Jan 31, 2012

How to Buy a Home in another State

If you are buying a home in another state, it can be quite a stressful experience if you aren't prepared or organised for a lot of complicated manoeuvring. As an out-of-state buyer, you may be at somewhat of a disadvantage because you may not know the best neighbourhoods, local real estate agents or the state laws. It can be overwhelming to embark on a new direction without a map, so here are a few tips to help you stay organised while making your moving plans.

Know Your Budget 
Moving states isn't going to happen overnight, and you still have to take care of all the necessary paperwork that you would if you were merely moving across the street. First things first: have a careful look at your budget and make a trip to your bank. Having a clear idea of how much you are able to borrow, will put into perspective what you can buy. Finding out how much your existing home is worth is necessary as well, however remember that this could change depending on when you sell and what offers you get.

Get Some Help 
You will need someone to be your eyes and ears in the state you are moving to so hiring help is key to finding property when you aren't there. Avoid contacting the listing agent as they generally do what is in the best interest of the seller. To protect yourself and have someone who is on your side, the wisest move is to contact a buyers agent. Sydney, Melbourne, Brisbane and all the major centres have great buyers agents who are willing to stick with you every step of the way. If you are serious about buying at the right time, then you can also purchase property valuation software that will help you keep track of what the markets are doing.

Start Looking 
When you start looking for property in earnest, your agent will give you multiple listing sheets of homes in your preferred area. Additionally, you will probably be spending lots of time reading classified ads and surfing the Internet for homes. Eventually, however, you will have to take the time to visit the area yourself to look at some properties. You need to get a feel for the lifestyle of the new area so that you know for sure you are making the right decision.

Put Your House on the Market 
When selling your home while planning to buy a home in another state, a simultaneous closing is very difficult, if not impossible. Most banks won't give you a loan for a home in another state until they receive notice of the sale of your existing home. Timing is key; you obviously need to sell your home before you make any big moves, so that is why it is so important to be up to date on the situation where you are moving to, and be ready to move fast.

Make the Move
 Unless you are lucky, the chances are good you will have a transitional phase where you don't have a home. This is nothing to be too concerned about, just make sure you have comfortable accommodation lined up in your new area such as at a hotel, temporary rental unit or with friends/family.
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eden said...

Great post. Very helpful to those who are planning to buy house in another state.

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