If you’re in the market for a new home, this is one mistake you may really want to steer clear of.
Chances are, the home you buy will be the biggest purchase you make in your life. That’s why it’s important to make sure that property checks off all the right boxes. But a growing number of home buyers are making a big mistake in the course of their home searches — they’re buying a home sight unseen.
Virtual tours only go so far
During the pandemic, a lot of real estate agents had to shift to virtual or online tours when health concerns made open houses or in-person showings less safe. And that trend picked up a lot of steam.
Now, 25% of real estate professionals say their clients signed contracts on homes without ever seeing them in person, according to Homes.com. And in a recent survey, 42% of prospective buyers say they’re willing to buy a home sight unseen or would at least consider doing so.
But buying a home without seeing it in person could end up being a big mistake. When real estate agents stage homes for online listings and create virtual tours, they have tactics they can use to make homes seem bigger or brighter than they actually are.
As such, you might think you’re getting a larger living room or family room based on the angle you’re viewing that room at on a virtual tour. But in reality, that room is much smaller than it appears. Or, you might think a given home gets a lot of natural light, which can be a huge selling point, when in reality, an agent hired a professional to set up lighting to give that impression.
Furthermore, a virtual tour won’t always reveal real issues that could be extremely unpleasant to live with or expensive to repair. A leaky roof, for example, may not be noticeable on a virtual tour because water spots on a ceiling can easily be covered up or glossed over. And if a home has uneven flooring due to foundation issues, that’s something that could easily be picked up in person, but may not be evident at all in the course of a virtual tour.
That’s why seeing a home in person before you make an offer to buy it is so important, and there are ways to do so safely. First of all, if you’re vaccinated against COVID-19, your risk of contracting the virus or falling ill is lower from the start. Secondly, you can minimize your risks by requesting a private showing of a home with just your real estate agent (as opposed to attending an open house, which could be packed with people) and wearing masks while you’re taking your tour.
Though technology may have helped sell a number of homes in the course of the pandemic, buying a home without seeing it in person is a move you might sorely regret. Once you sign that mortgage and go through with that purchase, there’s no turning back, and the last thing you’d want to do is get stuck with a home you’re really unhappy with.
A historic opportunity to potentially save thousands on your mortgage
Chances are, interest rates won’t stay put at multi-decade lows for much longer. That’s why taking action today is crucial, whether you’re wanting to refinance and cut your mortgage payment or you’re ready to pull the trigger on a new home purchase.