Buying site unseen.
- Thread starter bignige
- Start date
are you buying a site sight unseen or buying sight unseen?
if it's a site, sight unseen then i would say google maps street view, online town planning docs and dial before you dig could tell you a lot - but if it's a house - forget it - i wouldn't do it.
if it's a site, sight unseen then i would say google maps street view, online town planning docs and dial before you dig could tell you a lot - but if it's a house - forget it - i wouldn't do it.
Nige,
Before I look at any property I research the areas first.
DOn't even look at properties until you knoe why.
I can give you some location reports FREE so you know what I am talking about.
You can PM me
A few of mine have been bought without being seen. I still havent been inside them, just driven past afterwards.
My tips:
-Do building and pest inspection to verify that its in 1 piece
-In my case tenants were already living those properties, which verifies that they're habitable.
-Do your own checks via google streetview, pricefinder, residex, etc.
My tips:
-Do building and pest inspection to verify that its in 1 piece
-In my case tenants were already living those properties, which verifies that they're habitable.
-Do your own checks via google streetview, pricefinder, residex, etc.
Not me. I research an area first, and then go there. It's all part of the fun for me. I like to look through houses, especially before I buy them
I've bought sight-unseen only once, on a small townhouse. To try and avoid doing that again, I'm looking at markets where I could potentially acquire two properties in the same month. Once I've done my DD, I book the inspections stacked up over one day, and buy the flights for a two-day period. I stay in a backpackers overnight to help reduce costs. Why the overnight stay and not just a day-trip? It let's me make the most of my time on the ground, not be bleary eyed the next day due to an exhausting day of travel, inspections, and mental/brain work of moving quickly on property admin on the go, if needed. Critically I can also use that second day (typically a sunday) to actually wander the town/suburb and spend time in it. To people-watch, to have a coffee, to learn where the rougher parts are, to look at infrastructure being built (street view on google is usually out of date etc.). That second day is so valuable on my assessment of the area 'beyond' just the digital DD and the actual property's interior inspection!
Since I'm Sydney based and eastern seaboard-looking only; on a good week with virgin/jetstar and a cheap backpackers/public transportation on the ground where possible; I can be 'all-in for around $400-$500. Not a bad investment in time/money if you can buy one or even two properties from that trip.
Since I'm Sydney based and eastern seaboard-looking only; on a good week with virgin/jetstar and a cheap backpackers/public transportation on the ground where possible; I can be 'all-in for around $400-$500. Not a bad investment in time/money if you can buy one or even two properties from that trip.
Plenty of my clients buy sight unseen.
They carry out a lot of DD - there's tonnes of research you can do from your PC and having professionals on the ground preparing reports (building/pest) provides peace of mind.
Having said that - I personally would fork out for the airfare and suss the place out myself before committing.
Some of my clients make it a condition of their offer - that they'll inspect the property in person prior to going unconditional on the purchase. However - this sort of condition is unlikely to be accepted in a hot market.
Cheers
Jamie
They carry out a lot of DD - there's tonnes of research you can do from your PC and having professionals on the ground preparing reports (building/pest) provides peace of mind.
Having said that - I personally would fork out for the airfare and suss the place out myself before committing.
Some of my clients make it a condition of their offer - that they'll inspect the property in person prior to going unconditional on the purchase. However - this sort of condition is unlikely to be accepted in a hot market.
Cheers
Jamie
what he said ^^^^
if you cant afford an airfare you probably cant afford the property. If its time you can pay others to solve that one. It is possible to do reasonable DD on interstate sites but nothing replaces a good ol fashioned visit. Google earth and street view might not tell you about the neighbour being a member of the bike gang who appear to have set up a meth lab in the rental next door. (yes I have seen this). Its rare, and you would probably be ok 9 times out of 10.
if you cant afford an airfare you probably cant afford the property. If its time you can pay others to solve that one. It is possible to do reasonable DD on interstate sites but nothing replaces a good ol fashioned visit. Google earth and street view might not tell you about the neighbour being a member of the bike gang who appear to have set up a meth lab in the rental next door. (yes I have seen this). Its rare, and you would probably be ok 9 times out of 10.
I dunno bout other, but personally I conduct more due dilligence process in unseen rather than inspect the property. Somehow my mind double/triple check few things..
My instinct lead me when buy unseen
I definitely can't rely on naked eye, and I don't have expertise on all aspect.
For the last 5, I have less problems on property that I buy unseen than seen one
To each to their own I guess
My instinct lead me when buy unseen
I definitely can't rely on naked eye, and I don't have expertise on all aspect.
For the last 5, I have less problems on property that I buy unseen than seen one
To each to their own I guess
Both of mine were unseen, even if i did go to the place what do I know about looking at houses. Left it to the pest/ building report. I also had a interior designer (overkill maybe) go through the place and recommend what to do.
I have also read that you can get another potential letting agent to do a walk through and get his/her opinion on the place.
Just make sure you do your due diligence
I have also read that you can get another potential letting agent to do a walk through and get his/her opinion on the place.
Just make sure you do your due diligence
Most of mine have been bought unseen but I do lots of research and normally use a local agent I trust to view it for me. Also I have no building background so whats the point of me looking for structural defaults that's what the pest and building inspection is for. The agents normally tell me any issues or haggling points and I take it from there.
I've bought sight unseen twice before in 2011, I relied on research, B&P and an independent assessment which worked out okay. My thoughts are that I wouldn't do it again because there is so much you cannot tell from a value perspective, street view is useful but nothing beats inspecting for yourself IMO
I bought a couple sight unseen but wouldn't do it again. I had a local property manager inspect it for me (from a different agency). I also interviewed her beforehand and she had all the right answers. 6 months later she was fired for being "useless" and as it turns out, the property is a maintenance money pit.
I'm no building inspector but had I seen it I probably would not have bought it (and yes, I did do a building inspection).
Next time I'd make the contract conditional on a personal inspection.
I'm no building inspector but had I seen it I probably would not have bought it (and yes, I did do a building inspection).
Next time I'd make the contract conditional on a personal inspection.
Guilty.
Would I do it today, yes, still doing it, but now I have some good friends helping me out.
In the early days I think I had more front than Ned Kelly, very foolish, fortunately all worked out OK.
Moral of the story, do your homework otherwise you may get burnt. BA you could use one of these but then again you still need to work out whether they have done their homework, which means more time and effort on your part, may as well just do it yourself and save some $
If I'm buying sight unseen I call local property managers (normally 2) and ask them what are the best areas in the suburb, what properties are in high demand, places to avoid, flooding, transport, good schools, etc. Then I arragne them to look at the links to the properties I'm interested in and give me an approximate rent and a basic opinion. If I move forward I arrange for them to visit the property for a more detailed opinion and a official appraisal. I never use the same company as the selling agent.
It's even better if the property is already rented and I prefer it if it's managed by different company then the selling agent. I have found that property managers are very honest when it comes to faults with the property and its good to ask questions like "are there better properties in the area to buy?"
I find sometimes selling agents are bit reluctant for me to call the property managers about the property, I tell them that I'm not moving with property if I can't, end of story!
If the property is managed by the same company it makes it a bit more difficult and you need to be careful with any info you get from the property manager. You can still send the link to another property manager for their thoughts and maybe still arrange them to visit the property but might have to do some sweet talking.
It's even better if the property is already rented and I prefer it if it's managed by different company then the selling agent. I have found that property managers are very honest when it comes to faults with the property and its good to ask questions like "are there better properties in the area to buy?"
I find sometimes selling agents are bit reluctant for me to call the property managers about the property, I tell them that I'm not moving with property if I can't, end of story!
If the property is managed by the same company it makes it a bit more difficult and you need to be careful with any info you get from the property manager. You can still send the link to another property manager for their thoughts and maybe still arrange them to visit the property but might have to do some sweet talking.
I'm just a newbie and settled a property in morphet vale December and another is settling end of this month both unseen as I live in sydney, I feel confident with this.
Time will tell
Time will tell
