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Much of the process of looking at homes for sale is through online these days. Buying a second home in another state isn’t much different than buying one nearby; the process will still start with you looking at listings online. Take the time to look through local listings and browse through available photos to get a feel for what style of house you like.
Visit job sites like Monster.com and Indeed.com to see opportunities in the area and what companies are based there. If you’re on LinkedIn, connect with a few business leaders in your new town. They can connect you with potential job opportunities as they arise. The majority of Americans move out of state due to a job change. According to data from United Van Lines, a whopping 40% of movers packed up for a new job last year, while about a quarter moved to be close to family. For the most part, closing and home inspection can be handled remotely.
Learn about local real estate laws
In other words, if you’re thinking of buying a house in another state, it’s doable, provided you do a little homework in advance and don’t mind making a few calls. Following, you’ll find several expert tips for buying a house out of state, and a closer look at what it takes to both make an offer and ultimately seal the deal. There’s nothing worse than taking an incredible vacation, wishing you could stay and simply not being able to. The tangible next step to this realization could be looking at a local real estate guide and perhaps even calling a real estate agent to look at some available properties. Before you know it, the idea of having a second home could take root.
If your schedules dont sync up for a live virtual tour, ask them to see the house and make a customized video for you. To begin with, a second home can’t qualify for government-backed mortgages, such as Federal Housing Administration and Department of Veterans Affairs loans. That means you can’t get the ultra-low or no down payment deals that these loan options offer. Conventional loan lenders will typically want around a 20% down payment.
Plan your home-buying process
You have to research different areas of the nation, especially if the reason you are moving is not job-related or you have options. Whether you are planning to move to your new home or buying it as a vacation home, you have to put your needs front and center. Features such as the number of rooms, the size of the kitchen, and the availability of ensuites are quite prominent decision making factors.
You need to go through different home prices and choose the affordable one. Inspecting the new house is important in uncovering current and future flaws or any other issues with the property. Technology has made it easier for people to know and communicate. You can connect to your future neighbors on social media networks. You can reach out to familiar people and ask them for connections with people in the new neighborhood they might know. You should also consider where your family will be comfortable living—what area of the country, amenities, and activities your family deems important.
Look for a Specialized Real Estate Agent
You will also need to chat with your mortgage lender and do some budget consultations to clearly understand the mortgage amount and payment that you can easily afford. Therefore, when thinking about the best places to relocate your family, consider the baseline costs of owning property there and your daily and monthly expenses. However, general guidelines can help you buy a single-family house, a multifamily residence, a condo, an apartment, or any other new real estate investment. Such reasons vary from a need for adventure, job change or transfer, a desire to be near the family, or having a second home as a rental property. This may seem like basic advice, but it is a foundational step of buying a home in a different state. By doing your due diligence, you can easily determine what type of home you want, how much you are willing to spend on comfort, and which listings are available within your price range.
However, you should consider that crime data can be biased, and a safe neighborhood means something different for everyone. Safety is an important factor when determining where you want to live. Especially if you’re buying a second home that may be vacant for long periods of time, you want to know your home and possessions are safe. If you love local bands and dancing, a bustling nightlife may be just what you’re looking for, while a family of five may want playgrounds and children’s museums.
Things to Avoid When Buying a Retirement Home
Our salaried loan officers focus on your unique needs, helping you get the best mortgage for your financial situation. When it comes to moving, which tends to require additional planning, communication, logistics, and costs. Moreover, familiarizing yourself with your new state’s real estate laws is another layer that comes with buying a home in another state.
Not only are many millennials forgoing large, expensive metropolises in favor of smaller, more affordable cities, they’re also using technology to revolutionize the homebuying process. In a surreal moment last year, I found myself signing the papers to put an offer on a house across the country I’d seen only via photos and FaceTime. Reach out to your car insurance carrier to determine if your coverage will be different in your new state and if you’ll need a new insurance policy. Check the local traffic at rush hour to get an idea of your potential commute time. Gain valuable insight by joining neighborhood social media groups. Find out if there are property restrictions and a homeowners association , paying particular attention to the covenants, conditions and restrictions, also known as CC&Rs.
However, don’t worry if you can’t take a trip to scout the area before you buy. There are many useful ways to learn remotely about homes for sale and be better prepared for moving to a new state. Last year, two-thirds of homebuyers made an offer on a home sight unseen, up from 32% a year earlier. Between online home listings, digital mortgages and eClosings, remotely buying a home in another state is easier than ever before. By this step, you should’ve found an agent you feel confident working with and have narrowed down your search or made an offer on the home. As you work through the rest of the process of buying a house out of state, you’ll need the help of a few more people in your new area.
She holds a bachelor’s degree in journalism with an emphasis in political science from Michigan State University, and a master’s degree in public administration from the University of Michigan. Do some research to get familiar with things like zoning laws, building codes, property lines and even fencing in your selected area. That way, you can ensure there are no surprise restrictions when you want to make changes or improvements to your new property.
You’ll also want to determine your home-buying needs and wants while considering the home’s features and your budget. Include everyone involved in the decision so you can initially chat through potential compromises and everyone feels heard. Consider these location factors to decide if a new town or city is right for you. Once all is said and done, you’ll be in your new home — one that’s a better fit for your career, health, wealth, and family.
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