The world of real estate has changed dramatically over the last decade or so with the introduction of the Internet bringing together an array of information exchanges. It is now possible to literally check out any property anywhere in the world, compare and contrast with the local marketplace and decide yourself whether it offers value for money.
In theory the need to physically visit a property to inspect the premises, the area and get a feel for your potential investment is no longer as important as it once was. However, are you brave enough to buy a property without paying a visit?
The introduction of unmanned drones to the real estate market has given potential buyers the opportunity for a real-time tour of any property. Unmanned drones together with web cams have dramatically changed the way in which many people research their properties. It will be interesting to see how these particular developments impact the habits of investors in the long-term and whether the majority are willing to forego a physical inspection of potential property investments.
Comparing local markets
As we touched on above, it is now possible to compare and contrast any property in any area of the world to give an indication of value. Even though it may not be as simple as many would have you believe to find the information required, it is there and it is available. When you factor in these elements together with local, national and international news relating to property markets and infrastructure for example a lot of your research can be done from the comfort of your own home.
Whether you are physically visiting a property ahead of a purchase or you are looking at an international investment with little or no chance of seeing the property in “real life”, you will always need trusted agents to act on your behalf. The further afield you are casting your property investment net the more contacts you will need to make and the greater the required trust factor. We have all seen the scams and fraudulent activity in some real estate markets and therefore you need to deal with people that you trust and respect their opinions.
Are you brave enough?
Even though all of the technology is available to research potential property purchases, inside and out, without even leaving your front room, are you brave enough to buy a property without actually seeing it with your own eyes? There are times when it is impossible to arrange such a visit but there will always be an “old school” requirement for many people to physically see and touch a potential property investment. Others, perhaps those more trusting and accepting of new technology, may take a different view but will they ever be the majority?
New technology has dramatically changed the way in which we shop about and research potential property purchases. However, there will always be a core of property investors who like a more hands-on approach and to physically see the property in which they are contemplating an investment. Will this ever change? Probably not…