Buying real estate is a grueling feat to begin with. It gets all the more challenging when you are planning an interstate investment. From taking care of taxes to being mindful of logistics, you have a lot of factors to manage at once.
With that being said, it’s not that difficult to buy a primary home or a vacation home in another state if you know what to do. While the process may still seem a bit stressful at first, it becomes easier once you learn about it.
To guide you through this exciting investment, here are 5 tips to buying real estate property in another estate.
1. Start Simple by Doing Your Research
This may seem like basic advice, but it is a foundational step of buying a home in a different state. By doing your due diligence, you can easily determine what type of home you want, how much you are willing to spend on comfort, and which listings are available within your price range.
This step also lets you determine state taxes and special costs. If you are not too fussed about a particular location, this practice can help you steer clear of massive costs. For instance, you can look into programs as a first time home buyer Washington state welcomes with reduced rates and down payment assistance.
2. Look for a Specialized Real Estate Agent
This step is quite important, since it lets you connect with a specialized real estate agent who is qualified in handling relocation requests. These experts hold a CRP (Certified Relocation Professional) designation, which helps them guide you through the process with an additional level of comfort.
Since buying a property in another state is different than using a rental apartment app, this approach brings significant ease to your transaction. Whether you want to find highly specific construction features or the most affordable listings, these real estate agents can deliver on all your requirements. This ensures that you have a reliable representative to count on beyond state lines.
3. Shortlist Homes That Appeal to You
Whether you are planning to move to your new home or buying it as a vacation home, you have to put your needs front and center. Features such as the number of rooms, the size of the kitchen, and the availability of ensuites are quite prominent decision making factors. But specific needs such as a basement and swimming pool also rank high for some homebuyers.
Considering these specifications, take your time to go through listings that are suggested by your real estate agent. If you plan to renovate specific listings, you can look at a renovation cost calculation app to see how expensive the project will be for you. From there, you can start shortlisting any homes that fit your needs.
4. Take Virtual Tours Whenever Possible
Before you fly all the way across state lines to see the listings in person, check if virtual tours are available. Recently, many real estate agents have invested in tools that enable engaging or virtual reality (VR) powered home tours. This makes sure that you don’t have to compromise on the showing even when you are hundreds of miles away.
From checking out renovated apartments to taking in new constructions, you can explore multiple properties from the comfort of your own home. This provides you with enough information to even finalize your decision about the home purchase. In turn, this brings significant convenience to the table for you and your family.
5. Close on Your Chosen Home
After you have virtually seen enough listings, you may either make your decision on the spot or be ready to travel to the location itself. In both cases, this brings you to the final step of closing on your selected home. This particular process requires you to go through with a formal offer, home inspection, as well as other legal processes.
With the collaboration of your lender, real estate agent, and the respective seller, you can easily move forward with these steps. Many states now allow remote notarization, which doesn’t require you to be present in the same room as the seller to finalize the deal. Ask your real estate agent if that is possible in your case. If the answer is yes, you can move forward with an e-signature service.
Keeping these tips in mind makes sure that your out of state property buying experience is as comfortable as possible. This way, you can find your ideal home without putting up with unnecessary complications.
Thanks for reading and y’all stay dandy.
-Diego
Follow me on Instagram and Pinterest for more menswear inspiration.
(Some of these links may contain affiliate links, so that means if you click and buy something, I get a cut. It helps keep the site going! Full Disclosure)