Planning to buy a house in another state? You’re not alone. Plenty of people have been in your shoes before and managed to live in one place while finding a new home in another. Whether you’re planning a move for work or simply looking to change your surroundings, buying a house in another state is somewhat similar to the typical homebuying process, with a few amendments of course. Katie Day, a realtor based in Houston, Texas tells SheKnows that the key to buying out of state is to do your own due diligence.
“Some people assume that a coworker, friend, or family member who lives in the area can provide all the information they need, but this may not always be the case,” she says. “Ultimately, the most successful buyers put in the necessary time and effort to make an informed decision.” Read more below for what else the experts had to say on how to make the out-of-state home-buying process as seamless as possible.
Get pre-approved for a mortgage
Denise Scibetta, a real estate agent with Hayes Realty, tells SheKnows the first thing she recommends is to get pre-approved for a mortgage. “No matter what state you’re in, you’ll want to get pre-approved, because that’s going to direct you as to where to go. So the first thing I say is, let’s get you to a lender.” To do this, you’ll want to research different mortgage lenders, which a real estate could help you with. Similarly, you’ll also want to crunch the numbers to get a better sense of just how much of a mortgage payment you can afford.
Define your goals & research
Scibetta adds that it’s crucial to research based on the client’s goals. “If it’s for a job, they may tell you ‘I want to be within 15 minutes from my work.’ Conversely, it could be a specific school system they want to close to so it really depends on what their goals are. And based on those goals, choose an agent that’s familiar with that area.”
It’s also crucial to research the cost of living if there’s not a specific location you have to move to. This includes home prices, interest rates, monthly payments for any given area, food costs, transportation, utilities, property taxes, medical care, and other common expenses. Essentially, try to envision what your daily and monthly expenses could look like before you make the leap to another state.
Find a real estate agent
As Scibetta mentioned, after you outlined your goals, you’ll want to find an agent that can help you reach those goals. After all, outside of friends or family, they are the ones that know the area and its characteristics the best. As Rocket Mortgage notes, you’ll want to speak with a minimum of three or four professionals to see who best suits your personality and working approach. Whoever you choose, make sure they’re able to assist you remotely in the event you need to do virtual tours.
Visit potential homes
“Depending on the areas they’d like to live in, we recommend potentially staying in different areas of town (perhaps in a hotel in a few different suburbs) or utilizing Airbnb or other short-term rental sites to get a feel for the more urban neighborhoods,” Day says. “If they have no familiarity with the area, the first day of their trip should generally be spent driving around to try out commute times, check out neighborhoods, and local amenities because photos don’t always tell a full story.”
Use available resources
Although photos don’t always tell the full story, it’s still useful to tap into virtual tours. As Day says, “If they are doing the process mainly from another state, virtual tours help to give a better view of a neighborhood.” She adds, “We’re able to use technology such as Zoom, DocuSign, FaceTime, email, etc. to facilitate the transaction from anywhere because we understand that many clients are not able to make multiple trips to the area.”
This article was created by SheKnows for Rocket Mortgage.
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