As in virtually every industry, technology is modernizing the real estate world. One change is that people are relying on virtual house tours and buying homes without setting foot in them. This is becoming more common since the COVID-19 pandemic began. In a recent survey, 25% of real estate experts said that most of their clients had finalized home purchasing deals without visiting the property.
The real estate agents welcomed this change wholeheartedly and started presenting their house tours virtually with the help of 3D photos and videos. However, this change does not reduce the importance of in-person house inspections before purchasing a property. In this article, we show you some ways to avoid pitfalls while buying a property sight unseen.
Deceptive virtual tours can hurt you!
High-grade video walk-throughs, professional photography and drone videos are a few of the high-class weapons for real estate agents to record the best video tours of their houses for sale. However, these virtual tours in well-lighted conditions can badly deceive you, because there are so many things you cannot assess through video. For instance, you cannot analyze the foundation defects of the home, such as sloppy floors and cracked walls, although granted, a video or photos can give you a rough idea of those conditions. Additionally, you won’t be able to smell the house and detect if it is full of cigarette smoke or reeks of dampness.
How to avoid surprises
In a recent survey, 38% of respondents thought that purchasing a house without an in-person tour was unsafe, as you might have to pay for repairs later. So, if you plan to buy a house without seeing it in person, having a responsible real estate agent at your service is crucial. They can help you negotiate the deal efficiently by presenting your demands and assessing the property knowledgeably on your behalf.
Moreover, they can give a live video tour of the house so that you get an unbiased, satisfactory virtual visit to the property. This will not only give you a clear perception of the house but also provide details about the foundation or other potential problem areas.
Suppose the sealing of the house is damaged or the sanitary fittings are already working poorly and need immediate repair. In such a case you can account for these things in the price or back out of the contract. These situations might also allow you to accumulate bids for house repair while house inspection is in process.
However, a live tour is not the only role of your agent. They are still responsible for many things as they protect your interests while finalizing the house deal. Additionally, they should hire a professional home inspector to analyze the house conditions critically. In addition, property disclosure reviews are also included in the tasks of a good agent. So make sure you deal with the best estate agent as it can reduce your risk.
Tips for Protecting Yourself
Purchasing a house sight unseen is full of risks and requires careful measures to avoid problems later. That’s why we have created this list of measures you can take to avoid costly repairs and other potential losses in the future.
- Appraisal Protections not only keep you financially safe but also identify possible dangers and safety measures you need to take to protect yourself.
- Home Warranties protect you from future problems. They protect the buyer’s interests and insure the house for future recovery if something goes wrong.
- Inspection Contingency helps you back out of the contract if the house is not up to your standards. This clause in your contract can protect you if you are taking the risk of buying a property sight unseen.
These preventive measures can protect you from significant loss while purchasing a house based on virtual tours, but they are not enough. That’s why an in-person house tour can serve your interests, to ensure you do not buy a house full of expensive flaws and damage. As the industry evolves with the technology, sight-unseen purchase deals will continue to finalize. However, you must keep yourself safe by reaching out for professional help. And remember: Buyer beware.
