A survey by Lightstone Property had recently revealed that during 2020, 14% of home buyers bought a property without visiting the home first - a near doubling of the rate from previous years. With increasingly sophisticated technology in video and 3D tours becoming available to real estate agents and property buyers and sellers, this figure will most likely continue to grow.
How do you buy property unseen?
Considering the enormous financial commitment that you are making, buying a house without actually visiting it might seem like a risk you shouldn't even consider. However, with the right guideline, you will be able to manage your stress levels and find the perfect home.
Here we have set out what you need to know about buying property without visiting it first:
- Research, research, and more research
COVID-19 and the subsequent global lockdowns have seen many home buyers looking at ditching high-density areas such as cities for less crowded rural zoom-towns where they would be able to have more space in and around their homes. If you are considering doing the same research is your friend. A few websites won't be sufficient to determine whether or not your new home will be the right fit for you - you need to dig deeper.
Visit social media pages and groups of the town you are thinking about relocating to, look at what the locals are talking about and what some of the problems are they encounter within the community. The schooling system and healthcare network is your next stop, are they sufficient for your needs? How easy will it be to buy the items you deem essential and will it be an easy commute to the office if the need arises? - Hire the best real estate agent you can
While buying a home without a real estate agent under normal circumstances is tricky, it can be done but when buying site unseen - you cannot under any circumstances forgo the insights of an expert.
A local real estate agent will not only be able to help you find that perfect home, but they will also be able to give you insights into the area. Having someone close to the home you are considering buying will also be helpful when you need to handle all the legalities involved with buying a home.
Don't hold back when you have questions either - make sure they are able to satisfy all queries you might have about the house and that they are able to show you every nook and cranny of the home.
Don't forget to ask about the internet and mobile connectivity of the area as you don't want to move to a home where you will struggle to work-from-home.
Find a real estate agent - Video tours, zoom meetings, and live walkthroughs are your friend
Listings with video or 3D tours are obviously going to get preference when buying this way but agents should also be willing to do live walkthroughs of the property if you are not able to visit.
During these walkthroughs make sure you ask all the questions you might have and ask to see everything - if you spot something that might look like a defect, ask your agent to give you a closer look.
Are you a real estate agent looking for a virtual tour solution - find out more - Hire a home inspector
Get a professional to inspect the home to ensure you are not met with any nasty surprises when you move in. If the home requires some upgrades - it is up to you to decide whether you want to go ahead with the sale, while negotiating a reduction in the asking price to account for the corrections that you will need to make.
Found the perfect home?
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