Can You Trust Purchasing an Investment Property Without Seeing It?
How are potential investors to accurately assess an investment property if they can’t see it first?
As it turns out, many Miami and Las Vegas investors are able to make solid investment property purchase decisions, sight unseen. In fact, it’s quickly becoming the norm in the real estate investment world today. In addition, even for uncomfortable investors, it’s relatively easy to perform an investment assessment and even manage properties with some of the newest technology in real estate.
Why Don’t You Need to View a House Before Purchase?
For the many investors we’ve encountered recently who choose to make an investment property decision without an in-person visit, the reasons are quite simple. Here are some of the most popular:
Investors are usually not appraisers or inspectors. Let’s face it – when you’re purchasing an investment property, you hire a home inspector and an appraiser to make the necessary, in-depth inquiries into the state of the home. Most investors don’t make observations that aren’t already on the radar of the inspector.
Most home sales are not scams. One common fear is that investors will purchase an investment property that doesn’t exist, at least not at the sales address. Again, this scenario is avoidable the moment you hire an inspector or appraiser, who will verify its existence.
Remote purchases are more convenient and less expensive. If you’re an investor purchasing an investment property in a few different locations, it simply isn’t feasible to perform a thorough walkthrough of each. In fact, the cost of airline tickets and time away from your business alone can be a limiting factor and making remote decisions doesn’t require either.
You don’t personally inspect your investments in many other arenas. Think about it – are you traveling to an Amazon warehouse to inspect your goods before purchase? Do you meet with an eBay seller to visually affirm the existence of your items before ordering? In both cases, you’re able to trust the specifications and photos provided to you, and you should feel comfortable doing the same with investment properties.
Technology exists for those who may be uncomfortable. Companies like Zillow, Trulia, Redfin and others are acknowledging some potential purchasers’ nerves when it comes to remote purchasing. Tech advances like 3-D cameras, virtual tours, and other innovations are making it much easier to trust that what you see in the photos does, in fact, exist in real life.
Many of Home365’s clients choose to buy investment properties without visiting them first. As an added advantage, our virtual management systems can enhance your ability to manage your investment property remotely as well.
Reach out at your earliest convenience to learn more about our property management services and receive a free quote.