A real estate agent with years of experience (whether in the field of commercial or residential real estate) can be such a benefit when you are considering buying or selling property that it’s really to your advantage to make an effort to find one.
It’s the “inside information” (if you will) that a broker with years in the business has that’s worth more than all the goodwill and hard work of a novice agent. An error in judgment (for example, allowing you to purchase a heritage home, knowing that you plan to substantially renovate it — but unaware that such extensive work is prohibited) can cost you dearly in terms of time and money.
Let’s say you’re looking at NJ real estate as an investment. In certain economies, foreclosures can be plentiful and look like easy pickings; however, a good agent will immediately caution you with respect to foreclosures. You’d be forewarned to obtain a title search and a building inspection (if possible) before even making a conditional offer.
Additionally, government foreclosure properties are sold “as is”, and can thus prove to be an exceptionally risky proposition. Another negative aspect of bidding at a foreclosure sale is that you are to be unable to obtain financing for the transaction, and will need to have cash in hand — again, something an experienced agent can tell you.
Whether you’re specifically interested in NJ real estate or not, fixer-uppers can be very attractive to first-time buyers and even to those who have owned homes before, but are hoping to find an affordable home in or on the cusp of a wealthy neighborhood.
If bringing the house up to market value makes sense financially for you and for the purposes of a later resale, then a fixer-upper may be the right choice. However, you’ll have to prepare for delays and unpleasant surprises that inevitably add more to the budgeted bottom line — always plan on having the renovation take longer and cost more than your estimate.
If you’re undecided, ask your agent to show you both types of homes: a turn-key property in a slightly less wealthy area and the distressed home in the up-scale neighborhood.
Talk to your real estate agent to determine how much you can afford, and if you don’t have a mortgage counselor, ask for a referral. You’ll need to work out how much home you actually require (its size and style), as well as a prioritized list of features, location, and so on.
Your agent can tell you specifics to houses you’re interested in, such as how much other homes in the area have recently sold for and how much the average yearly taxes are. With contacts in the industry, you (through your real estate agent) will have access to lists of qualified home inspectors, surveyors and lawyers at your fingertips.
RE/MAX of New Jersey (http://www.remax-nj.com) is a real estate brokerage that specializes in NJ real estate. Art Gib is a freelance writer.
[tags]NJ real estate[/tags]
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