Why First-Time Home Buyers Need a Realtor
Posted by Eric Skates on
If you're a first-time home buyer, there is so much that you need to do and know. You might be confused or overwhelmed by the process, and this is why having a skilled and knowledgeable realtor is important. The realtor can help you understand how much home you can afford based on your income, amount of debt you have, and the pre-approval you receive from a lender. Here are additional reasons why you need a realtor.
The Realtor Knows the Area Well
You might have your heart set on a certain neighborhood, but the realtor knows that it is above your budget, and you might not be able to afford that area. The realtor can also tell you the average price that homes in specific neighborhoods sell for, and he can point you to some of the most affordable parts of the city. The realtor knows about neighborhoods' crime rates, the reputation of schools, and overall quality of life.
You'll Get Help With Documentation
As a first-time home buyer, there are so many documents that you need to present, make copies of, and sign during the process. When you work with a realtor, you'll get the help you need to understand the paperwork that is required to purchase the home.
Realtors Understand What Lenders Want
Since you'll need to borrow money for your new home, it's important to understand how the lending process works. Realtors know lenders look for in potential home loan applicants, and they can discuss any first-time home buyer programs that you might qualify for. This takes the confusion and stress out of the application process.
They Have Access to Updated Listings
The good thing about working with a realtor is that he maintains an updated regular database of new homes that are on the market. They know about the amenities each home has and the prices that sellers are offering for them. The realtor can alert you quickly and schedule visits to the homes.
Realtors Can Help You Determine Pitfalls
Sometimes first-time home buyers fall in love with a certain home, but they don't take into consideration the pitfalls that exist with it. These pitfalls include problems with the plumbing or electrical systems, safety issues, or problems with the roofing. The realtor can spot the pitfalls and suggest a different home. He might also suggest a thorough inspection and recommend an inspector.
They Are Aware of Local Zoning Laws and Codes
This is especially important if you desire to make upgrades to your new home. The realtor knows your city's building and zoning laws and can guide you through an understanding of them. For example, if you are buying an older home, your city might require you to have certain upgrades in order for it to be up to code. Or if you want to build a patio or fence in the backyard, the realtor can tell you if your city would allow it.
Tips on Selecting a Realtor
It's a good idea to choose a realtor with at least five or more years of experience, and who specializes in the neighborhood you want to live in. You want a realtor who will be available to you at any time and who exhibits professionalism. Obtain recommendations from relatives and friends who just purchased homes. Interview multiple agents before you make the final choice. Verify that the realtor is licensed and see if he received any awards. Take a look at the realtor's latest listings to see if they are within your price range.
In conclusion, a trained and knowledgeable realtor goes a long way in assisting you as a first-time home buyer. If you're ready to purchase a home click here to start the pre-qualification process.