Buying a home is not like purchasing anything else. The average detach house in cities like Toronto costs over a million dollars, so you need to go into it having done some considerable research. Right?
In a world where most people do some online research to find the best burrito joint in their city, does it make sense to buy a home without first seeing it? Sometimes, it does.
Here are those times.
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Proximity to Things You Need
People buy homes for all types of reasons. Some people need to live near a school or hospital for professional or health reasons, and nothing matters more to them than proximity. Maybe you’re a parent whose child is in university, and you’d rather buy a property as an investment rather than spend your money or theirs on rent.
In such a case, it makes sense to care more about the immediate short-term needs, which are having a decent place to live near campus. The economic prospects down the road could pay for the home, so the buyer may be more flexible about its condition and amenities.
The Home is Far Away
Sometimes the opposite is the case, and the property you’re looking to buy is located in another country. Perhaps it’s a vacation home you’ll use periodically and Airbnb the rest of the time, and flying all the way there to see it in person isn’t worth the expenditure of time and money.
So long as the home you’re buying is near the beach and shopping and passes certain inspections, it’ll fit all your needs. Making an investment is always a gamble, and there are no guarantees things won’t go sideways.
You Have the Right Agent
During the pandemic, more people have purchased homes without visiting them in person first. Some of this is due to technology like video cameras that let buyers take a virtual tour from their homes.
There’s also Nobul, a real estate technology platform that provides home buyers with the information they need to help them make an educated decision. Regan McGee, CEO of Nobul, shares that “Since the start of the pandemic, there has been a huge rise in sight-unseen real estate sales, signalling a huge shift in how people buy and sell property.”
Using Nobul lets buyers connect with the right agent for them quickly. Agents will send messages containing offers like cash back or free services, and buyers can peruse the profiles and select the one they like most.
Buying a property sight unseen requires the right agent on the ground there. Nobul helps you find them sooner.
Naturally, buying a home without seeing it first may be risky. Make sure inspections are carried out, and any contract comes with contingencies to negotiate time to make repairs or back out based on an inspector’s findings.
You don’t want to be reckless and lock yourself into a burden, but with the right technology and expert assistance, you can buy a property that meets your needs without first walking through it in person.