Transactions for the Team: Part 1 of 2
Buying a Property with Others
Under any circumstance, buying a home or property raises emotion, evokes concerns and hopes, elevates stress, tests relationships, and causes people to learn about wants, desires, and reality. Entering into the adventure of home-buying with others is doing all that through the faceted lens of a kaleidoscope, and sometimes without the beautiful results. Simply put, buying a property with or for someone else can be a trying experience.
Somehow spouses manage to accomplish the task, but even then it can be a tricky transaction that sometimes leaves one party feeling steamrolled, or both parties feeling discontent. When parents and children, or siblings, or even whole families come together to purchase a home or property, things can get tricky. Work closely as part of a team, understanding all the aspects of the task at hand and you will leave every member of the buying group more satisfied and your home-buying experience will be a slam-dunk.
Rule 1: Know the Game being Played
Before you go looking with a realtor, it is highly advised that the group develops a team of commonly-trusted professionals that will guide the team in its thinking and decision making process. Each member of the buying team should understand who is working with them, and the function that they serve, to ensure that the goals of the purchase are being met.
Whether you are buying property with friends, family members, or investors, work to ensure that every person involved in the purchase has a clear understanding of the structure of ownership and tenancy, tax, insurance, investment and estate issues, if they are relevant. Before you can pick a property, all of this should be sorted out and clear. This will enable the group to move more quickly should the need arise, and allow all the parties to work together in a united front as negotiations unfold in the purchase of the property, the final minutes of play.
Once everyone understands the mechanics of the purchase, it's time for the team to bring on another member. That's right; the right team member can be the key to a successful strategy in finding the right property for everyone involved.
Rule 2: Bringing in a Top-Draft Player
Real estate agents can move around the court quickly and efficiently, helping to facilitate a purchase, and generally affect the flow of the game to keep all the players doing their job in an orderly and efficient fashion. They have played this game before, they know the rules, and they understand the psychology of the players. Often real estate agents have worked with agencies, lenders, inspectors and other service providers, so they can share their experiences and leverage that knowledge to your team's benefit. It's rather like knowing the referee, and understanding how they might call a shot.
But your real estate agent, like any team player, can't do their job without having insight into the game plan and the other members of the team. Developing a business relationship that allows your real estate agent access to the game plan and profiles of the players will enable the entire team to have a strategy for optimizing the purchase of that perfect property. Bringing in a top-draft player can take a team quickly and efficiently to the win, but the game is still played by a team.