Everything can be done online, right? Shopping, working out, school, and even investment property shopping. Now, buying an investment property 100% online might not be the best idea, but sometimes it’s just the best option you have.
Here are our tips for buying property online.
Know Your Budget
Get a mortgage preapproval or get a letter from your bank to show a seller that you’re a serious buyer. Buying online can be frustrating, and you’ll need to prove yourself to the selling team before you can get any information beyond what’s already online.
“These letters also show real estate agents and sellers that you’re serious about buying a home. Your preapproval letter will be a crucial asset as you look for sellers and agents who are willing to work with you online.” (RocketMortgage.com)
Have a trusted partner in the area.
If you cannot visit the property, the next best thing is to have someone else visit for you. We’ve done this for clients, and it’s often the way we work if we’re working with silent partners. The most important thing about sending a delegate is to choose wisely. Most people looking at properties are shopping for a home, but an investment property is very different.
If you have the ability, send someone that has been prepped to know about your goals. This person should drive around the neighborhood, look at the other houses close by, and note the local schools, parks, transport, and grocery stores.
Make a list!
Shopping for an investment property is very different from a home. Having a list of necessities before you start shopping online will save you a lot of time and irritation. Many people will spot one element and fall in love with a property that won’t suit their needs. Use your list to filter out the properties that won’t suit your goals.
According to Homelight, here are considerations for your list:
Do you want to be close to good public schools?
Do you want a lot of land?
Would you prefer a condo in a building with a lot of amenities that is close to your office?
Do you prefer peace and quiet, or proximity to a vibrant nightlife scene?
Do you want convenient access to public transportation?
Do you want to be close to parks?
Would you rather live in a more family-populated neighborhood, or is that less of a priority?
Do you want to be part of a Home Owners’ Association?
Use the right websites.
There are so many options for viewing real estate, including Zillow.ca, but most of these sites are aggregates, meaning they get their information from realtor’s websites. The downfall is that the information can be outdated. Use these sites to find the properties and then note the realtor's site and MLS. Now, look on their site for the property.
Another downfall of sites like Zillow is their lack of listings. It might seem like they have every property, but a trusted advisor in the area (like Regalway! 😁) have inside information about properties not yet listed.
Request a live video.
If you have a trusted partner in the area, ask them to do a live video walk-through. Here’s a huge tip, though: make sure they walk through alone first, and video chat second. Often, the video chat becomes the only walk-through, and the person on site will not get the overall feel for the property.
If you don’t have a trusted partner, you’ll need to ask the seller or their realtor for this favor. Be sure to ask to see everything in detail as they could be tempted to hide the negatives.
At Regalway, we would love the opportunity to chat about your investing goals. We have the experience and expertise to help you get started or expand your investment portfolio. Book a time for your free consultation here: