Many first-time home buyers believe the physical characteristics of a house will lead to increased property value. But in reality, a property’s physical structure tends to depreciate over time, while the land it sits on typically appreciates in value.
An older home may be just as valuable as a new home if these features are up to date and concern for maintenance costs is minimal. The quality of initial construction also affects value. Some would argue, due to increased regulation of building codes, that new homes are built better than older homes.
A person who acts as an agent for the sale and purchase of buildings and land, in particular a member of the National Association of Realtors; an estate agent.
A real estate agent, referred to often as a real estate broker, is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients.
Real estate agents are paid a commission based on the property’s sale price; the total commission is split among the agents and the brokers involved.
Working with a real estate agent lowers your risk When you have an agent, you share some of the risk of home buying and selling. As a seller, you’re paying the real estate agent to assist you, advise you, and help navigate the transaction legally and safely.