Are you considering buying a home in an area you can’t actually travel to right now? You’re not the only one.
These days, with social distancing and border restrictions, getting to see a property first-hand isn’t always possible. Despite this, the interest in relocating across the country or to a regional area is high. This means more people are putting offers in without showing up to open homes in person.
Is buying a home without setting foot in it a good idea?
Buying a home sight unseen is a clever option to get around restrictions and make an early offer. However, it’s not without its pitfalls. You need to tread carefully so you can avoid buying a money pit or home that doesn’t suit your needs.
To get the most out of buying a property sight unseen, there are a few tips you need to follow.
Use a buyer’s agent
An experienced buyer’s agent will be on your side and will work hard to find the right place for you. They will know all the potential traps and will answer your questions honestly.
Buyer’s agents will do a lot of the leg work for you by checking out the property with a very critical eye and knowing what to look for. They often have good relationships with local real estate agents and may be able to get you early access to quality properties.
You can use a buyer’s agent near you but try to find someone who is on the ground and has experience in the area where you want to buy.
Do a video walkthrough
With today’s digital technology, there is no reason not to request a video walkthrough. Most agents will already have FaceTime or other options to do this.
If you can’t rely on a buyer’s agent, have the selling agent walk the property slowly and ask lots of questions along the way. Don’t hesitate to ask them for closeups and to move furniture around. Ask
the agent to run taps, check that the lights work and show you what can be seen from each window as well as the front and back yard.
Check local prices
Make sure to research property sales in the area you are buying. Don’t assume prices are the same as where you are now. The price you pay should be reasonable for the location, not just your budget.
Book professional inspections
Have all the relevant inspections done by reliable professionals. This is always a good idea, even when you can see the home but it is even more important when you are buying sight unseen.
The property should be checked for pests and structural problems as well as all the relevant zoning issues. If any problems arise, you can adjust your offer accordingly.
Buying sight unseen is risky but forgoing a building and pest inspection could result in you spending thousands of dollars in repairs.
Check the floor plan
Real estate photography is designed to make spaces look bigger and more liveable than they might be. Even a video walkthrough can be deceiving to an extent and give you an incorrect impression. Look at the floor plan for measurements so you know what size the rooms really are.
Do your homework
To successfully buy a home sight unseen it comes down to doing your research and getting the right professional help. Check out information about the area and the street as well as the home you plan to purchase.
If you’re investing and want a tenant to move in, make sure there is enough demand in the area so the property doesn’t end up sitting empty. If you’re planning to move in, make sure the suburb matches your lifestyle needs.
