For many, the idea of owning property seems like something that is out of their reach. They may feel like they have jumped into the deep end of the pool and don't know how to swim. Questions like "Do I need a realtor? What does a realtor do? What can I actually afford?" are probably buzzing around their head. In this article, we will take a sneak peek behind the curtain and demystify the world of real estate.
What does a Realtor do?
Showing clients potential homes is actually a small portion of what a realtor does. Realtors act as a negotiator who works with lenders, banks, buyers and sellers to create the best possible outcome for their clients. Many realtors have the ability to help clients overcome issues like not having a down payment. With extensive knowledge of the current real estate market, realtor's goal is to serve and advise their clients on what to do.
Realtors will also meet with clients beforehand and discuss budget and how much house is affordable. Having this meeting allows the client to learn about how feasible owning a home can be. There is a misconception that renting an apartment is cheaper than owning a house. In many instances, the mortgage on a house and the utilities are less than the cost of an apartment.
How long does it take to buy a house?
In most instances, it takes about 3 months to purchase a house. Once an offer is made, the home inspection can begin. It is done by a trusted home inspector, who checks things like the foundation, electrical and plumbing. During this time, the buyer and the seller will negotiate different items that may need fixing.
The home inspector will give a detailed list showing potential problems or things that may be a problem in the future. For instance, the inspector may note that the HVAC unit is about 8 years old and could need replacing in the next few years.
What do I need to buy a house?
It is recommended to have some money in savings (rough estimate is 3-6 months of expenses) There will be some fees and costs that you'll need money to cover. These are closing costs, inspection fees and legal fees.
For many first time homeowners, a 20% down payment is not necessary. Many mortgage lenders only need between 3 and 5%. Pay stubs are another necessity, as it shows that you are employed steadily.
Finding a realtor you can trust:
Meeting with a realtor is an absolute essential part of buying a home. Many realtors offer initial meetings at no cost. These meetings showcase and discuss how feasible home ownership can be.
Perhaps a one on one meeting isn't for you. At All Square Homes, we offer monthly classes that discuss the same information for free. Our goal is to help you find the home of your dreams and do everything we can to make it a reality.
For more information on our monthly meetings, please follow our Facebook Page at All Square Homes Real Estate!