Many people know that using a realtor when selling a home is a valuable asset but they may not know that using a buyer’s agent is equally as beneficial. From saving you time by calling and arranging viewings on your behalf, to knowing what possible red flags to look for, a buyer’s agent can help you find your perfect home quickly, on budget, and with peace of mind. Below are my top three reasons to use a realtor when buying.
1. Fiduciary obligation
If you are viewing homes, chances are you’ll be dealing with realtors on the seller’s end. Those realtors will be bound by a fiduciary relationship – meaning the agent is bound by license law to act in their clients’ best interest. By having an agent of your own, you are ensuring that you also have someone bound by law to look out for your best interests in the transaction.
2. It’s never a waste of time to lean on an expert
Another reason to hire a realtor when buying a house is because they know what red flags to look for, many of which you may not be aware of. An experienced agent will be able to identify potential problems with a house relatively easily. Some issues a realtor can quickly identify for you:
Which areas of the city have had higher water tables
Foundation issues
Potential ice damming on the roof
Insulation issues
Cracks on exterior walls
Types of furnaces
Old plumbing
3. Most houses will need some work
Chances are, no house will check off all of your boxes. Generally, you’ll check off about 80% of your boxes and the remaining 20% can be addressed with renovations and upgrades post-purchase. If you find a house in the right neighbourhood with a great layout, in close proximity to a school and amenities, and in the right price range, you’ll likely find that a few renovations post-purchase can take the house from an 8 to a 9-9.5.
By using a realtor, you have someone who can help you budget and plan your renovation as well as suggest some recommended professionals to help with the project. A realtor will also have a pocketbook full of other needed experts like a mortgage specialist, a home inspector, and a real estate attorney.