When you make your next home-buying decision, should you listen to the advice of other people? After all, a purchase of this magnitude is not made every day. If you are inclined to seek the opinion of others, who should you consult and what kind of advice will be most helpful?
YOUR RELATIVES: If you are receiving financial assistance in the purchase of your next home from relatives, you may want to (or have to) get their approval before finalizing a written offer. Although your parents want what is only best for you, their knowledge of the current real estate values may be inaccurate if they have not purchased a home themselves recently. If they are appalled at the price you are planning to pay for a certain home, you may want to provide them with facts concerning the sale price of similar homes so that they may evaluate your purchase realistically based on current conditions.
YOUR FRIENDS: Friends who presently live in the immediate area of a home you are considering could be a reliable source of information concerning local schools and the reputation of the home’s specific location. If your friends are excited about you living nearby; however, they may tend to be a little over-enthusiastic when recommending that you make the purchase. Make sure it is a good choice for you, not just them.
YOUR ATTORNEY: Because you may rely on your attorney when making other important decisions, it is not unusual to seek their advice when buying a home. Be careful, however, to ask for legal advice only. Unless your attorney is actively involved in real estate on a regular basis, he or she may not be familiar with current values and recent selling prices.
YOUR REALTOR: You must be able to rely on someone for factual information concerning recent pricing trends in the local area. You will also need to know and understand the current market conditions and strategies that are effective during negotiating in the current market conditions. The proper source for this type of advice is your Realtor who is in the trenches working consistently with other buyers and sellers.
ADVICE: A buyer who is willing and able to embrace and sort out all advice given will most likely be successful in their quest to purchase a new home. The key to this success is making a well-informed decision that you will be confident in, and not second guess yourself moving forward. Be respectful to all advisors, but make your own decision, since at the end of the day, only you will make the payments that should make you proud to pull into your driveway.