Buying a home is one of the biggest decisions that you will make in your life. As such, it is natural that you will have many questions about this transaction.
While we will go over the questions that are asked the most in this article, we realize that there are more specific queries that you may have on real estate.
To get answers to those, contact Blake Rubin on his Quora page, as he is an expert on the many facets of this field.
With decades of experience, he’s bound to have an insight that will help you get past any issue you are experiencing in this area.
Let’s dive right in:
1) Should I buy or rent?
One of the greatest real estate questions that people have is this: is buying or renting the better option? The answer to this question depends greatly on a number of factors.
If you live in a hot market where sales prices are soaring, it may not be the worst idea to rent for a while if rent prices are reasonable.
If you are living where rent prices are high, you might find that committing your capital to something small such as a condo might actually be the better play in the long run, as monthly payments on mortgages in this scenario might actually be cheaper than rent.
Generally speaking, if you can see yourself living in the same town or city ten years from now, buying is a good idea. If you are looking for mobility and options in your life, renting will likely be the better choice.
2) When should I start looking for a house?
If you are renting, but looking to make the transition to being a homeowner, it is a good idea to begin the process of looking for a house as soon as six months before the end of your lease.
This will give you plenty of time to search for an agent, a home, and to do the paperwork required to close on a deal.
Searching for a home can take one to two months, and the paperwork can take as long as 90 days from start to finish.
As such, giving yourself a half a year before the end of your lease will prevent you from having to live in a hotel after the end of your rental lease.
3) Is it really necessary to have a real estate agent?
With the emergence of the internet, many people have questioned the necessity of real estate agents in a 21st century world.
However, we would caution those that are looking to save money to remember why real estate agents are a boon to sellers and buyers alike.
If you are a seller, an agent takes care of putting your house ad on the multiple listing service (MLS), they take care of reams of paperwork that is legally required to be completed, and they have the negotiation skills required to get you the best possible selling price.
Attempting to do any of this on your own will waste your valuable time, and leave money on the table that would otherwise be in your pocket.
If you are a buyer, a real estate agent works tirelessly on your behalf to find the best home possible, taking your budget and quality-of-life preferences into account. Without the help of an agent, you will pay more and get less in return for your money.