Tips for Buying a Home When Out of State

Are you considering buying a home in a different state? Worried because you aren’t sure what that looks like?

important steps when buying a home out of state

Successfully purchasing a home out of state is definitely possible. The process is different than purchasing a local home because everything happening is from afar.

The following tips will help ensure a smooth transition when buying a home out of state.

1. Create a Game Plan

Before you do anything, hatch a strategic and financial plan. You also want to determine what you want to do about your current home - should you sell it or turn it into a rental? Depending upon your financial goals, what you want to do with the home you currently own is an important decision that you should make early on in the game.

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Before searching for your new home, decide what is essential in your new community. Decide things you are willing to negotiate on and non-negotiables - like possibly education and price.

Research the Area

If you already know where you are moving, research the neighborhoods. Decide what you want - a quiet, tucked away abode or a condo in the middle of a bustling city? Do you want easy access to public transportation, or are top-rated schools the most critical factor in determining your decision?

If you have the option to decide what area you want to relocate to, research different parts of the country - paying particular attention to the real estate market and cost of living. What is the price of gas, groceries, transportation, and property taxes compared to other parts of the nation?

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Choose Your Agent

It’s essential to connect with a local real estate agent once you know where you will be moving. If you are up in the air about your new area, contact an agent in each of your relocation possibilities.

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You can learn the local market and discover the area’s characteristics through your agent. If you know anyone in those areas, ask for a referral - if not, check local listings and read up on the agent’s reviews. Speak to a few agents and make your decision based on their knowledge of the area’s market, experience, and personality. Agents are priceless resources when it comes to relocation.

Get Preapproved 

 It is important to get preapproved for a mortgage before you begin househunting. Having a preapproval shows sellers you are a serious buyer - a preapproval also gives you a sense of what price range you must stick with.

Take Virtual Tours

Since you can’t be there to tour each home you are interested in physically, be sure you have hired an agent who is a fan of virtual tours.

Source: zillow.com

Often sellers will offer a virtual tour as part of their marketing plan; however, if they do not, you want an agent that won’t mind stopping by and FaceTiming you while they walk the property. Once you have narrowed it down to a few properties, take a trip and visit the final contenders in person.

Steps for Buying a Home Out of State

After you have decided on your new out-of-state home, you will make an offer, get an appraisal and home inspection, and finally close on your new home. 

Buying a home out of state takes more groundwork and research than purchasing a local home. It is primarily a process of financial planning, budgeting, and research. Hiring a local realtor will ensure your out-of-state move is much easier.