate terms with the property seller. These should also be kept once the deal has been closed.
- A thorough inspection of the property is mandatory before moving in. Raise any issues with the property owner to resolve them quickly.
Commitment and the right mindset are vital when buying a new home. It’s not as easy as buying milk from the local grocery. It’s a long-term commitment with legal implications. Be prepared to avoid possible complications.
We hope that these suggestions will help newbies make the best decisions. It’s better to be armed with the right knowledge before leaping into the unknown.