Aug. 23, 2014
Real Estate differences UK vs US
Welcome to my website, I'm looking forward to helping you with your real estate search here in Naples FL. I've noticed you found me all the way from UK, so I wanted to point out a couple of things that my previous British clients found different from your market:
- we have here what we call an MLS, which stands for Multiple Listing Service. It means that every single listing gets added to this system regardless of brokerage or agent, everyone has access to ALL listings. I know it's different over there, where I understand you have to go from office to office and see what listings they each have.
- there are two types of agents here: one works for the seller (the listing agent), one works for the buyer (the buyer's agent). The listing agent is trying to sell his particular listings at the highest price possible, while the buyer's agent is trying to find the property that suits the buyer best, regardless if it's his listing or not, and obtain it at the lowest possible cost.
- the listing agent gets paid 6% of the sale price from the seller, while the buyer DOES NOT pay their own agent. The listing agent will split his commission as a referral fee with the buyer's agent for bringing a buyer.
- the obvious advantages of having your own buyer's agent are that you have someone in your corner to make sure the property you're purchasing is desirable (from a resale and real estate principles perspective), fits the type of criteria you've been looking for, negotiate on your behalf and oversee proper paperwork and procedure.
- since UK is an island and a much older nation, expect properties in the US to be less expensive per square meter, newer and larger than UK properties.
- one interesting fact is also that US buyers start investing first in financial assets and equities in stock before they progress to home ownership, while British tend to do the opposite. Much of that trend can also be attributed to cultural differences, where America has a larger stocks, bonds and shares market, while properties cost significantly more in UK. Another interesting fact is that British households hold an impressive 62% of their total wealth in their home equity, where in the US households the percent is much lower, 34%.
- home watch: there are many trustworthy services that cater to out of town owners, by checking the property once or twice a month, make sure everything is in order. Security systems are also available and many gated communities are guarded 24/7 along with video surveillance.
- one more important thing: as your buyer's agent here in Naples, I will provide you with absolutely everything you need. Home inspectors, real estate attorney, immigration attorney, title company, pool services, air conditioned services, cleaning and moving companies, remodeling, contractors for improvements, interior designers and furniture store recommendations, along with all the phone numbers needed for the water & sewer, electric company, phone line, pest control, internet services, and many more.
I hope this information is helpful, please feel free to contact me at any time at (239) 455-5554.