Who Should I Talk To Before Investing In Real Estate?

As a beginning real estate owner, you can do yourself a favor by consulting many professionals who can give you their own perspective on a potential purchase. Here are the consultants that you should have in your corner when you're looking for property to buy.

Bank Representative

The first person to get friendly with is your bank representative. If you are getting pre-approved for a mortgage, then you'll want to make sure that you understand what the true financial commitment would be on a property. For instance, you could sit down with the representative and look at what your monthly payments would be on a property that's right at the threshold of your mortgage approval and one that's more conservative. These numbers will give you a good starting point when you're considering options with a real estate agent and attempting to calculate your total expenses per property.

Real Estate Agent

Having a buying agent can simplify the process a lot. Your agent will take your preferences and search the market for the properties that would mean the most to you, whether that be single family homes or apartments for sale. Scouring for properties can take up a lot of time, especially if you have very specific criteria. Let your real estate agent do this for you, along with completing the legwork of setting up appointments and negotiating prices.

Property Management Company

Another person to get in contact with is a property management company if you plan to rent out all or a portion of your property. The property manager can handle the process of screening tenants and dealing with issues as they arise. Being a landlord can be a full-time job if you intend to own multiple properties. If you want to outsource these tasks, make sure that your property is affordable even when you consider the monthly costs of having a property manager.

Land Surveyor

A land surveyor is one of the last people to get in touch with before you make a decision on a property. They can help you put the final seal of approval on your property. For one, they will evaluate the land itself to make sure that the boundaries are legally accurate. They will tell you if there are any liabilities on the property, such as whether you are responsible for the upkeep of a communal power utility box or body of water. They can also ensure that the property does not currently violate any zoning and building codes.