Through our country’s history of change and upheaval, a constant is that home ownership represents the American Dream.
From all walks of life, we aspire to own a piece of our community that we can control ourselves.
Many of us love the freedom that comes with making our own choices about how to build and maintain our home. We may fancy ourselves Mr. or Ms. Fix-Its and relish the idea of weekends on DIY projects.
However, there are some very big risks that come with going it alone and doing everything yourself when it comes to actually buying or selling a home.
Look, we get it.
With all of the information at your fingertips on apps and smart phones today, you may fancy yourself savvy enough to find a home without paying a real estate agent. But if you think hiring a professional is expensive, just wait until you absorb the full costs of amateur expertise.
The reality is that real estate is a complex market, filled with nuances and pitfalls that only seasoned professionals know how to navigate.
Consider just a few of the many risks you expose yourself to by “going it alone”.
RATE SEARCH: Get Approved for a Mortgage
Lose the Ability to Negotiate
Yes, negotiating is a common part of daily life today. It’s unlikely you’ll get the salary you want or the benefits you need if you don’t gain a bit of experience in the art of the deal. But real estate is not the place to learn on the fly.
Real estate agents gain deep expertise in how to best use leverage to earn you the best deal possible on the market. By not working with a pro, you aren’t able to tap into their
insights and acumen for how to drive the best bargain possible – a loss that can stand to cost you a considerable sum over time.
Miss Out on Market Knowledge
The prices listed on real estate apps can’t always be trusted, particularly when sellers are also handling their end of the transaction alone. A seasoned real estate professional with bring insights into trends in the market over time and how much you should be budgeting for your target property.
Lower Standards of Disclosure
Real estate professionals are generally held to higher legal standards that require them to thoroughly vet a property for potential pitfalls – water damage, toxic materials, health and flooding hazards, the list goes on and on.
You will gain enormous piece of mind from working with someone to walk you through the process of having a property thoroughly inspected and cleared for move-in. By not working with a
professional, you hold more of the liability yourself to ensure that you have thoroughly kicked the tires of a home you are considering, especially if the seller is not working with a real estate pro themselves. Why risk exposing your family or loved ones to insidious problems with the property that you might not discover until it’s too late?
Drowning in Paperwork
It takes a lot of paperwork to buy and sell a home in America. What do all these contracts mean and are there any loopholes that you have overlooked?
If you value your time highly, you aren’t likely to be making the best use of it possible by poring over the minutia of all the records and legal proceedings associated with a transaction. While you should surely make sure that you thoroughly review any binding document before signing on, a real estate professional you trust can greatly reduce how much time you spend on legal matters so you can get back to how you really want to spend your time – activities like picking out drapes for your new bedroom!
Missing Out on the Dream Home You Didn’t Know Existed
You are only going to find out so much about what’s available in the marketplace by going it alone and relying on apps or word of mouth.
The right real estate pro will bring detailed knowledge of the market in your area or neighborhood – as well as other potential markets nearby that you might not have considered but could be just what you are looking for. Why not cast a wide net when looking for your home and leverage the knowledge of a professional?
Of course, there are costs and commissions that come along with any partnership with a real estate agent. There can be some eye-popping costs in buying a home – not to mention everything that comes along with it: property taxes, closing costs, HOA fees, maintenance, and so on.
It can be tempting to try to cut down costs somewhere and many grab onto the idea of cutting the costs of working with a real estate agent. But as we’ve seen, this can be a very risky proposition.