Q: Do I need to hire a Realtor to represent me when I buy a new home from a developer?
A: Legally, no. But if you don’t, you might be missing out on some tangible benefits that impact your wallet and how much you get for your money.
There are many reasons why a Realtor is a sound investment during the purchase process with a developer. While some of them can be quite complex (and go beyond the scope of this blog post), here are a few highlights.
Market Value Compared to Purchase Price: How much money are you going to be able to come out of pocket for your down payment? If you don’t want a nasty surprise when it comes to disparities between your agreed upon purchase price and the actual market value of the home, you’ll want an agent with access to information which will help you accurately assess the true value of that brand new home.
Negotiation Power: Realtors are professional negotiators, and often a Realtor can get more from a developer than you would on your own. While some of this might be related to purchase price, other perks may include property or home upgrades.
Financing: It’s probably no surprise that your developer will have preferred financing partners to work with. Many of those “partners” pay good money for the opportunity to handle your loan. But is it the best loan at the best rate? A Realtor can be both a sounding board for financing terms and a source for trusted alternatives.
Contract Expertise: While your Realtor isn’t an attorney, they know a great deal about the ins-and-outs of property contracts. This includes developer’s contracts, which may have provisions that put you in dicey territory should something unforeseen happen. Protect yourself with a Realtor.
Credit : +Ramprasad PadhiMumbai Properties