What is it that you truly are seeking in Real Estate?
Have you really ever ask this question from yourself? What is it that really interests you in purchasing a new property?
Is it to make money as a holding property, investment property, rental revenue income, or is it completely a different avenue; because of your lifestyle, growing family size, or even downsizing?
If the purpose is to make money, then timing and how long to hold the property is the must. An skilled Realtor who is knowledgeable about the local market and its on-going trends can easily assist you to see if a property is purposed for short or long investment and how much is stretching the original equity.
Having a Realtor on your side an help you:
- Identify the progress of the local neighborhood:
This information is crucial. As an example I as designated Realtor for my Buyer client just discovered the close by Senior living facility, which some people see as a positive, is sold to a developer who is planning to develop a property by adding 2 additional levels and have a mix of rental and low income support. In their case of investing on a property near low income housing and rentals, can effect the growth of investment and the time of holding the property to make further equity can increase from 10 years to more.
- Investigate all paperwork:
A good realtor always performs due diligence and reviews Title search, property disclosure statement, CRD mapping and zoning, calling the city to find out about any bylaws violation or owning information. In addition a realtor can help finding out the regulation on the zoning and allowable use of property for further development.
- Market value and estimating the true value of a property
A Realtor can also investigate the trend of sold properties within the same market status and come up with a close variation of dollar value for the property. This helps buyers and sellers to determine the market value and the value of their investment. After all is about making profit in Real Estate and no one like depreciating value.
- State and condition of the property
A sophisticated Realtor also is knowledgeable in basic construction and can spot any problematic issue wit the house. When viewing, your Realtor can help you determine the age of house, age of the roof, plumbing updates, electrical updates, existence of any latent defect. He or she can also point out any problem with mold, window updates, foundation cracks or flow of the floor plan. Speaking of the floor plan, it is one the most important and ignored factor for investors. Floor plan and the way the house is designed, can determine, its niche friendliness. Is it designed with family, privacy, and comfort in mind?
- Network and local awareness
A Realtor has many contacts and network in different industries. from hospitality to handyman, he or she is the best source to locate a reputable professional to get you the best or best rate.
There are so many fact that a Realtor is your best protection in a transaction. Did I mention they are also the top negotiators? The most effective way of using a Realtor is that he or she helps finding your purpose in Real Estate.
So make sure to discuss the fact of why is it your interested in real estate market and hence your realtor can help you pursue your desired purposed property.