You don't have to be physically present in a neighborhood to purchase a property in it; you can handle the process remotely. However, remote property transactions are fraught with complications that you should be aware of beforehand. Here are three examples of these potential complications:
Limited Neighborhood Knowledge
There are different methods for gathering neighborhood information remotely. For example, you can use Google street view to get a general feel of the neighborhood and you can get geographical data (such as flood information) from geographical information system (GIS) data of the relevant jurisdiction.
However, there are some things you can't just learn from reading online data or viewing online videos. For example, if you want to know whether the local factory emits an odor that is too strong for your nose, you need a physical visit to the site. The same is true if you want to know whether hipsters abound in your neighborhood or whether the traffic noise from the nearby intersection can reach your apartment.
If you are engaged in a long-distance property purchase, it means that you will have to handle most of the transactions over the internet. This is convenient, but not perfectly safe. The kind of financial and personal information you will be sending over the internet shouldn't fall into the hands of cyber criminals. Unfortunately, that is exactly what may happen if you don't have up-to-date anti-spyware installed in your computer. Even if you have the relevant software, it may not offer one-hundred-percent protection.
Lastly, remote transactions may also take longer to complete than face-to-face transactions. A typical real estate transaction involves multiple professionals such as real estate agents, home inspectors, and lenders, among others. Note that it is always advisable to deal with local professionals.
However, most people find that their remote dealings consume more of their time than face-to-face dealings. For example, mortgage negotiations done over a phone or via email with a lender on the other side of the country may be affected by the time differences.
It is possible to buy property remotely, but it isn't ideal. The potential complications outlined above are just a few examples of what you may face in the process. A better alternative is to identify a local real estate agent in the area and deal with them. You should also make a few physical visits to the property, especially during important stages of the process such as home viewing or mortgage negotiations.Share
24 June 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.