Buying your first house? Or simply moving from the old one? This is probably the largest and most significant purchase you will make in your life so you would want to do it right. You may face many different problems when doing so, especially if you decide to do it on your own, i.e. without a real estate agent. Here are some problems you may face, and which could be avoided by using a good real estate agent.
Coming to a bad neighborhood
Bad neighborhood is certainly not something you want. After a long and stressful day at work you want to go home and just relax and not to deal with more problems. Especially if you have a child or you are even thinking about having one. You want your child to have a good and healthy environment where it can feel safe and can play outside carefree. You can avoid this by simply observing the neighborhood: the grass in the yard is knee-high, there are rusty vehicles lying around, homes are in foreclosure and there is a lot of vacant buildings. As you look around during the day, make sure you do the same at night. You don't want to listen to some frat party every night.
High renovation costs
You may not see any problems with your new home until you start renovating and that is too late. Renovating may expose many problems: you need to rewire because electrical wiring and fittings are too old and have become unsafe; corrosion of water pipes can sometimes be so bad that the whole house needs new plumbing; a rotten weatherboard can reveal rotten framing when the board is removed (floors out of level, corrosion); unstable brick chimneys; no insulation in the walls or ceiling. These are the reasons why you should think about hiring a real estate agent you can trust who had the property checked before conveyancing.
Legal problems
When purchasing a new property you may face many different legal problems. Does the house have planning permission? Any house built requires planning permission and you need to make sure that the planning documentation is in order, if not, pull out of the transaction on discovery of discrepancy. What kind of title is it? The documents need to show not only that you are the one that owns the new property but also it guarantees that no one else can come and say that they own the property. Also you may face problems in getting a mortgage if your salary is not high enough or the property is unusual. You should try with some other lenders because different lenders have different rules about giving mortgages.
Purchasing a new house is very exciting but it may also turn into a nightmare. If you have no idea what you are doing it is in best interest for you to hire an agent, a person whose job is to avoid this kind of problems and someone you can trust. It is a lot easier, safer and it will save you time and money.
