Buying a house is a complex process. Starting from looking for the perfect place to getting the funding, a lot of people are overwhelmed by it all. Fortunately, technology is making what is a difficult situation into something more simple. Here are some of the parts of house-buying that are being affected by recent innovations.
Finding The Place
When you are out looking for a potential home, finding the ideal one among the hundreds on the market can be difficult. In the past, you had to go through listings one by one. Technically, the process is still the same. The main difference is that people are searching online instead of listings on paper. But thanks to technology, that is becoming a lot different.
Artificial intelligence and virtual assistants are making it easy. You specify the requirements that you want, and they can go through listings and present the best fit for you. You’ll still have to do the final vetting, but that is a lot of work out of the way. Besides the house, you can also use modern technology to find a good real estate agent. Review and referral sites can point you in the right direction.
Fintech Innovations
While you’re looking for a house, you should also be applying for some home loans. Considering that there is a good chance that you’ll be rejected once or twice, it is better to have multiple applications ready. This is so that you can send one out after you receive the rejection. In the past, getting a home loan was the most grueling and slow process in the house buying experience. But fintech has made it a lot easier. For one, there are AI mortgage brokers now. They review your financial information and do some analysis. They can then recommend mortgage lenders who have a high chance of approval.
Additionally, fintech allows for easy integration. Homeowner’s insurance is another financial product that is difficult to acquire. With modern tech, it can be packaged along with your mortgage so that you can have a much easier time.
Inspections Done Differently
Home inspections are an essential part of any home-buying experience. While you still do inspections the old-fashioned way, there are several upgrades. For example, you can get a bird’s eye view of your potential home with the help of drones. Flying drones let you see the property at various angles and can reveal some things you won’t normally see. The roof will get special attention and will like to show any visible leaks or weaknesses.
Another way that tech makes life easy for home inspections is by making sure there is a chance to view it. One obstacle to a home viewing is scheduled not matching. A simple app for agents can allow them to properly schedule inspections and tours with everyone present. Even if they can’t be physically present, touring via streaming video is becoming common.
Using More Than Your Imagination
If you’re still on the fence about buying the property, you can try it out for a bit. Thanks to developments in augmented and virtual reality, buyers can check out a virtual representation of the location. The great thing about it is that buyers can then start making changes.
You don’t need your imagination anymore to envision the house walls painted in a specific color or how furniture will fit. You can see it all with a few edits. This can allow you to decide better on whether to make the purchase.
Streamlined Sales Process
You don’t just put down money on a property and expect to buy it like a book or a piece of candy. There are several things that you need for an actual transfer of property. For one, there are signatures from everyone that needs signing. Apps can make this simple by collecting signatures electronically in just a few minutes. This eliminates a lot of the delays. Other apps assist in the buying process, like a real estate deal tracker that notifies you where your deal is at right now. It eliminates the guesswork of waiting and provides follow-up notifications. Faster approval and getting the money quickly is a big advantage.
The housing industry is experiencing a massive change. This can be very disruptive since the market has mostly been static since the beginning of the 20th century. Now with all these technologies, buying and selling a house is much different from what it was.
Knowing how to adapt to these changes ensures that you’ll be able to get a good deal when it is your turn.