5 Steps for Buying a Home Remotely When Moving to a New Province

Posted by Justin Havre on Monday, November 9th, 2020 at 12:29pm.

How to Remotely Buy a Home When Moving ProvincesAre you planning to move out of your current province and hoping to find the perfect home in your new town? Moving to a new home in a new place is full of excitement and fun. However, it can get stressful if you’re not prepared. There’s a lot to be done before moving, and buying a house can feel completely overwhelming.

Fortunately, new technology makes it easier to buy a home remotely. Keep reading to find a step-by-step guide on shopping remotely for a new home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Assess Your Needs, Create a Budget, and Find The Perfect Place

Whether you’re moving across the street or moving cross country, the first thing you need to consider when finding a new property is determining what you need in the property.

Everyone has different home buying needs, but, generally speaking, all buyers are looking to get the best value for the price. You’ll want to find a place that has the best combination of your desired location, amenities, and price.

After you’ve assessed your needs, create a homebuying budget to have a better idea of what you’re looking for. Don’t forget to factor in all expenses, including closing costs and property taxes.

Online Research: Your Gateway to Remote Homebuying

Once you have an idea of the type of home you want to buy, the Internet will be the starting point for your remote homebuying journey.

If you already have selected the area to live in, it’s time to perform some research to understand the current valuation of the properties. You can check the current listings online. You can get several websites that provide ideas on property valuations. Adjust the filters on listing platforms to sort by price, amenities, or property style.

Connect With Lenders In Your New Province

Next, you’ll need to research and connect with mortgage lenders in your new province. Mortgages in Canada vary by province, so you can’t buy a home in your new area with a loan from your old one. Exploring the different home loan types and financing costs will help you prepare the proper budget for your upcoming purchase. It is ideal for getting pre-approved for a home loan. Getting a pre-approved home loan will eliminate the time it will take to settle the negotiation, clearing yet another item from your to-do list.

In addition, if this is the very first time you’re going to purchase a property, purchasing your first property out-of-state indulges additional risks. Regardless of the number of property-ownership-related books you read, there is no realistic replacement for experience.

Explore Your Options For Remotely Viewing a Property

When you’re moving to a new province, it’s unlikely that you’ll be able to make numerous back-and-forth trips to see properties. Therefore, you’ll need someone in your new town to attend open houses and showings on your behalf.

The best option is a local real estate agent. With so many options for video calling services, a local agent can guide you through the house with their smartphone. Additionally, you can ask a friend or family member in the area to attend showings for you. They may not have as much insider knowledge as an agent, but there’s added comfort in having a familiar face in the house.

Closing From Afar: How to Remotely Sign on the Dotted Line

Last but not the least, you must remember to inspect all the paperwork thoroughly before signing the final deal. New digital paperwork applications allow you to read and sign all the necessary documents without having to print anything out; your digital signature is just as binding as your physical signature.

So, make sure to inspect all the paperwork before the final deal. If the task seems daunting, you can ask a real estate lawyer to go over it with you.

Ready to Buy Your Out-of-Province Home

Whether it’s your first home or your tenth, buying a house is one of the biggest decisions anyone can make. While it’s certainly advantageous to be in-person for every step of the process, it’s not always feasible for out-of-province moves. By sticking to a step-by-step plan, buying a home remotely can be a stress-free experience.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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