Purchasing a property is a matter that should not be taken lightly. It’s a major life decision as well as a financial commitment that will likely define at least the next decade of your life. The good news is that you don’t have to do it all alone – neither should you by any means. A property transaction has a lot of moving parts and to make sure it all goes smoothly, the collaboration of several professionals is indispensable. No matter how amazing an offer is, the delicate process of buying a property must not be rushed. Before you make any final decisions, here are the people that you should have a serious talk with.
In case you are to buy your first home together with your partner, it should go without saying that you should have a discussion to make sure that you are on the same page. Finances are often the culprits that ruin relationships and such a huge financial endeavor as buying a home should be treated with the utmost seriousness. Not only should you pin down what each of you is looking for in your new property but you should also determine beforehand how you will split the expenses, who will handle the mortgage, and what your financial plans for the foreseeable future are.
A loan advisor
You will need a way to fund your purchase, and to do this in the best way, the insight of a loan advisor is highly desirable. They will help you determine what your buying capacities are so you can narrow down your search. Applying for a loan is also a complicated process and the guidance of a loan consultant will be invaluable when collecting all the necessary documentation later down the line.
A real estate agent
One of the most important people you will talk to regarding your house hunt will be a real estate agent. It is not advisable to skip this person as navigating the real estate market yourself is more difficult than you might think. A real estate agent can find you properties that fit your criteria, and they are also knowledgeable in the market so they will be able to negotiate on your behalf. They are also the person that will give you most of the information regarding the property you are interested in. The list of questions you should ask your agent when viewing a property is quite long, so you should definitely make notes not to miss anything. A real estate agent is legally obliged to disclose information to you about the reason why the property is on the market if there are development plans in the area and similar crucial questions.
It is not always possible to speak to the seller of the property directly, but it will depend on the situation. If it is possible, then having a conversation with them can prove to be in your favor. Sellers are not professionals, so it might be easier to negotiate with them than with professionals. Talking to them can also give you some more authentic, first-hand information about the property. There are also questions you shouldn’t skip asking the seller if you get the chance – write them down beforehand.
A home inspector
Of course, you want to believe everything that is said about the property, but a thorough home inspection cannot be skipped so the next person on your contact list should be a home inspector. A home inspector will identify any damage that could bring down the property’s value as well as any possible risks the property presents. They will tell you if there are any expensive repairs needed to be done as soon as you move in which can naturally affect how much cash you’ll need to prepare if you are to go through with the purchase.
A surveyor/home appraiser
The home you have your eye on will need to be professionally evaluated, too. This is a different evaluation process than a home inspection. Once you have made a successful offer on the property, a surveyor or home appraiser is going to take a look at the property and give you an appraisal report. This is a necessary document for applying for a mortgage, so you cannot skip this person.
Before you purchase a home, especially if you are to do some modifications and renovations on it, it is also advisable to talk to professional construction lawyers who will be able to provide you with insightful residential building advice. Not only do you want to avoid disputes in the future, but you also want to make sure all the past constructions have followed the codes in place. All in all, a lawyer’s presence will give you peace of mind in this important endeavor.
Finally, it might not be a bad idea to get out there and do some research of your own. You can certainly learn a lot from documents but there are also things that only those can tell you who actually live in the area and have an insight that an outsider can never get. So, this is an optional step, but you should consider having a chat with the locals before making any final decisions.
As you can see, there are considerably more people involved in the purchase of a property than just the seller and the buyer. This list does not even include all the professionals you will talk to during the process, only the most important links in the chain. However, it gives you a good idea of how complicated this process is and why you shouldn’t try to do everything alone.