Buying a home is a collaborative effort
You will need to acquire your own team of professionals to support you throughout the process.
Your First String Players Are:
- The Listing Brokerage/Salesperson
- The Selling or Cooperating Brokerage/Salesperson
- Insurance Broker
- Home Security Specialist
- Moving Company
Understanding the parts each one plays will allow you to work with them in a mutually beneficial way.
- The Listing Brokerage/Salesperson | Works with each homeowner (Seller) to market a home. The Listing Salesperson works for the Seller.
- The Cooperating or Selling Brokerage/Salesperson | This is the Agency role a salesperson plays for most buyers. The cooperating Brokerage/Salesperson works with buyers to help them locate exactly the right home to meet their needs. The cooperating Brokerage/Salesperson works for the Buyer.
- The Lender | Unless you have all the necessary funds to purchase the property, you will require a mortgage from a lender. There are many different types of mortgage loans, that can be reviewed in detail with your mortgage provider or Broker.
- The Appraiser | The property must be appraised to make sure the lender feels it is worth the full amount of the loan that the lender is planning to make.
- Inspectors | There are many inspections that can be obtained on any home. The basic ones are:
- Building inspection. This detailed mechanical and structural home inspection is used to assist in understanding the condition of the property being considered for purchase. Also helps with budgeting for required repairs.
- Pest control
- Environmental (if applicable)
- Lawyer | Your lawyer handles much of the paperwork involved and facilitates the transfer of the home’s ownership. They also ensure that you receive good title to the property you purchase.
- Insurance Broker | Property insurance will be required for your new home. In securing insurance for your property, you might opt for other insurance coverage as many insurance brokers offer complete packages for a reasonable amount. Please review the Insurance section in this guide.
- Home Security Specialist | Although burglar alarms are not essential, homeowners value the peace of mind having a home security system brings. With advanced technology now incorporated into many systems, some home alarm systems contain freezing temperature alerts in case of furnace malfunctions and flood alerts in case of back-ups. Many security systems now have the capability to be turned on or off remotely and some even have visual online monitoring capacity.
- Moving Company | Good movers are worth their weight in gold. Negotiating for replacement of articles carelessly broken is not fun, so ensure the moving company you employ is fully bonded and has provided you with references.