Investing in Chicago is always a great idea! We can help you add to your portfolio with some of the best properties available! Learn more about how we work with out of state investors in our latest post!
There are a number of things out of state investors will need to look into before thinking about making an investment in a property out of state. The process can be very rewarding as you will be open to an endless number of new opportunities. However, there are some things to be cautious of when buying a house out of state or sight unseen. Below are just a few of our tips to help out of state investors buy properties in Chicago and the surrounding areas.
The majority of property information is public knowledge. You can look up sales history, add-ons, and other details of a property simply by visiting the county appraisers website. Do as much research as you can on a property. Don’t rely on photos alone. Ask for a video tour, or make the trip to view the property in person. Don’t buy the first house you find. Take some time to research multiple properties. Watch for market trends, changes, and fluctuations.
It is one thing to read about a neighborhood but it is quite another to spend time in the neighborhood yourself. It’s important you get a feel for what the area is like. Is it an up and coming area or an established neighborhood with a vibe al it’s own? Whether you plan on renting the property out or flipping it, knowing what the neighborhood is like will help you to market the property to people who will want to live there. Take some time looking at different neighborhoods and talking to different people who live there. Reach out to people in online forums to get the real story about a property or neighborhood.
Hire A Representative
If are not able to see the property before signing on the dotted line, you can hire someone to see if for you. An agent will show you what they want to see as their interest may lie more in their commission as opposed to making sure you get a great house. However, if you hire an outside 3rd party to give you the real scoop, you may be able to get a better idea of the property. Ask for honest opinions, photographs, videos, and measurements of the property.
A representative can also give you information about the area. Sometimes a place will look much different on paper and in photos than it does in real life. If you’ve never visited before, and don’t plan to before signing the contract, be sure you are able to get a real feel for the area as well as the property. A great property in a bad neighborhood isn’t going to do much for you in the long run.
Work With A Professional
When an investor opts to work with a professional buyer and seller, the process of buying a house out of state becomes much easier. A professional seller such as Chicago Home Buyers, will have a wide inventory of available properties, as well as all the information you could ever need about them. You won’t just be buying blindly, instead, you will be able to buy a house, know that you are getting a great deal, and get the peace of mind buyers often lack when buying a house out of state. If you are a remote buyer or new to the process, find out how Chicago Home Buyers can help you avoid many common mistakes out of state buyers face.
Watch For Scams
When you buy a house from someone out of state, you need to be careful. Scammers prey on people in these situations and will take advantage of you not being physically present. You may get overcharged for the property, find out there is more wrong with it than you were shown, or find out the person selling to you had no right to do so in the first place. Situations like this can cost you a lot of money. If you want to buy a property out of state, make sure you are working with a team of people you can trust.
All and all, it can be simple for out of state investors looking to buy property in Chicago. With the availability of remote closings, property information at your fingertips, and the use of virtual tours, you will learn so much about a property it will feel as if you are there. If you want to learn more about our tips for out of state investors, we would love to talk to you. We make it simple to invest in Chicago real estate no matter where you live.