Buying real estate is hard enough when the house is within reach. When you're trying to purchase a house that is located in another state or some other far off place, you could be facing quite a few challenges.
The communication problem alone can be very frustrating, however, your biggest issue might be buying a property that comes with defects that you could easily see if you were on the ground. However, there are ways that you can buy property from a distance and still get a good deal.
Take a Video Tour
Forget about photos and 3D walkthroughs. Only a video tour can give you a really good idea of what you're getting yourself into. The best option is a live video walkthrough because this ensures you're seeing the house as it is and not how it used to be a few months or years back. There are many applications that can help you in this regard, such as FaceTime and Skype.
Find a Good Agent and Lawyer
A good agent is always a good idea regardless of where you're buying property. However, good agents are especially important when you're unable to go to the house by yourself. Find a local agent with a great reputation. You'll want someone cooperative who will be willing to take you through live video tours of the properties they visit. You'll also need someone who will ensure any neighborhood they choose passes the smell test.
Find a good real estate law professional, too; they are going to be the best person to tell you whether the contract is legally sound. They can help negotiate the best terms for you while you're in another city or state.
Hire a Very Good Inspector
An agent will only help you as far as the visuals are concerned. When it comes to the quality of the house, you'll need to hire a good inspector. A good inspector may cost a lot more; however, this will be a small price to pay to ensure you're buying a house that doesn't have hidden faults that could cost you a fortune.
Perform a Neighborhood Reconnaissance
Thanks to the internet, you can find out a lot about homes for sale without ever visiting them. One of the most important things to research is the type of neighborhood that you're buying a house in. Resources such as Google StreetView enable you to move through a neighborhood virtually. You can also talk to people who live nearby to find out what they like or dislike about the neighborhood.
Online research can also tell you what similar houses in the neighborhood are going for. This can keep you from overpaying.Share