Buying a Home: Why You Need a Real Estate Attorney

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Buying a Home: Why You Need a Real Estate Attorney

When I bought my first home, I basically signed whatever was placed in front of me. The idea of becoming a homeowner overshadowed any concerns that I might have. Besides, the agent seemed to know just what needed to be done. It was only later that I learned there was some confusion about the location of the property lines. Two years and several thousand dollars later, I finally got things straightened out. When I bought my second home, you can bet that I had a real estate attorney by my side. Everything was checked and double-checked before I signed anything If you are thinking about buying a home, take nothing for granted. Let me tell you more about my experience and why you need your own legal counsel. In the long run, you'll save a lot of time and trouble.

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How a Real Estate Agent Functions as Your Guidance Counselor

If you're in the market for purchasing an investor's property, then your local real estate agent can act as a guidance counselor who leads you towards success. Keep in mind that while the typical single-family home buying process is the same for homesteaders as it is for investors, your needs and desires will differ as an investor. This is where a real estate agent can help you to manage expectations, while also navigating the unexpected. 

Below are a couple of aspects that your realtor will guide you through as an investor. 

1. Managing your profit margin

As a real estate investment novice, it's tempting for you to imagine what type of profit you'll realize after you place your property back on the open market. Surely, you'll realize a handsome profit after you invest money into all of the design projects you have in mind, right? 

Well, not so fast! There's a variety of factors that will have an impact upon how much you stand to gain when you resell your property. These include local comparable price points, otherwise known in real estate as comps. Then there's the curb appeal and the desire factor of any design projects you've completed. Just because you love your projects doesn't mean that potential buyers will. 

Of course, your real estate agent will guide you through properly pricing your house. They'll also advise you on the types of projects that entice and motivate potential buyers. Their goal is to get your investment property sold as quickly as possible, so they're going to steer it in the direction of achieving this goal. 

2. Managing your investment budget

Even before you begin design projects or purchase any properties, you'll need to know how much money you have to work with. Your investment funds will come from your personal savings, a home loan, or a combination of both. 

A good realtor will advise you on managing your investment money so that you're not over-leveraged. This means that you're not spending more money on the purchase of the residence than you can afford for your entire project. Your realtor understands that you'll need plenty of financial cushion from beginning to end, so they'll advise you to make a property purchase that leaves you with enough money to get you through any unexpected expenses. 

3. Wrapping up so you can move on

Finally, your realtor can guide you through any emotions that arise during and after your first property investment. You'll be tempted to second-guess your decisions. You might want to wrangle control away from professionals who have been hired to help you finish your project. But your real estate agent should gently (yet firmly) remind you that your goal as an investor is to buy properties, make improvements, sell them, and move on to the next investment. Remember, buying an investment property to sell renders different results from buying a permanent residential property that you plan on staying in. 

To learn more, contact local real estate agents.