Reducing risk when buying blind

Posted on 7 Nov

 

Blind buying is the practice of making an offer on a property without actually seeing it. Although to many this may sound counterintuitive - many purchasers rely on a gut feeling felt when physically visiting a property to influence their decision making – there are a variety of situations where blind buying is a viable option.

In reality, however, comes risk and it’s easy to complete on a property that looks good on paper that might then disappoint in the flesh. Sadly, a bad property purchase can be a costly mistake and, no matter how competitive the market, due diligence should be top of the agenda. To illustrate, The Property Ombudsman was called in to resolve a case where a purchaser bought a property at auction that was described as having two bedrooms. On the day, it came to light that the property actually only had one large bedroom but for the buyer, the discovery came too late.

The good news is Viewber is already helping buyers mitigate the risk of buying blind. As well as conducting traditional viewings on behalf of agents our Viewbers carry out visits, and compile reports, for buyers who can’t visit a property ahead of making an offer. Purchasers who fall in to this category include:

Those purchasing at auction – many buyers at auction like potentially lower selling prices. To avoid a nasty shock, however, it’s advisable to inspect a property you’re interested in beforehand so you know the sum you’re willing to bid reflects the actual size and state of the property.

Those purchasing from afar – a buyer’s location may dictate that visiting every property they are interested in is not practical. Whether they are purchasing for a child coming to study at a UK university, buying a second home for holidays or simply making a buy-to-let investment, an inspection by an unbiased Viewber can make a sensible substitute for not visiting in person.

Those purchasing a buy-to-let – investing on property investment is about yield and capital growth and the most attractive property may be miles away. Investors, who won’t be living in the property themselves, are more inclined to skip a visit – a factor that is enhanced if there’s strong competition and an expectation that offers will be made as soon as the property is marketed. Sending a Viewber to a potential buy-to-let takes some of the risk out of buying blind and can be a useful reassurance tool for investors buying brand new apartments.

Don’t forget, Viewber visits can also be instrumental in helping buyers whittle down a long list of properties to a shortlist, with the reports allowing purchasers to appraise properties from afar.

If you’d like to know about how our visits can help you, contact Viewber today.

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