Between google maps, realestate.com and building/pest inspections I sometimes feel why go look? Especially if it's interstate. Then other times, I feel that the ease of mind in just seeing it is a small cost in the scheme of things. Sometimes I get emotional just from photos that if I go look I'll really want it.
So I was wondering if you buy unseen or always look and what your experience has been?
you can pick up flights so cheap now I wouldn't buy sight unseen too risky with the amount of money at stake
Caveat emptor … buyer beware!
There will always be those who can make the determination purely on location, photos, and building reports; but I've walked away from many a deal once I've actually been inside the property, whereas on principal I would have purchased.
As Maree said, flights are cheap – and as a % of the cost of the investment, it's a very small outlay for genuine peace of mind.
Yeh this is a risky habit to get into. I would recommend a buyers agent in the state you are looking to buy in and the fees are also tax dedictible if its for an investment property. They can also give you some hints and tips which you may not know because you are not a local. For example in my surburb houses on one side of a main road are worth up to $50k more.
I have bought both of my properties sight unseen and have realised good rental returns on both since the day that I purchased them. I carry out research via the web as well as speaking to the local council to find out what developments are happening in the area as well as talking to a number of real estate agents. I choose to speak to the property managers first and ask them where they would avoid in town if you want to get a good rental return with limited vacancies. many are quite happy to talk about this in a hypothetical sense (not specific properties that they have listed for sale as the vendors might be unhappy about such a discussion). Real estate property managers don't want to have the owner on the phone on a weekly basis asking when they will find a tenant for their property so they are more than happy to suggest which streets in town have good rental histories and which streets may be problematic.
I have such a good relationship with one of my managers, whom I am yet to meet, that she will inspect properties listed by other agents and give me feedback on the condition of the property as well as expected rental return.
As with any property purchase do as much reseacrh as you can and make sure you get the pest and building inspections done.
If like me you live in a rural area and buy in other, distant rural areas there are no direct flights to towns and flights are still expensive because there is little competition (only one airline they can charge what they want) And by rural I mean towns with populations over 20,000.Sorry to be so long winded, good luck with your investing
cheers
Sonya
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