Everyone thinks that they are an expert on the subject of real estate. I am here to tell you that you don’t know as much about real estate as you think you do. After fifteen years, and thousands of sales as an expert involved in residential real estate, I know this to be true. Why is this important? Because, how and where you live creates the foundation of your lifestyle and it impacts your money in the present and influences your future wealth.
Home Is Where The Fun Happens
How do you avoid making the mistakes that may keep you from living the life of your dreams and wasting time and money? Ask the right questions and have qualified local experts on your team.
In today’s digital world when we have questions, we start by turning to the web for answers. Mega-online real estate sites such as Zillow, Trulia, and Realtor.com are some of the highest visited sites on the internet, and they do offer a great deal of information. Television has also become a resource over the last decade. HGTV and DIY are just two of the networks with a host of popular lifestyle shows that talk about buying, selling, renovating, designing, and flipping properties.
While these resources provide some foundational material, there can be missing pieces of the puzzle when it comes to applying it to your life. What are the questions you should be asking? What should the experts helping you be investigating? Here is a sampling of possible queries to illustrate what I mean by that.
- Are you a Veteran?
- Do you live in an area that if giving grants to first time home buyers?
- Are you living in a rural location that offers 100% financing through a USDA program
- How often has that neighborhood flooded?
- Can a Home Owners Association foreclose on my property?
- Does a real estate agent have a fiduciary responsibility to me?
- Can the landlord sell the house I am renting from him during my lease?
- How are the taxes applied to a property where I live?
- Will you be retiring soon?
- Should I rent or buy?
- Can I lease with a right to purchase later?
- Will you be changing jobs in the next ninety days?
- Have you been at the same job for at least two years?
- Do you pay or receive child support or alimony?
- How are incentives applied when buying new construction?
- What is more important, the school district or the commute to work?
- Are you planning on running a business out of your home?
- Why is this neighborhood unique to you?
- Do you want an urban garden and chickens?
- Will you have aging family members living with you in this home?
Understanding how you want to live in your home is just as important as knowing how many bedrooms and bathrooms you want. These could be pivotal factors in your choice of a living arrangement and location for your desired lifestyle. It could even impact your down payment options if you select an area that has particular grant or loan programs.
Sustainable Living
Having a trusted real estate advisor with local expertise to help you make the best choices over your lifetime should be a priority. It is the same as having a primary care physician, tax accountant, attorney, car mechanic, veterinarian, physical trainer or favorite hair stylist.
The difference is that you may only consult with your real estate professional every year or two as your life changes. New jobs, growing families, empty nesting, illness, changing priorities, divorce, hobbies, and retirement bring the opportunity to discuss your living arrangements with your agent and any new opportunities on the horizon.
A Home At Any Age
You should also remember that while you are busy living and working, the neighborhood you reside in is changing too. School rankings, crime, changes in the local economy, a major-industry shift, gentrification, natural disasters, interest rates, new construction and foreclosures all have significant impacts on property values and rental amounts.
You should be checking in at least once a year with your real estate expert to review what is happening in the markets around you and where you live. This should be more frequent if there is a significant change occurring around you. You may not have been planning on making a move, but it might be time to consider a change of address.
Talk To Your Agent Annually
How do you find a local expert? Ask your friends and family for referrals, visit local open houses, check out your local MLS Board of REALTORS®, attend an informational seminar, or ask your financial advisor. Remember, just like other professionals, ask for references and follow up before hiring a real estate professional and understand the fiduciary relationship in your state.
