When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same! When choosing a buyers agent, make sure you know how to properly interview prospective Realtors when buying a home.
Attempting to buy a home without a Realtor can really make the home buying process more difficult. Having a Realtor is always recommended when buying a home. One thing not to do when buying a home is calling the listing agent because you don’t want to “bother” your Realtor. This is one thing that real estate agents hate.
One reasons why buyers ask the question about the need of having a Realtor when buying a home is because they don’t understand who pays the Realtor fees when buying a home. There are no guarantees, however, in most cases the seller pays the Realtor fees.
A broker is a person who has obtained a professional license to directly act as an intermediary in the business of selling, buying, and renting real estate such as houses, buildings, and offices.
The answer to the question is YES! There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $250,000 if you can only afford up to $200,000.
If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available. These programs can vary from state to state and county to county, so knowing exactly what’s available to you, is critical.
Another important reason to talk with a bank before looking at homes is so you understand exactly what costs are associated with buying a home. There are many home buyers who don’t understand the difference between a down payment, pre-paid items, and escrows, which can be thoroughly explained by a mortgage professional. A mortgage professional can give you advice on the type of financing you should be looking to obtain and also whether or not you should request the seller to contribute towards your closing costs, also known as a seller’s concession.
When buying a home, it’s important to know what additional costs will be in addition to the monthly mortgage payment. Utility bills are just one of the additional costs to consider when buying a home. Utility bills can be obtained from the home owner and in some cases, from the local utility company, who can provide averages over the past 12 months. Keep in mind, everyone prefers to have their home temperature different, so the average bill could be different if you were to purchase the home.
You will find details of the expiry date in your lease agreement. If this date passes, your lease becomes a ‘continuing agreement’. This ensures all parties are bound by the original lease terms.
You can also request a lease renewal from the owner or agent. The owner of the property has the right to renew the lease, let arrangements continue under the terms of the original lease or issue the appropriate notice requesting that you vacate the property.
It is important for you to discuss whether or not you want to continue living in the property with the owner or agent well before the expiry date of your lease, which allows everyone to make the necessary plans and arrangements.
Typically, landlords will ask that you pay an application fee covering the cost of running your credit. They may also require a security deposit and first and last month’s rent. Ask about these upfront costs so you’re prepared.
There are many life situations that may prompt you to move to a new place while you’re in the middle of a lease. It’s good to inquire about your options before you sign the lease so you know what to expect. Some landlords may ask you to buy your way out, while others may just want you to find a qualified tenant to take over your lease, and some may be OK with you subletting the unit.
Usually, there are rules and restrictions on subletting. Check with the landlord/realtor and the building management to understand the limitations.
There are a number of different scenarios that can occur if the owner decides to sell – these can depend on the expiry and terms of your lease agreement.
For example, if you are within the term of your lease agreement and the property is sold to another investor, you continue to have your rights to the property as a tenant when the new owner assumes the responsibility as your landlord.
If the property is sold to someone who wishes to live there, you will be given notice to vacate – this will usually give you plenty of time to arrange your next property.
As an existing tenant, your agent is perfectly-placed to help you find another rental property that suits your budget and preferences.