We’re Buying a New Home: Do We Go it Alone?

Every now and then we hear this question from home buyers; We’re buying a new home. Do we go it alone?  Or should we hire a real estate agent?

Real Estate expert Tara-Nicholle Nelson answers this question quite well in this recent Inman News article. 

Oftentimes, buyers of new construction homes work directly with the builder. There usually isn’t a lot of negotiation on price but, as Ms. Nelson points out, you can negotiate other terms of the sale, such as upgrades (granite counters, a deck, etc.), particularly in today’s buyer-favorable market.

If you’re not too sure or comfortable with the purchase contract and legal details, enlisting the services of a professional may be a good idea. To use income tax filing as an example, I could do it myself but I’d rather have a pro do it – if, for no other reason, so I don’t have to.  Of course, I pay for tax preparation services.  However, with most residential real estate purchase transactions you, the buyer, typically do not pay for your agent’s representation (the seller usually does). Make sure to ask your agent.

Ms. Nelson advises:

Not only will a buyer’s broker help you understand what the true fair market value of the property is before you make an offer or negotiate a price, a buyer’s broker can help guide you in terms of other terms that are up for negotiation, other than price. They can brief you on local standard practices, and help you understand the paperwork you’ll be required to sign.

Additionally, your real estate broker or agent will have inspection, mortgage, title, insurance and even attorney contacts she can refer you to for the other needs you’ll have in the course of your transaction — and your entire homeownership experience.

Not all real estate agents are experienced with new homes sales, so make sure you ask when interviewing agents.

And, in the interest of full disclosure, Long and Foster (a real estate brokerage) would love to represent you in any such transaction.

Flickr photo credit: ckramer

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