For the vast majority of people, a house is their single most expensive purchase. An Ivy League education could run a close second. But a house is a big deal in more ways than price. It also requires the mastery of a number of disciplines and experts to maximize your purchase.
There is also an emotional component to buying a house that also ties into the expense of the house. When spending that much money, you want to be sure you are getting as much of it as perfect as possible. You will also stay with a house longer than any other purchase. So it does not just have to be perfect today, but for many tomorrows to come.
If you are married with children, a house is a purchase that will affect more people than any other purchase you will make. With such a purchase, yours is not the only opinion that matters. You not only have to consider how it affects your human family, but your pets as well.
There are so many unique aspects to buying a home, there is little wonder you will need some professional help in more than just one area. Here are a few:
Buying a house is an intensely legalistic process. There are laws on top of laws. And they all have to be followed to the letter. A title company can get you through that process with minimum friction. Your bank or real estate agent is the one directly dealing with the title company most of the time. But if you are doing the sale or purchase by owner, you will have to work directly with a title company.
Among other things, they provide title insurance for the buyer. If something comes up that puts the title in dispute, that is creating a "cloud" on the title, the insurance protects your investment. This is something that most people do not think about when deciding to buy a home. A good agent will already have this covered. But if you are doing it yourself, you will need to do your homework and sign up with the right title company.
A Seller’s Agent
Before you move into the new home, you are going to want to sell your current home. Otherwise, you will be paying two mortgages. That can be financially devastating if it goes on for a protracted period. It is usually better to sell your house a little early than to still be hanging on to it after the move.
A seller’s agent will already know the unique tips you probably didn’t consider for maximizing your investment. You'll want to sell the home balancing the highest sales price with the timing of your new purchase. If it's getting near the time to move into your new digs, you may need to accept something less than the absolute maximum you wanted to get. Like so much in life, trade-offs are frequently necessary.
How do you know that the home you are buying is worth the asking price? You can’t just tell by eye-balling it. You can’t make a call like that using emotion as your guide. You need an appraiser who can properly examine the home and get a measure of what it is worth.
It is not just about initial price. It is about being sure everything is in proper physical condition. An expert appraiser can spot potential issues with the structure of the home, the HVAC and electrical system and if some major work needs to be done. This will trigger inspections by certified contractors so the lender will be willing to extend a loan on the property.
Buying a new home is a team effort. That team needs to include a title company, a sellers agent, and an appraiser. With this team in your corner, team family is always the winner.