Buying a House and Lot Remotely: A Step-by-Step Guide
Selling and buying a house and lot digitally has become the alternative for real estate developers and property sellers, and homebuyers. Indeed, the digital channels became instrumental in completing transactions.
If you are looking into buying an affordable house and lot for sale but have no time to devote to doing everything physically or worry that you might contract the virus when meeting with property specialists, buying online is the next best thing.
How to buy a house and lot online? We’ve prepared a step-by-step guide for keen homebuyers like you.
Three things to understand when buying property online
Before we outline the actual process, though, let’s understand how it will be different when any of these situations are present:
-When you already know which property to buy
-From which developer to buy it from
-When you are in contact with a real estate agent
The necessary next steps will vary if you already know that you want a two-bedroom single-detached house from Amaia Land, for instance. First, however, it is critical to figure out exactly what you want in your future home. These are your non-negotiables or a checklist of things you cannot live without. Furthermore, real estate companies have in-house real estate brokers that may attend to your inquiries.
If not, of course, your first step should be to...
Step 1: Understand the market.
Knowing the market factors can also inform your decisions. For example, such information accessible to them can make them competitive when buying a house and lot remotely.
Generally, there are two types of market: seller’s market and buyer’s market. A seller’s market means there are more buyers than available properties for sale. It means the demand is high and the supply is low, so you need to act fast as a buyer, especially if you really need to buy a new house. However, since there is a limited supply, the prices will be up wherein buyers are willing to pay for that certain price range.
On the other hand, a buyer’s market means there are more house and lots for sale. The demand is low, yet the supply is high. And so, if you are looking to buy a house and lot quickly while working with a tight budget, it would be best to buy in a buyer’s market. This will give you a competitive advantage as you’ll have more time learning about the properties of your choice.
Step 2: Find a local agent.
An agent is your absolute best resource, walking you through the entire homebuying process, answering your burning questions, and providing you with insider tips that you could not otherwise learn from reading newsletters. Think of the agent as a personal guide.
Once more, if you visit a real estate company’s website, you will find a section dedicated to its roster of agents. Of course, if you inquire about any property through the site, an agent will be assigned to you. Nonetheless, you can ask for referrals from your relatives, friends, co-workers, etc. Chances are, one of them has worked with an agent before and is happy to lend you a hand.
Don’t just ask for names and credentials, though. You can always find information about the agent with a simple google search. Instead, ask about their experiences. With this, you would know whether the transaction is successful or not and the factors that make it so.
Step 3: Start browsing.
This is perhaps the easiest part of buying a home remotely. You just need to search on online listing websites or the chosen developers’ websites. If the sites offer virtual tours and walkthroughs, grab the opportunity and attend them.
This is where the help of an agent comes in handy. First, he can help find websites to look for house and lots for sale worth pursuing. This is because they are mostly acquainted with this aspect.
Second, he may find the properties for you. You simply need to provide him with a list of what you are looking for in a house, including the location. These are your non-negotiables or must-haves and deal-breakers.
Third, if he finds something that may be of interest to you, he can schedule a showing and have your questions answered thoroughly. Be reminded, however, that viewing the property virtually is very different physically. So don’t rely on pictures too much, highlighting the importance of having a reliable and articulate agent.
Afterward, you need to evaluate the listings to determine which ones meet your needs and wants for a house. If you can come up with up to three listings to check physically, much better.
Step 4: Schedule a home inspection
A home inspection is an optional phase, but it is always better to do it instead of skipping it. An inspection allows you to picture yourself in the house while digging deeper into the house and lot’s specifics. For one, there are issues in the house that the virtual tours may not cover or present. In addition, these homes are staged, so if there are any structural and non-structural issues, they will be revealed during an actual home inspection.
Remember to ask for these things when letting the agent do the virtual house tour for you:
-Walk throughout the house to show the interiors and exteriors thoroughly
-Open the doors and windows to have a glimpse of how it looks with natural lighting
-Turn on the lights to see how well-lit or not the house is and what additional lighting system may be needed
-Open all the shelves and closets to gauge the adequacy of the storage
-Get close-up details of areas that you want to see
-Provide feedback regarding the temperature, odors, and sounds inside the house
The process is important because if you really want a certain house and lot but are hesitant at this point, a few changes here and there can be your deciding factor. When buying a brand new house, all the deliverables must be present in the property before you accept anything from the developer or seller.
However, it is also completely understandable why you may not want to do a home inspection. That’s why you hire a real estate agent一he can do this job for you. But it is your responsibility to make sure that you are hiring the right person to do the said job.
Step 6: Prepare the necessary documents.
After the negotiations, the next step is to prepare the needed documents. After that, you would be signing documents. But since the process is entirely virtual, you will be using e-signatures (or electronic signatures.
E-signatures are accepted in the Philippines and carry the same weight and legitimacy as actual paper signatures. Government offices and private entities are bound to accept these e-signatures under the Electronic Commerce Act of 2000 (E-commerce Act).
Again, the agent can help you to prepare and submit the documents. Or, you may actively take a role in this part, especially if you are more comfortable handling physically signed documents.
Step 7: Accept and move in
After the forms are completed, the next step is to prepare to move into your new home. That is after a final walkthrough of your new house and lot. This can be done over a video conference, but you may opt to do this personally. Again, the goal is to ascertain that the home is in the optimal condition that you expect it to be.
As such, buying a house remotely should not overwhelm you. A qualified agent can surely help, but you need to do your diligence, such as preparing an exhaustive list of the needs and preferences. However, buying property online should be a seamless experience.
We are all looking for a brighter future post-pandemic. But the health crisis should not stop us from obtaining our dream home. This step-by-step guide aims to boost your confidence and show you一the homebuyers一that there are easy, clear and well-worn path to buying a house and lot remotely even if it’s your first time doing so.