To DIY your home purchase or not…that is a popular question! In today’s day and age, being able to buy practically anything online without needing a sales associate or someone there to assist you is practically the norm. There are even websites where you can buy a car and it gets delivered to your door! So, how about purchasing your next house? How comfortable are you with the idea of buying your next home all on your own? Should you use a real estate agent to guide you through the process or, just do it yourself? There are two schools of thought on this: let’s look at the pros and the cons of both:
- Finding the right house
With a realtor: Agents can dive into databases and sites that list prospective homes, the current market information, comparable prices for other homes in the area and more. They essentially do all the digging in order to find you all the information possible about the purchase, plus, they often have access to information and listings that isn’t always available to the public.
On your own: You can go on Realtor.ca and other sites to click through photos of possible homes in the area you are interested in, but you’ll need to learn how to research local trends, find out current market values and other important information associated with the property.
- Know thy neighbour
With a realtor: Most local agents with a bit of experience should be well equipped to speak to you about the neighbourhoods you’re interested in. They will be able to tell you about zoning bylaws, school districts, amenities, future developments and local transit. They can also tell you if the area is known for low or high crime rates.
On your own: If you have a crystal ball, or perhaps Cousin Frank knows a guy who knows a guy, you might be able to find out what you want to know about the area. However, to learn the things you need to know about an area, you will have to spend time in the potential neighbourhood, researching on the internet and asking around.
- Presenting your offer
With A Realtor: A real estate agent does the complicated paperwork and negotiating for you. They have a vast knowledge of market conditions, competitive sales, and with that they can put together a solid offer at the best possible price. They know how to negotiate and how to close the deal. It’s their job.
On Your Own: You might think you’ve got the market cornered on having a great poker face…but when it comes down to the official offer, there are a lot of details that need to be addressed other than just a price. Before putting pen to paper, you will need to make sure you’ve done your research/due diligence. Then, go in prepared to counter back and forth, maybe several times!
- Small and smaller print
With A Realtor: With offers and purchase agreements, real estate agents have been through this process a thousand times and they know what each sentence, phrase, and the legal jargon means. They have answers for your questions, concerns or even if you’re simply confused. They can clarify it all.
On Your Own: There is a ton of paperwork that goes into purchasing a property; details the ‘average person’ likely has no idea about. It’s the biggest purchase of your life, and paperwork must be processed legally and it’s binding. When you DIY your own home purchase, there’s a higher chance you can get tripped up on the fine print. It is a big task embarking on a home purchase and doing it without a real estate agent can be a huge undertaking, especially if you don’t really know what to do or what to expect. Many people have indeed purchased their home without hiring a Realtor, but it was likely that they had a lot of time, resources and financial/legal experience on their side. If you’re not sure you have the time or expertise do DIY, be sure to call on an experienced real estate agent. Another professional you’ll want to call on is a real estate lawyer. As experienced lawyers specializing in real estate law here in Parry Sound, we’ve helped hundreds of clients; it’s our job to handle the fine print and provide you expert advice to help get you through the process. Call us today at 1-705-746-6444.
