How to Safely Buy Properties Online
as published in myproperty.ph
Shopping has never been easier with the rise of the internet. Consumers are now able to buy almost anything they want, anytime they want, through the internet. May it be clothing, food, or even home furniture, all of them are available online and deliverable right to your doorstep. Many thought the real estate industry would never adapt to this online trend, but the rise of sophisticated technology made the concept of buying your home online not so farfetched. However, like any online transaction, you should always remember to be cautious and to approach each purchase with care.
Here are three things you should always do when buying property online:
Visit the actual property
No amount of visual aid will ever beat visiting the actual property itself. No matter how convincing the listing may be, you should always make the decision to purchase after seeing the property.
Buying a home is one of life’s biggest purchases. Even if you just plan on renting the property, security deposits and advances are a necessity before being able to move in – so purchasing power is still needed. Once you’ve found your property, make the active effort to visit the location and see it for yourself. Even if the photos of the listing look too good to be faked, it’s always better to know that there’s an actual property waiting for you once you’ve purchased it.
Arrange a schedule of meetup and unit showing with the agent. Through this action alone, you’ll be able to weed out the good properties from the rest. Reputable brokers would gladly assist you and your viewing request.
Look carefully in your visit
Once you’re able to book a trip to the actual property site, make sure to be observant of every little detail. Take pictures of the different areas of the property. Note your first impressions and ask about any renovations or repairs needed. When you step inside the property, ask yourself the question, “Do I feel at home?”
After visiting the property, review your findings and discuss them with the agent. These will come in handy when you’re in negotiations with the agent.
Be aware of the finances
Once you’ve decided that the property you’ve visited is the one for you, it’s time to pay for it. But before you put down any money, make sure you ask for the complete list of fees involved from the broker. Some of the fees you should anticipate are the reservation fee, down payment, and monthly amortization. Be sure to take note of the payment scheme as well.
When it comes to finding the most reliable payment method, banks are still considered number one, compared to money-transferring apps. You’ll be able to have a paper trail of evidence and the luxury of checking it every now and then. There’s also a reassuring feeling of seeing your money go to a reputable and established financial institution.
Take note of everything
The online property marketplace is good when you’re searching for a property, but when it comes to actually buying it, you’ll need physical and legal paperwork. As long as you do your due diligence, you can protect yourself from any possible lawsuits in the future or have solid claim against the real estate agent or broker.
An important document you should keep is the letter of intent or offer to purchase. This document will outline important details of the transaction such as the date of offer, property description, and the price along with the financing information. Another document you should have is the reservation agreement. This is something the broker will offer you, which ensures that the selected property has been reserved and taken out of the market. The contract to sell is a document issued to you after you have paid the initial down payment while the dead of absolute sale is given to you after you have fully paid for your home.
Take caution when shopping online
While online property platforms have taken the hassle out of property searching, you should always remember to tread lightly when making a purchase – it is considered one of the most important purchases of one’s life. As you embark on your search for your dream, remember to always be on the side of caution and to not only be safe but to be wise as well.
