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 Padhi
Mumbai Properties
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