First published: 8 January 2022 @ 6:00 pm
The housing market is going through a very significant shift. Home buyers are looking for more transparency and better information when it comes to purchasing a private property.
With the explosion of technology, many people have turned to the internet as a place to find information.
However, this has caused a shift in the market as well. Buying a home online can be very tricky and there are several things that you should look out for when searching for your next estate.
A recent survey was conducted on the rising trend of online estate-shopping. It revealed that nearly 40% of millennials would be comfortable purchasing a house that they have only seen online, while almost 60% would bid on a house they have toured “virtually, but not in person.”
This shows that there is definitely some demand for the accessibility of the online marketplace like Zillow and Trulia as many people look at these sites before making a purchase.
Knowing how to properly buy a house online can be very helpful in the age of the coronavirus pandemic.
Therefore, if you plan on buying a home online for your next private property then there are several ways you can go about finding one or just know what type of information you should be looking for.
Finding Online Real Estate Auctions
Auction sites are a great way to find homes that have been sold. However, real estate auctions do have some drawbacks.
First, there is no guarantee that the price of the home is what it should be because there is no real estate agent on site to verify that it’s correct.
Also, there is a risk that you will overpay for the home if you don’t know what you are doing, so make sure to really look closely at all the auction properties available on the real estate auctions.
In most cases, sellers list their homes for sale online and if there are no bids then they will set the price at whatever they want. There is no way to verify if this price is correct or not so buyers have to take the risk of overpaying for their home.
Other Options Online
There are some other ways of buying a home online that are not being sold by auction. One way is to search by zip code. This can be done by typing in the zip code and hitting the “search” button.
This will bring up a list of all the homes for sale in your area that are not being sold by auction. You can narrow down your search by selecting from a list of categories or use the map to find homes that fit your needs.
A valid alternative to finding houses for sale online that are not auction is to use an internet map such as Google Maps.
If you click on a house, it will take you to the listing page where you can view additional information about the home and contact the seller directly.
This way, you will have more information about a house before making an offer than if you were just buying it from an auction site where there is no guarantee as to what the home is worth or if it even exists at all!
Don’t Skip Out on the Virtual Tour
A study by Redfin in 2020 revealed that 45% of homebuyers have bought their homes online without looking at a virtual tour. In other words, they have not actually seen the house first-hand before they bought it.
This means that lots of people have skipped out on video tours of their houses, but that doesn’t mean you should do the same. Work with your real estate agent to set up a video tour.
The virtual tour is one of the most popular ways to view a home online. It’s a good way to overcome the limits of buying a property online.
By doing a video tour, you can get an idea of what the house looks like, but it can also be a great way to find out if the neighborhood is safe or if it’s in a great location.
A virtual tour is like visiting the house in person, but you don’t have to go anywhere. You can see what the inside looks like, walk around and even play with some of the furniture if you want.
You can also see if there are any need of updates on the property or if there are any items that need repair before you buy it.
The advantage of using this method is that you get an idea of how big the house is and how much work it will take to make improvements on it.
If you don’t want to take out a loan for improvements then this method will show you how much money you will have left over after paying for all your renovations.
If you decide this model doesn’t work for your situation then try another valid alternative, such as going through homes that previous owners have already remodeled or by using Google Street View.
Don’t Skip Out on Home Inspections
If you’re buying your home online, you might feel a little like you’re in the dark. After all, seeing it from the pictures and the digital tours can only give you so much assurance.
In that case, make sure you still insist on a thorough home inspection for your house. This is even more important if you’re buying it sight-unseen, or without having video tours.
A home inspection is a great way to get a good idea of the house’s maintenance process and if there are any need for repair. You can also find out if any hidden problems with the house such as termites or foundation issues.
Professional inspector usually conduct home inspections, and they pay will vary depending on where you live and who you hire. This can be a very important step in the process of buying a home because it will help you avoid many of the pitfalls that can happen during the home buying process.
If you do decide to have an inspection done, make sure that you hire someone who has experience in conducting these types of inspections.
Read more about what to ask a promoter before buying a house, how to start home improvement, and how to choose a home renovation company in HandyWork. Visit us now!