Things You Should Know About Buying a Delaware Investment Property Sight Unseen

Things You Should Know About Buying a Delaware Investment Property Sight Unseen

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Buying an investment property sight unseen, meaning without physically visiting the property in person, can be a challenging but sometimes necessary decision. Here are some important considerations and things to know when buying a Delaware investment property sight unseen:

  1. Thorough Research:
    • Conduct extensive research on the property, neighborhood, and market conditions. Use online tools, virtual tours, and satellite imagery to get a comprehensive understanding of the property’s location and surroundings.
  2. Work with a Local Real Estate Agent:
    • Collaborate with a local real estate agent who has expertise in the Delaware market. A knowledgeable agent can provide valuable insights, conduct virtual tours on your behalf, and offer guidance on market trends.
  3. Leverage Virtual Technology:
    • Take advantage of virtual technology, including video tours, 3D walkthroughs, and live-streamed property viewings. This can give you a more realistic sense of the property’s condition and layout.
  4. Inspectors and Due Diligence:
    • Hire professional inspectors to thoroughly assess the property. This includes a comprehensive home inspection, pest inspection, and any other necessary evaluations. Request detailed inspection reports and discuss findings with the inspectors.
  5. Local Property Management:
    • If you plan to rent out the property, consider hiring a local property management company. They can handle day-to-day operations, tenant relations, and property maintenance, making it more manageable to invest from a distance.
  6. Understand the Local Market:
    • Gain a deep understanding of the local real estate market in Delaware. Research comparable sales, rental rates, vacancy rates, and other market indicators to make an informed investment decision.
  7. Legal Considerations:
    • Familiarize yourself with local and state laws governing real estate transactions in Delaware. Understand landlord-tenant laws, zoning regulations, and any other legal considerations that may impact your investment.
  8. Professional Real Estate Photography:
    • Request high-quality professional photographs of the property. Clear and detailed images can provide a better sense of the property’s condition and features.
  9. Neighborhood Dynamics:
    • Research the neighborhood dynamics, including crime rates, school districts, amenities, and future development plans. Understanding the neighborhood’s appeal can contribute to the property’s investment potential.
  10. Financial Analysis:
    • Conduct a thorough financial analysis, taking into account the purchase price, potential rental income, operating expenses, and financing costs. Use this analysis to assess the property’s return on investment (ROI).
  11. Contingency Clauses in Contracts:
    • Include contingency clauses in your purchase contract that allow you to back out of the deal if the property doesn’t meet your expectations upon a physical visit or inspection.
  12. Have a Backup Plan:
    • Be prepared with a backup plan in case issues arise after the purchase. This may include having a network of local contractors, property managers, or real estate professionals who can assist with unforeseen challenges.

Buying a property sight unseen requires careful due diligence, reliance on local professionals, and a comprehensive understanding of the market. It’s advisable to work with experienced real estate professionals and conduct thorough research to mitigate potential risks associated with remote property purchases.

Are you ready to broaden your real estate horizons? Why not reach out to new markets to further diversify your investment portfolio? The real estate market no longer knows any boundaries by advances in marketing through digital photography, drones, and internet technology.  Investment buyers can now search through online sites for listings, with the ability to scroll through hundreds of listings in the time it would have taken to travel to the airport. Using technology to their advantage instead of spending valuable time traveling or covering the expenses of a visit to a new location for investments. You can view high-quality images and watch 360-degree virtual tours, with the ability to see a property “as if” you were there. You can also take advantage of the internet to do a careful investigation of the property and any issues that could interfere with the transaction or devalue the property. As with everything in life, there is a risk, so educating yourself about your investments is the best way to safeguard yourself from making expensive errors. These are four things you should know about buying a Delaware investment property sight unseen. 

Dealing with Tenants

While you can screen tenants long distance, you should still meet potential tenants for your Delaware investment property face to face. This step in the process is invaluable and requires a professional to assist you with the screening process. Naturally, it is always best to have eyes on the scene to keep up on maintenance and ensure prompt completion of repairs. Otherwise, you risk losing the good tenants you have found over their exasperation with your long-distance management.

Financing Differences

Because you’ll be seeking a loan on an income property and not your primary residence, the interest rates and any adjustments on those rates for your Delaware investment property will be more expensive. To the lender, you’re at a higher risk for repayment because you have another residence available. For this reason, you’ll be paying higher interest rates and more expensive discount points on your mortgage. The programs and loans for investment properties and the requirements to qualify for the loans vary from primary residences. 

Different Than Your Primary Residence

If you’re not looking forward to middle-of-the-night long-distance calls from tenants, paying for emergency flights to handle a leaking roof or a busted pipe, you may want to have a team of trusted professionals to call upon in Delaware. If you would rather not spend your weekends or rental property income traveling to Delaware to monitor your property, you may wish to research property managers. An experienced property manager will care for your Delaware investment property in the same way you would care for your own home. 

With the inside scoop on the Delaware market, an agent from Tristate Holdings 167 can quickly locate the best Delaware investment property for your portfolio. At Tristate Holdings 167, we have time to listen to you. Even if a property is brand new, it is highly advisable to have a trusted professional located in Delaware represent your interests during the transaction. By partnering with a Tristate Holdings 167 professional, you ensure that the real estate you see online is the actual property you’re buying! They can also let you know if there is a displeasing odor drifting by from a dump upwind or some other unseen problem with the property itself. At Tristate Holdings 167, our agents are dedicated professionals who utilize the most up to date technology to ensure your investment fits your budget and brings the best return possible on your investment dollar. Send us a message or call Tristate Holdings 167 today at 1-(888) 788-7478 to learn more about how we can help you.

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