Buying a house is a dream for many, but it often involves a lot of mental and monetary effort. While most houses have an agent that will help you through the process, their top priority is the seller. To ensure that your interests are protected, consider hiring a buyer’s agent. A buyer’s agent will try his/her best to get you your dream home at the best price and make sure you stay on top of the home buying process.
Here are five reasons to use a buyer’s agent when buying a home.
1. It’s Free
One of the best reasons to use a buyer’s agent when purchasing a house is that it doesn't cost a dime. In residential real estate, the seller often pays a commission to both the listing agent and the buyer’s agent. It’s important to mention that there are a few circumstances where you would have to pay the buyer’s agent. An example of this is when buying a for sale by owner home and the seller states in the contract that he/she isn’t willing to pay the commission.
2. A Buyer’s Agent Can Help Evaluate and Secure Financing
Finding the best mortgage is critical. It will determine whether you can afford the mortgage payments or not. A buyer’s agent will not only help you explore your options but also refer you to a good lender.
If you don’t prefer traditional mortgage brokers, there are great online brokers that can help you find the best mortgage option. Habito, for instance, has dedicated mortgage experts who can assess your situation, explain Habito's mortgage options and find you the best mortgage.
3. A Buyer’s Agent Knows What to Look for When Attending Walkthroughs
A selling agent regularly helps buyers to find homes. Consequently, they have an experienced eye and know what to look for when attending walkthroughs. The agent’s practiced eye will identify signs of damage or modifications. Additionally, the agent will carefully inspect the property disclosure statement to determine if there are any red flags. The problems identified will help you make an informed choice.
4. A Buyer’s Agent Understands the Local Market
Another good reason to hire a buyer’s agent when purchasing a house is that they understand the complexities of the local market. While you can spend a few minutes online and get data on sales of comparable properties, a buyer’s agent has the experience to know how well a neighbourhood holds property value. Most agents can even price a property the minute they walk through the door.
5. A Buyer’s Agent Has Access to Essential Services Needed During A Transaction
There are several services that are required during the buying process including home inspection, mortgage pre-approval and protecting the contract. Experienced buyers’ agents have connections with experienced professionals who can help make the buying process seamless.
It pays to have a buyer’s agent looking out for your interests when purchasing a home. Just make sure to find an agent who is qualified, knowledgeable and has experience selling houses in your chosen neighbourhood.
Published by Joseph Nicholls