–Drew Grossklaus, Sales Director/BIC East Cooper
In a recent survey, people were asked what school subject they wished they had focused on more as a student. The most popular answer: math. For many, math is a subject they want to avoid though it is integral in our lives. When buying or selling a home, many numbers and mathematical concepts come into play. While most of the numbers are financial figures, you also have other numbers like square footage, bedrooms, baths and lot size to consider. While you may want to avoid math at all costs, real estate agents know the numbers and interpret them in light of their client’s needs and goals.
A good real estate agent is not only an expert with the financial aspects of the process but also the numbers relating to home attributes. For instance, square footage can be looked at in many different ways and sometimes more is not always better. A property may have a large third floor playroom that receives little use but makes up a large percentage of the total square footage. A higher number can mean more rooms to furnish and higher HVAC costs, while a smaller home might be priced better and serve the buyers just as well. Similarly, when it comes to the acreage of a property, the numbers need to be reviewed by you and your agent for the possibility of expanding the home or adding a pool.
The financial aspects of buying a home can be confusing especially for first time homebuyers. It can be difficult to understand the tax rate, millage and closing costs. Even before the process begins, understanding the good faith estimate and mortgage terms can be overwhelming. It is of utmost importance to have a firm grasp on the terms of any loan but even moreso those of adjustable rate or interest only mortgages.
The results from the survey I mentioned earlier show that a large percentage of the population struggles with numbers and wish they had better math skills. As you can see, the process of buying and selling real estate involves a great deal of knowledge on the subject. When completing a real estate transaction, getting the numbers right is crucial especially in a competitive market like Charleston.
William Means agents know the terms and can explain the numbers, whether financial or non-financial, always with their client’s needs in mind. Even though math may have not been your favorite subject, the real estate process can still be a pleasant experience when you’re working with the right agent.
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