Do I need a real estate agent when buying pre-con?

August 16th, 2018 - by UrbanCondo Team

couple celebrating a purchase with realtor

Now, you may not think you need a real estate agent to buy one of life’s most expensive items, but you’re wrong. Unless you’re a real estate agent yourself, buying a pre-construction unit without legal advice can be a foolish risk to take.

Homebuyers can technically walk into any sales centre they want and purchase a unit on their own.

However, buying pre-construction means you’re buying based on a concept that you’ve never seen before. The things that you may want to figure out alone include fixtures and fittings, but hiring a professional real estate agent will be the best way to make sure all your legal bases are covered so you’re not left paying out of pocket for things you should’ve seen coming.

Avoid extra fees by hiring an agent

There are huge benefits that come along with hiring a real estate agent, and there could be some costly pitfalls if you attempt to navigate the pre-construction process alone.

There are a handful of fees involved with buying a condo, and this is something the sales agent may keep mum unless you ask. Inexperienced buyers may not account for all of these fees, including costly closing costs that have workarounds if you know your stuff.

A real estate agent will be able to advise new buyers concerning payment options, mortgages, land transfer taxes, and everything else that has to do with pre-construction.

Avoid overwhelming paperwork

Homeownership brings about mounds and mounds of paperwork to decipher and understand. Receiving numerous document packages from your sales agents, condo corporations and banks can be an overwhelming experience for any buyer.

A real estate agent can help you understand the property’s true value on the market, along with the closing costs expected, how the building plans will move forward, and whether or not you’re getting everything you’ve paid for.

Real estate agents will help you with any contract you have to sign and ensure that you’re not missing any consequential details.

Real estate agents work for you, not the condo

Agents, with their practiced market knowledge, will be able to guide you through the entire buying process. They’ll advise you on which units are the best investment opportunities and are usually given exclusive access to properties before they are released to the general public.

Not only can hiring a real estate agent save you money by warning you of unnecessary fees, they also take care of the frenzy of paperwork required to secure your unit. They are your representative, and yours alone.

It’s a small cost to have someone looking out for your best interests.