The sale of a home not only has positive benefits for the buyer and seller but also has several benefits to many local businesses. Each home sale generates jobs, income, and taxes that contribute an average of sixty thousand dollars to the economy (National Associations of REALTORS®).
Who Benefits from Real Estate Transactions?
As a buyer goes through the home buying process, and even after closing when they start spending money on renovations and upgrades, the transaction as a whole benefits several individuals and industries, including:
- The Home Seller – The home seller will benefit the most from a real estate transaction, as they receive the full sum of the total sale price.
- Realtors – When a home seller works with a real estate agency to sell their home or property, the realtor will receive a commission based on the selling price and agreed upon commission percentage.
- Lenders – Most buyers require a loan to purchase a home. Lenders are able to provide buyers with mortgage options so that they can realize their goal of owning a home.
- Stagers – When going through the listing process, a home seller might decide to work with a stager to improve the look and feel of the interior of the property. Typically, the seller will work closely together with the realtor and stager to ensure the look, feel, and flow of the home to attract more potential buyers.
- Attorneys – When going through the home buying and selling process, a real estate attorney will work with both the buyer and seller to prepare and review all documents such as purchase agreements, mortgage documents, title documents, and transfer documents. The attorney will also attend the closing with the home buyer.
- Inspectors – Once an offer for a home is accepted by the seller, a home inspection will be completed by an inspector to provide information regarding a home’s structure. This can include (but is not limited to) a house’s HVAC, plumbing, and electrical systems, as well as roofing, flooring, windows, doors, and the basement and attic spaces. The inspector will also provide the buyer with a written report of these results.
- Movers – When moving from one home to another, movers are necessary for making the process easier! Ranging from full-service to only taking your large items, movers are an integral part of the moving process.
- Cleaning Services – Before moving into a new home, most buyers (and even sellers) will have the house cleaned from top to bottom by professional cleaners. This helps them save a lot of time and frustration and allows them to move in with few worries.
- Painters – Painting takes a lot of time and effort, especially when you are giving the interior and exterior of a house a fresh coat of paint. Professional painters have the tools and experience necessary to ensure your painting project comes out great!
- Carpenters – Essential for more than you would think, carpenters are responsible for building and repairing the frameworks and structures of your home, which includes stairways, doorframes, partitions, and rafters. Depending on the carpenter, they may also provide kitchen cabinet, siding, and drywall installation.
- Plumbers – If an inspector finds any issues with the plumbing of a home, a plumber will need to be hired to make any repairs to the plumbing system. Plumbers are also able to install new plumbing fixtures such as toilets, sinks, showers/bathtubs, and kitchen appliances.
- HVAC – HVAC system on the fritz? A professional HVAC technician will be able to make any HVAC repairs in your home, as well as install new heating and cooling systems.
- Electricians – Whether you are experiencing electrical and power issues in a new home or want to install new control equipment, lighting, or appliances, an electrician will be able to help.
- Flooring – Installing new flooring takes a lot of time, patience, and experience and while some flooring projects can easily be DIYed, others cannot. A flooring professional will be able to ensure your new flooring is installed properly, handle any issues that might come up, and answer any questions you might have.
- Landscapers – The moving process is a stressful one, especially when moving to a home with a larger yard than you are used to. Landscapers will help you achieve your dream yard and keep it looking nice all year round.
- Roofing & Siding – Roofing and siding often get neglected in older homes. If not taken care of properly, they can deteriorate and cause damage to a home. Roofing and siding contractors will be able to provide you with the information you need for repairs and installation.
- Home Improvement Stores & Vendors – Homeowners are always surprised how many trips they need to take to home improvement stores to pick up things they need to make the transition into their new home easier. By visiting these home improvement stores, homeowners are supporting both small and large businesses, their employees, and the vendors that provide materials such as Home Depot, Lowes, FW Webb, ACE Hardware, Lumber Liquidators.
- Appliance Stores & Vendors – Making updates to a home is always one of the most exciting parts of moving. Whether you want to transform the look and feel of your kitchen (or laundry room!) or the current appliances are getting old, local appliance stores will be able to help you through the replacement process.
- Furniture Stores – Whether you are ready to upgrade your furniture or moved in a larger home and need to fill the space, purchasing new furniture for your new home supports local furniture stores.
New Construction and the Local Economy
New construction homes have the potential to benefit the local economy even more than older homes, as there are more individuals involved in the building process. In addition to the individuals and industries we mentioned above, new construction also supports:
- Surveyors – Typically working for local government, surveyors are responsible for conducting surveys of properties to determine boundary lines.
- Architects – An architect collects all of the information for a project, including site selection, environmental impact, zoning laws, and building codes. They are also responsible for designing the structure.
- Developers – Property developers are responsible for finding the best locations for building, obtaining planning permission, building on raw land, organizing the plans for the build.
- All Local Businesses – A new construction home also supports several local businesses more so than homes that are previously built. These include grocery stores, restaurants, local stores, auto repair shops, and more.
- Delivery Services – New construction homes take time to build, making delivery services such as Grubhub, UberEats, and InstaCart crucial to keep builders and families fed during the building process.
In addition to these, new construction also provides new property taxes for local cities and towns, which in turn help the community as a whole improve and support schools, roads, police and fire, town infrastructure, and more.
If you’re thinking about buying, selling, leasing, or investing, our team at Lamacchia Realty is here to support you through the process and provide you, and our local economy, with the support you need!