What to know before you buy in Nantucket
It is often said that buying a home is the single largest investment that most people will make in their lifetimes. Here in Nantuket where median and mean average sale prices hover around $2 million buying real estate represesnts a large expenditure for anyone. So before making such a large investment it's important to take the steps necessary to make sure you're spending your money wisely. Here's a few things to consider before buying real estate on Nantucket:
- Not all real estate agents are the same. Most real estate agencies on Nantucket serve both buyers and seller. Often buyers think they may save some money by working with the listing agent to purchase real estate. In reality they may costing themselves dearly. A real estate agent's fiduciary responsibility is to the seller. "Your agent" is required to share with the seller any information you provide that may lead to capturing a higher price.
- Buyer representation does exist. Exclusive buyer's agents are real estate agents who work at an agency that works only for buyers. That means that no agent at the firm may represent any property for sale. Free from any fiduciary responsibility to sellers, exclusiver buyer's agents sole duty is to represent your interests.
- Most information is available to the public. You don't need to rely on real estate agents to find out about the properties available for sale. Websities such as Beacon Nantucket allow visitors to search every property listed for sale on the island.
- Many properties can generate significant revenue. Many homeowners are unaware of the revenue potential of their Nantucket home. Weekly vacation rentals can command $4,000 to more than $35,000/week. Did you know that you can rent you home for 14 days every year without paying any taxes?