If you are in the market for a new house, you should consider hiring a buyer’s agent. Buying a house will be the largest investment you will probably ever make in your life. Having an agent by your side will greatly reduce the risks involved in buying property.
Here are 7 main benefits of hiring a buyer’s agent:
- Puts Your Needs and Wants in Order
We all have an idea of what we want in a house and a neighborhood. But realistically, it may be difficult to find property that has everything we need.
It may come down to what you can afford, what properties are available at the moment, how negotiations turn out or whether the owner pushes through with the sale.
An experienced buyer’s agent will sit down with you and help you create a checklist of these needs and wants. Using that as basis, the agent will prepare a listing of properties that have the features and amenities that come close to your vision of a dream home.
- Filter Out Emotions
Buying a home is an emotional experience. It’s an exciting time in your life because home ownership is a milestone. But once the excitement has settled, other emotions such as anxiety, worry, fear and concern begin to trickle in.
An agent knows what it is like to go through the roller coaster of emotions buying a home will take you. Not only have they handled many clients, but some agents have been buyers themselves.
Thus buyer’s agents see the process through 3 filters: the buyer’s, the seller’s and as a qualified home owner. The agent can brace you for disappointments such as when the seller refuses to budge or if your application for a home loan is not approved.
You can be rest assured that despite the emotional challenges, the buyer’s agent will find ways to help you navigate through difficulties until you find the property you eventually will call “home”.
- Receive Valuable Consultation
A buyer’s agent can do more than just show you prospective homes to consider. He or she can render valuable advice on other matters relevant to your decision to buy a home.
One such area is funding. Are you sure you are financially capable of buying a home? Are you confident enough of your stream of earnings to keep up with monthly amortization? How much of your monthly cash flow will be compromised by home ownership?
There have been too many owners who lost their homes because of their inability to meet expenses or maintain payments. It is a difficult subject to discuss; it certainly can put a damper on the euphoria of buying a home.
But it has to be discussed nonetheless because buying a home is a life- changing moment. Your priorities will change. The last thing you would want is to have every decision you make hinge on whether you can make payment or not.
- Gain Market Insights
Buying a home requires research. You have to know where to look, the average price of homes in your area of interest, market trends, new development and if there is new legislation on property ownership in your city state among others.
A buyer’s agent regularly stays updated on all matters related to real estate. It is important to learn as much as you can about the property market because a home does not only provide shelter.
If you hit the jackpot and purchase property in an area that has high growth potential, you could be living in your future nest egg.
Buyer’s agents also view property ownership from the perspective of an investor. They know land is an asset that appreciates over a period of time and that some areas appreciate faster than others. Future land value is an important consideration to make before plunking down your hard earned money.
For example, if you plan to sell your home in 5 years because your children would be off to college at the time, your investment could generate a windfall of profits that would see you through the golden years.
- Expand Your Search
Without a buyer’s agent, you would probably spend most of your time viewing listing sites online to find prospective homes. With a buyer’s agent, you can expand your search and more importantly, fine-tune it to focus on properties that meet your needs and wants.
A buyer’s agent also works on building his network of connections. They have their own listing of homes for sale and of owners who prefer not to list their property openly.
It makes the search process faster and more efficient. And a buyer’s agent has your interests covered. If you go to a listing site, you would be dealing with a listing agent who works on behalf of the seller.
- Life and Work Uninterrupted
Trying to find your dream home will take time and effort. You have to set aside time to visit homes, review contracts, assess tenability of properties and submit documents among others.
Fulfilling these obligations can be difficult if you have a full-time job or a family. Having a buyer’s agent is like having a clone. You can be at 2 places at the same time.
If you cannot excuse yourself from an important meeting to attend an open house, your buyer’s agent can show up on your behalf. If you cannot push through with the scheduled visit of 5 prospective houses because your daughter’s piano recital presented a conflict, trust that the buyer’s agent can reset the activity for another day.
- Handle Negotiations
Negotiations can make or break deals. The days of approaching negotiation from an antagonistic point of view are long gone. Today you should approach negotiation as a protagonist; meaning both parties have to arrive at a middle ground where their respective interests are protected.
This can be tricky because compromises have to be made. Achieving balance in the negotiation process requires someone with experience and the right mindset.
Buyers’ agents have been sellers’ agents and some are currently home owners. They have a good idea of how the other side thinks.
With a buyer’s agent at the helm of negotiations, you can get the property at the price you can afford. It may not be what you had in mind, but it should be close enough.
Similar to a listing agent, you have to pay the buyer’s agent for his or her services. But the benefits will greatly outweigh the costs as hiring a buyer’s agent will make the entire process of purchasing a home easier, more convenient and less stressful.