Joanna Schlansky's Blog
Buying a home is one of those things in life that requires you to take a certain order of steps to complete the process. First, you’ll need to save up some money for a down payment and all of the other costs that go along with buying a home. Next, you’ll take a look at what you can afford and perhaps get pre-qualified. Then, you’ll hire a realtor and begin searching for properties. Finally, you’ll make an offer, sign for the mortgage and close on the home. After that, you’ll probably buy some furniture and paint the walls to make yourself feel at home.
Would you ever dream of making that big home purchase without actually seeing the property first? One of the most time-consuming parts of the home buying process is that of viewing homes and visiting property after property.
There are actually many reasons that a buyer might buy a property without seeing it first. With the Internet, it’s fairly easy to get an idea of what a house might be like. Too, if you’re an investor, it’s sometimes worth the gamble to scoop up a property at the right price in order to score a great deal.
It’s also usually not detrimental to buyers who are trying to get a home in a high competition market to go after places they really love immediately. The early bird does get the worm, right?
Properties in distress may be in poor condition, but for the right buyer can be a great deal. Banks want to get rid of these places as soon as possible due to the expenses incurred by keeping them.
Not all properties that are bought sight unseen are fixer uppers. Some properties can be bought in the pre-construction phase. These homes haven’t been built but are already on the market available for purchase. Many times, buying properties this way can be cheaper than buying the new construction home after it’s built.
There are obviously many risks to buying a home sight unseen. First, pictures can be deceiving. You never really know what you’re walking into until you see it. Photographs can easily hide major damage. Until a home is physically inspected, you may not know what the costs will be to repair it.
The same risks apply to new construction homes. The layout of the home may not be what you’re looking for, or the home may not include the features that you want.
When you do decide to buy a home sight unseen you need to weigh the risk versus the reward in the transaction. It can be a valuable decision, in the long run, to take a chance on buying a home that you haven’t been able to physically inspect.