You might think, “why do I need an agent when buying new”? You visit the Presentation Centre, get caught up in all the glamour, the beautifully designed model home, the on-site sales team has been so helpful, they answered all your questions, promised you’ll get what you want… you’re sold! You know you need to act quickly and they will handle all of the paperwork… right? HOLD ON! You may want to think twice before making that assumption. Don’t jump the gun on that sale just yet! Here are the Top 7 reasons to use a Real Estate Agent when buying a new construction
The In house Sales Team Works for the developer, Not You
The first thing you should know about buying a new home from a developer is that their sales agents don’t represent you, they represent the developer. In other words, their sales agent is not looking out for your best interests. However, when you sign a buyer representation agreement with a regular real estate agent, they are agreeing to represent you and look out for your interests. A Developers representative does not have this same obligation; therefore, they are looking out for the developer’s best interests, not yours.
It Costs You Nothing
That’s right, working with a real estate agent to buy a new construction costs you nothing! In a real estate transaction, the seller pays the commission. How this works is that when the developer constructs a new home, they usually offer a commission to whoever brings the buyer. So, if your agent brings you to the new home you want to buy, you don’t pay anything to your agent for all their work and representation. The developer pays your agent’s commission.
Your Agent Can Negotiate for You
Trying to negotiate on your own can be an emotional process that leaves you exhausted and frustrated. Tapping into your agent’s years of experience and expertise in negotiating contracts is another huge reason to use a Real Estate Agent when buying a new home. This includes negotiating extra upgrades and design options, which can make a huge difference in your satisfaction with the home. Good new construction real estate agents make a living by getting their clients the best deal possible.
Contracts and Contingencies
Another reason to use a real estate agent when you buy a new home is to have someone to help you understand and navigate the complexities of real estate contracts and contingencies. The time and expertise required to understand a contract can be significant. Being comfortable and fully understanding with what you see in the contract is what your agent can help you with. While most developers are good and ethical people, it’s always a good idea to have someone who knows just as much as they do when looking at contracts. A good real estate agent will know what to look for and demand before you sign a contract or agree on any contingencies.
Save Time and Money
Buying a new home can be very time consuming and expensive. Going at it alone means you’re the one who will have to read through all the paperwork, negotiate with the builder and be the one who must stay on top of everything and keep costs down. Why do everything on your own when a real estate agent can help handle the load for you? Using a real estate agent to buy a new home gives you access to a professional working hard on your behalf at no cost to you.
Tap Into Years of Knowledge and Experience
Buying a new home isn’t something you do very often. For most people, they may buy only one new home in their lifetime! But a real estate agent may help buyers with new construction properties on a monthly or even daily basis! Think of all the things they know about the process and what it takes to get a fair deal that you don’t know. And remember, it costs you nothing to utilize a real estate agent’s years of experience and knowledge!
Financing Options
Many builders have preferred lenders they want you to get financing through. This may cause you to feel pressure to take what they’re offering, even if it’s not the best deal available. A good real estate agent can help you shop around for the best deal possible on your mortgage. This alone can save you thousands of dollars!