As you hire a realtor to look for a vacation home, there are many details you will need to consider in the buying process. It is important to hire a realtor who knows their stuff so you can get a good deal on the home you decide to purchase for your vacation time. Here are some questions to ask your realtor that can help you as you begin looking for a home to buy.
How Much Experience They Have
As you are shopping for a realtor, know that you don't have to hire the first one you meet or find. You definitely want to shop around for one before signing an agency agreement with them. Ask each agent you interview questions, such as how long they have been a realtor or how many clients they have helped.
There are many realtors and they all have various levels and years of experience with their job. It is important to find a realtor who has had enough time working in the market that they can help you with questions and how best to handle any difficult situations. For example, hiring a realtor who has worked as an agent for many years will give you the benefit of using all their experience and knowledge to find a good vacation home and buy it at a fair price.
Request to Complete a Comparative Market Analysis
After finding a realtor that has the experience you are comfortable with, you can begin to search for a vacation home that you are interested in buying. When you find a home you want to make an offer on, you should ask your realtor to complete a comparative market analysis.
A comparative market analysis analyzes the recent sales prices of homes that are similar to the one you are interested in. Your agent will select several homes that are nearby and consider their size, amenities, and features to make sure they are comparing like homes. This will help you find out how much your target home should sell for and help you calculate an offer price to make on the home. A home is only worth what a buyer is willing to pay and looking at the current market sales help you determine this.
What to Negotiate in the Purchase Contract
As you write up the offer contract on a home with your realtor, you might ask them what types of contingencies you should include in the contract. This can include a request of for example, that the sale is to include the mirror hanging in the entryway, the collection of board games, or the seller to help you pay for some of the closing costs.
You can also request that the seller pays for a home warranty for you when you move into the vacation home, which can help you cover unexpected repairs when you first move in. Talk to your realtor about what they can recommend to help you get the terms you want on the home purchase.