From buying groceries and ordering clothes to
even buying your own private island, nowadays, everything seems to have moved to the
online world. So it's no wonder that buying a house remotely is becoming
increasingly popular. We can mostly thank the COVID-19 pandemic for it. Due to
limited contacts and open houses becoming virtual tours, many people had to buy
remotely.
If you are looking to purchase a house this way,
we understand you might feel skeptical. It is a considerable investment to
make, and you want to be 100% sure you're making the right choice. But don't
worry - that's why we're here. We've prepared tips and advice that will make
your long-distance homebuying adventure that much more straightforward and
hassle-free.
Given that there are unique challenges
when purchasing a house remotely, you need to be prepared and familiar
with different aspects of it. So, here's what you need to know before starting
this exciting journey.
When looking for houses online, it's very easy to
get carried away and search beyond what you can afford. For that reason, the
first thing you should do before shopping for a new house is to analyze
and determine how much you can spend.
Another cost to consider when shopping for a
house in a different city or state is the relocation cost. Long-distance moves
are all but easy. Still, there are ways to ensure you have a stress-freeprocess. When choosing movers, do a bit of research and obtain quotes from
several companies. That way, you'll be sure you're making the right call.
The first thing to consider before buying a house remotely is your financial situation. If you are not sure how to determine your budget, consider talking to a financial advisor.
To summarize, before starting your remote homebuying journey:
After you've set your budget, make sure to make
a list of what you absolutely need in a house and the things you'd like for
your new home to have but are not essential. Don't forget to consider
your deal breakers, too.
Knowing what you want from a house will make it
easier for your real estate agent to find suitable properties to show to you.
Regardless of if you are looking to buy a holiday home or your new family house, you should determine the property
size, location, condition of the home, and similar before you start looking.
Hiring an experienced real estate agent is that
much more critical when buying a house remotely. However, this is yet another
decision you shouldn't rush. Instead, interview several people
and choose the one whose experience and knowledge suit your home buying needs
the best.
Make sure to ask your friends, colleagues, or
acquaintances for recommendations. For example, if you are looking to downsize and one of your friends went through the same process recently,
ask for the contact details of their real estate agent. If they had a good
experience, it's highly likely you will, too.
Since you'll be unable to see homes in person,
you'll be limited to photos and virtual tours. Therefore, you need to know what
to look for and how to recognize potential faults and issues.
For example, it's not uncommon for photographers to use a wide-angle lens to
make rooms seem bigger. If anything seems suspicious, try your best to get a
hold of the floor plan or room measurements.
When looking for homes online, it's easy to miss crucial details. Therefore,
make sure to schedule virtual tours.
The best way to go is to talk to your real estate agent and schedule virtual tours of the properties you're interested in the most. Even though it's not the same as seeing the place in person, it's still better than relying simply on photographs. Pay attention to details, and make sure to ask your agent as many questions as you need.
Once you've found a home you like and you made an
offer, you can still back out of your purchase in case there are some issues
with the property you were not familiar with at the time you've made your
offer. That's what the due diligence period is for - to conduct a home
inspection, sort financing, and get bank appraisals.
The due diligence period is a great
protective measure for buyers. This is especially true when buying a
home remotely, given that you'll get enough time to check out the house in
person. Keep in mind that this period is chargeable, usually between $100 and
$2000, as the buyer is basically taking their home off the market until they
make their final decision.
Another thing you shouldn't miss is scheduling a
home inspection during your “option period.” If there are some hidden faults,
the home inspector will let you know in a detailed report. You can use this to
either terminate the contract or as leverage to reduce the price.
Have in mind that regulations vary from one state
to another. For instance, let’s say you’re looking for a home in San Antonio.
The due diligence period in Texas is anywhere between 1 and 10 days so
you need to schedule everything in advance to take full advantage of this time.
The good news is that the San Antonio market is hot now. Sellers are looking
for ways to make their offers stand out and you can take advantage of this
situation. For example, ask for your due diligence fee to be waived or have a
home inspection done by the seller.
Lastly, closing is another part that can be done
remotely. With the E-Sign Act of 2000, your electronic signature became as
valid as if you signed a document in person. After you've chosen a house you
want to buy, your agent will send you the necessary documents, which you'll need
to sign and send back to the relevant party. Your agent will complete
the rest of the process for you while you can sit back and plan your
relocation.
The best part about remote home buying is that you can handle all aspects of it
online, even contract signing.
As you can see, buying a house remotely is not
that difficult if you prepare well and hire a reliable real estate agent to
help you during the process. Make sure to take your time, do your research, and
the process will be as smooth as possible.
Photos used:
https://www.pexels.com/photo/man-in-red-long-sleeved-shirt-853151/
https://www.pexels.com/photo/black-calculator-beside-coins-and-notebook-5466785/
https://unsplash.com/photos/OQMZwNd3ThU
Author bio:
Edward Parker is a dedicated father of two with a passion for real estate. He works as a content developer at heavenlymove.com, a company that has helped hundreds of families relocate and settle in their new homes, both in and outside of Texas. As Edward is always on top of real estate market trends, he loves writing blog posts and sharing his knowledge and tips. However, his most favorite activity is weekend fishing trips with his two boys.
