The real estate industry is like a gold mine these days. Everyone involved in the real estate industry is on the peaks of success. Starting from sellers to buyers, going till agents to other consultants, everyone is making profits out of real estate industry dynamics today. Just like any other asset, the real estate industry also has some of its secrets to keep it growing. These facts help the real estate industry to grow and be prepared for any drawback if there is going to be any.
No industry is made with confusion. Clarity is one of the founding factors of any industry. So to do away with all the doubts, the real estate industry goes on to answer the questions asked frequently from time to time. So if you are someone who is thinking about getting into the real estate industry, you are right to get a basic understanding. To keep your second thoughts and doubts at bay, here we have some FAQs compiled. Also, you can check out the best luxury properties in Dubai with us.
Top 10 FAQs About Real Estates
To get started with your working knowledge of the real estate industry, here we have the top 10 FAQs about the real estate industry. The following questions concern seller, buyer and agent’s interest in particular. And, for the best apartments in Jumeriah village triangle you can visit us in Dubai.
1. What is the first step, looking for a property or finalising a budget?
Answer – As a buyer, you must be confused as to figuring out what is the first step. There are different opinions for the same.
Generally, most investors set a budget that limits the property for them on their own. In a way, property gets filtered out according to budget. If you are consulting an agent, he will require you to set a budget first for him to start his search for an apt property.
On the other hand, when the budget is not a problem for the investor first, they try to look for a specific property and then get down to bargaining the budget.
2. Is a real estate agent mandatory?
Answer – The answer to the above question is quite subjective. Sometimes people think of a real estate agent as an additional expense only. They don’t find agents to be of no use.
But as the data suggests, 88% of the investors consulted a real estate agent in the last year. As the data goes, most investors try to go by verified means to buy a property. It’s always beneficial to have a nice word of advice on such crucial matters.
3. Does buying, selling, renting all come under real estate dynamics?
Answer – A large group of people is often confused about the boundaries of the real estate industry. To clarify that, the real estate industry is a vast working unit that incorporates everything related to property. It can be anything like buying, selling or renting the property.
4. Do sellers need to prepare a house before selling?
Answer – To answer that, no. Seller does not require to prepare a house before putting it on the market for sale. It is all up to him if he wants to do so or not. But the better condition your property is in, the better impact it leaves on both the real estate agent and buyer.
5. Can home inspection prove helpful in selling the house?
Answer – Home inspection can prove helpful in selling the house. It works as an additional quality, or so to say an extra verification. You can simply just submit the result of a home inspection to your agent, and rest assured. The home inspection comes up with the value you can get of your property.
6. How is the price of a particular property calculated?
Answer – The price of the property is calculated through different measures. The condition of the property, along with the location, is taken care of while cultivating the price. The infrastructure around the property also comes under notice.
7. What is earnest money?
Answer – The earnest money, if put in simple words, is the deposit when buying a house. The earnest money is often asked by the real estate agent. The earnest money is usually 1 or 2% of the worth of the property. This earnest money also helps with taking the property off-market and getting started with the latter procedure.
8. What if the buyer opts out at the last stage?
Answer – It is normal to have second thoughts while making this big decision and commitment due to which the buyer opts out of the deal at the last stage. But to prevent that, there are different measures that you can take with your agent’s advice.
9. What is escrow entail?
Answer – The escrow entail is the third person between the seller and buyer. This escrow entail comes into the picture at the last stage of the deal. This neutral part deals with money transactions and paper handover at the last stage.
10. What is a list-to-price?
Answer – The list-to-price is the difference between the prices of property that it is actually sold for and the price it was listed for. There is no drastic difference between both the prices. There is a 10 to 9% difference between the two.
Closing Points
Having reached the last, we assume that you must have gone through the top 10 FAQs. As you may have seen, the questions listed above deal with different individuals from the real estate industry. So as a beginner in the real estate industry, you can start with working knowledge. It’s just the shore of the ocean. To know more, you have to dive in. Other than that, if you are starting anew, don’t shy away from reaching out for expert opinions. Half knowledge is more dangerous than no knowledge at all. On that, we hope that you must have got answers to your basic or beginner questions.
