Buying Property Sight Unseen: Aye or Nay?

Buying an investment sight-unseen might be the right strategy for you, depending on a number of factors. If you’re shopping around for property and whether it’s because of the distance, the covid-19 restrictions, or maybe even because you have little to no time on your hands right now, it’s not possible for you to view the property on your own. Here are some tips to make it a worthwhile transaction.

Know the Specs

The first rule to buying a new property that you haven’t ever laid your eyes on is to check the specs thoroughly. Know what you’re getting. Go over the measurements and make sure you understand the details. If there’s anything that doesn’t seem to make sense or that sends niggling doubts down your spine, move on to the next option. Whether you’re looking for a residential property or a commercial office space for rent, review the specs until you know them inside and out.

Don’t Rely on Photos

Photos can be deceiving and might not give you a realistic sense of the space. It can also be edited to look nothing like the real thing. While photos are good, don’t rely on them so much that you’ll base your entire buying decision on nothing more than a handful of carefully shot photographs. Also, some photos might leave other details out like that electric tower just right outside the property, so be on the lookout for these things when you shop around for a residential or commercial office space for rent.

Consider the Neighbourhood

Get a better sense of the community when you check out the neighborhood. What are the streetscapes and the facilities nearby? Does the neighborhood have a sense of community pride? You’ll want to review them right along with the features and benefits of the property that you want to buy.

Request for a Handover Report

A handover expert goes over every detail of the contract to make sure that you are getting the property that matches the specs that you were given. That’s one way to make sure that the investment is worth the price. That’s going to be money well spent.

Find an Agent

Hire someone that can look over the property on your behalf. Look for a seasoned agent that you can trust. With someone who knows your requirements, understands your concerns, and will keep your best interests in mind, then you won’t have to worry about ending up with a property that’s far from what’s been advertised. The agent will check if there are any maintenance issues, if there are structural problems that mean it’s completely compromised or if it fits your buying goals.

Weigh All the Risks

Know your risk profile before you buy anything. If you’re shopping around for investment property, what level of risk are you comfortable with? Your risk tolerance will matter a lot and will determine whether you appreciate the property or not.

Buying any property sight-unseen comes with risks. But using these tips will help you make that a safe, informed, and educated buying decision.

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