Everybody loves saving money, and especially when it comes to real estate. More and more we are finding you can buy almost anything online without the need of a physical person or sales associate to assist you. The latest to join these ranks is buying a car online without trying it out first and the vehicle actually gets delivered to your door! So it makes sense how some people would like to buy their next home without having to use a realtor. Obviously you want to save money when it comes to the commission, but honestly, how knowledgeable are you with the various ins and outs of buying a home? Do you know enough to protect yourself and your investment? There are two sides to this question, so let’s take a look at the pros and cons of both:
- Searching for the perfect property
Do it yourself: Yes, there are many ways to look for a house nowadays. There’s the main online site called Realtor.ca that shows you all homes for sales in your desired area. There are also other sites that cater to properties for sale – like your local marketplace or even platforms like Instagram, Facebook and Kijiji. That’s the first step, the next big ones is knowing how to research local trends, what are homes going for in that area that are comparable to the one you want as well as other important information associated with the listing.
Using an agent: Real estate agents can dig through various databases and resources that the general public does not have access to. They can find endless prospective homes to look at, know the current market information, find out comparable prices for other homes in the area and if the property is actually priced fairly. They do all the investigating in all aspects of the home so you see the full picture before putting in an offer.
- Know thy neighbour
Do it yourself: Maybe you’re fortunate enough to own a crystal ball and can see into the future and the past. Or maybe you know a guy who has a friend who has an aunt who’s selling her family home. Can you trust the information coming down to pipes? To find out the things you really need to know about an area, (the important stuff not just how close the pub is), you will have to spend time in the potential neighbourhood, researching on the internet and generally asking around. That takes up a lot of time.
Using an agent: Every real estate agent with any experience are well-equipped to find out about the neighbourhoods you’re interested in moving to. Agents can do the research on zoning bylaws, school districts, all amenities, any future development plans and transit. They can also give you behind the scenes information like if the area is known for low or high crime rates.
- Submitting your offer
Do it yourself: There’s a lot more to it than just writing a price down on a napkin and giving it to the homeowners. You must do your due diligence on all the aspects of the potential purchase or else you could end up in hot water. You need to know if you are going in with a solid offer, will there be any conditions on the purchase, or how long you want to give for your conditions. If you feel confident you’ve done all the research, then go ahead, but be prepared to counter back and forth, maybe several times! If you’re not experienced in these types of dealings it can be incredibly stressful as you attempt to “wing it”.
Using an agent: As stressful as it is going back and forth with counter offers and removing certain conditions or not, a real estate agent does the complicated paperwork and all the negotiating for you. So it’s easier having a realtor do all the “hard” work on your behalf. They have the experience and the knowledge behind them to go in and get you the best price. They understand the market conditions, the competitive sales, and with all their knowledge, they draw up the best offer on your behalf. They know how to negotiate and how to close the deal. It’s what they love to do.
- The fine print
Do it yourself: Buying a home is arguably the biggest purchase of your life. There is also a ton of paperwork that goes with it and many details that the regular Joe has no idea on. When you go about purchasing a home without an agent, you run the risk of getting in trouble regarding the fine print. There are many legalities involved in buying a property, and it’s practically impossible for you to know about all of them. This leaves you open to mistakes being made or legalities you didn’t know about.
Using an agent: The great thing about using a realtor is that they have been trained and have done the process thousands of times. They know the in’s and out’s of every agreement, they know what to look for in a home, they know how to word the offer, they know how to protect your rights. Plus, they can work with you for however long it takes to find the right house, and are always happy to answer any of your questions as they come up.
It’s a huge undertaking to purchase a home, with or without an agent! It’s just a little less stressful if you use an agent who’s goal is to find you your forever home at the best price. If you’re not sure you have the time or know how, make sure to find yourself an experienced real estate agent. Another professional you’ll want during this time is a real estate lawyer. As experienced real estate lawyers here in Bracebridge, we’ve helped hundreds of clients with the fine print of buying a home. It’s our job to handle the details provide you with expert advice to get you through the process. Call us today at 1-705-645-8743.
