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Tips for successful remote property investing

On Behalf of | Oct 30, 2022 | Residential Real Estate

An increasing number of real estate investors are interested in purchasing property outside of their immediate local area. Technology can certainly help with this process, with many new tools and systems being introduced into the market to facilitate remote real estate investments. However, there can also be some serious considerations and concerns with purchasing a property from afar. Here are three tips for individuals who are considering buying a Massachusetts property from outside the local area:

  • Conduct research: Research is important in any real estate transaction, but remote buyers should be especially vigilant in their information gathering. In particular, it is important to do market research on the area where one is seeking a home in order to understand the average prices, property taxes and other key factors that will be important in the buying process.
     
  • Work with trustworthy local professionals: Professionals who can support remote home purchase include, but are not limited to, real estate agents, contractors, legal professionals and anyone else who can provide service and insight on the area. While having trustworthy professionals is important in any real estate transaction, remote buyers are in a unique position where they may be placing an increased amount of trust in these professionals, who may be representing them or providing information more frequently than an in-person buyer.
     
  • Ask questions about administrative details: Many of the administrative procedures related to buying a home were created with in-person buying in mind. An experienced lawyer can clarify which procedures are possible to do via videoconference, for example, versus those that might need a power of attorney present.  

While remote home purchases can have some unique challenges, it often makes sense for investors to purchase in this way. Understanding the process fully is key to a successful remote purchase. Those who are interested in purchasing a home in Massachusetts from a remote location would be wise to speak with a lawyer prior to starting their search to understand all the legal requirements involved.