Regardless of your reasons for buying a property in another state, whether it’s for a new job or you want to be closer to your loved ones, it’s crucial to remember that the home buying process is never easy. This is especially true if you’re a first-timer.
In addition, the most challenging part of buying a property out of state is that you won’t be able to spend time touring open houses. Luckily, today’s technological advancements have made home buying more manageable even when you may not be able to travel frequently. For example, you can visit websites similar to Tetonrealtyblog.com to get expert tips and tricks to make the buying process much easier.
Below are the ways to buy property in another state:
Do Your Research
Getting to know another state can be challenging, but there are ways to research it, and these include the following:
Reading local news articles will help you learn about events, discover new businesses, and virtually meet community members. This will help you decide if it’s the place that fits your needs and purposes.
Another way to know a place is to check its official website. A city website will help you know more information about the parks and facilities for resident use, various services provided for the residents, and recreational activities offered by the city. You may even find some stories specific to the city.
If you know the city you’ll be moving to, consider joining community groups on social media platforms. In these groups, you can read posts about the real estate agents who can help you and know the different things most residents experience as they live in the city.
Resident groups also provide a more personal view of the community’s actual residents. You’ll also find the hidden gems from people raving about their experiences, see how people act towards one another, and uncover various problems that most residents face. You may even post in the group to introduce yourself as a new resident, get tips and recommendations from those who know it best, and ask questions about the community.
Have A Plan
One of the first steps to take when buying a property in another state is to have a plan that suits your needs. Likewise, you would want to consider what you must do about your current home. For example, do you want to sell it in the future or rent it out? Aside from that, you would want to consider how much you’re willing to spend, how your income could rise or sink, and how high monthly mortgage payments you can make.
There will be countless financial items to consider. These may include considering whether or not you’re open to paying homeowners association (HOA) fees, buying homeowners insurance, and saving for a down payment.
Work With A Real Estate Agent
Your friends or relatives may be reliable people, but in terms of buying properties, you might want to work with a top real estate agent in your preferred state. Since purchasing property is one of the biggest financial investments of your life, you would want to be helped by the best agents.
You’ll need the help of a real estate agent if you’re looking for your dream property in your preferred place. While you can always opt for a do-it-yourself (DIY) approach, only experienced real estate agents in the specific area can cater to your unique preferences when it comes to property search.
However, never settle with the first one you see online when you hire a real estate agent. You should compare at least three or more professionals and ask about their experience. Also, hiring a tech-savvy real estate agent can greatly help you as they can virtually show you properties and communicate with you anytime.
Be Familiar With Your New State’s Real Estate Laws
When buying a property in another state, you have to know that real estate laws may vary from one state to another. Therefore, you might want to be familiar with them before buying any property.
If possible, spend time doing research and become familiar with things such as property lines, zoning laws, building codes, and fencing in selected areas. This way, you can be sure that there aren’t surprise restrictions when you want to make improvements or changes to your new property. A good place to start when gathering this kind of information is your real estate lawyer or real estate agent.
Explore The Different Property Options
Once you’ve found the right real estate agent, relay to them what you’re searching for in your house. Be as specific as possible and don’t leave out any details of what you’re looking for because it’s a place where you’re going to live.
There are real estate apps that you can use to search for properties in the areas where you want to purchase. Some real estate agents know the neighborhoods which can help in narrowing down your online search.
Real estate agents can give you a virtual tour by recording a video or video-calling you if you aren’t able to travel to the state to check the property. Virtual tours can provide you with the following benefits:
- See real-life spaces in panoramic scans
- Look at the property using a digital model
- Enables you to interact in the house in a three-dimensional (3D) model
You may also take advantage of the virtual tours to imagine how your furniture fits and what things you can do to make the most out of the space available. With today’s advanced technology, it’s as if you’re walking through the property yourself.
Another essential step when investing in a property in another state is getting pre-approved. Generally, a pre-approval gives you an idea of how much you can borrow and guarantees that sellers will take your offer seriously.
As getting pre-approved is essential, you must also not forget about your budget. Sometimes, how much you wish to afford may differ from the maximum amount you’re pre-approved for. Sticking to your budget will help you enjoy stress-free years in your new property.
Make It To The Inspection
If you can travel to visit the property, make sure to be present during the inspection. Videos or pictures on the inspection report are good. However, if you can be in person, you can understand the property’s problems.
Many inspectors are also happy to teach homeowners about regular maintenance they must be doing and show them small things that might not affect the sale but must be fixed. They can also teach things you may not know about your property.
Hire A Relocation Specialist
Another thing to consider when buying a house in another state is hiring a relocation specialist. These professionals don’t only work for big companies but also for people making long-distance travels.
Specialists may help you with nearly all aspects of your relocation. They may hook you up with the right professionals to start your property search or connect you with trustworthy movers, home inspection companies, and a reliable title company.
Consider Remote Closing
If you can’t be there to sign the necessary documents, consider remote closing, which can save time that can be better spent on hiring movers or planning your relocation day. However, before you consider remote closing, ensure to research its legality in your new state. If it isn’t legal, consult your lawyer.
If it’s your first time buying remotely, you might be concerned about the security and safety of the process. Typically, you might not have to worry about security as the remote closing process is safe. It may also seem a bit awkward, but it comes with numerous benefits, including:
- Save Time – With remote closing, you don’t need to worry about scheduling worries or conflicts about traffic delays as everybody converging on a particular law office is now a thing of the past.
- Less Stressful – Unlike in-person closing, going digital allows borrowers to review loan documents more conveniently. It gives you time to get clarifications, so you’re not rushed during the closing meeting.
- Help You Catch Errors Immediately – A remote closing is better at polishing signature compliance and flagging missing documents. Therefore, remote closing is never a bad idea if you want to ensure that your documents are error-free.
- Less Expensive – You can save more on virtual closing without paper documents to distribute and produce.
Overall, choosing remote closing over traditional closing is much faster. It’s crucial to note that laws about remote closing may differ by state. Before choosing a remote closing service, prepare the necessary documents and keep the local laws in mind to avoid any problems.
Purchasing a property in another state takes a bit more legwork than buying within your state. It takes more planning and coordination, particularly if you hire a real estate agent to be on-site. However, once you keep the above strategies in mind, you can guarantee that you’ll experience a hassle-free process, regardless of which state you decide to buy a property.
Native New Yorker. Travel addict. Hardcore thinker. Analyst. Pop culture fanatic. I live in Queens with my wife Linda and our dog Clemenza.