Buying a Sunshine Coast property sight unseen

Buying property sight unseen is becoming increasingly popular, especially in competitive markets where buyers need to act quickly (COVID was a catalyst for that here on the Sunshine Coast), and for those purchasing from a distance.

Whilst some may find it too risky, buying remotely can be highly effective with a strategic approach. Whether you’re considering purchasing a Sunshine Coast home or investment property from interstate or overseas, here are some key steps to ensure your “sight unseen” property purchase is a success.

Why purchase sight unseen? 

For many, it’s about saving time and maximising opportunities, particularly if you’re in a market where homes get snapped up quickly. Buyers moving from other regions or those with tight schedules and limited time to travel, may find it easier to engage remotely rather than physically visiting each property.

With reliable technology, virtual tours, and local professionals to assist, buying sight unseen can offer buyers a competitive edge.

Step 1: Choose the right location and type of property

Start with narrowing down the best areas and property types that align with your goals. For investment property purchasers, focus on areas where you are clear on capital growth trends and know what the rental demand is for the suburb. For those buying a home to relocate to consider locations with amenities and lifestyle features that matter most to you and your family.

Conduct extensive research, read market reports, and get a feel for neighbourhoods you may be interested in. Online maps and street views can help give a sense of the area and proximity to essentials like schools, shops, and transport links. Use online platforms and reach out to local real estate agents to learn about price trends and inventory in your preferred areas.

Step 2: Enlist a local Buyer’s Agent

A trusted and reputable buyer’s agent can be your eyes and ears on the ground, making a significant difference in a sight unseen purchase. Look for an agent with solid experience in your chosen area and a history of successful transactions for remote clients. They’ll know the local market dynamics, give unbiased advice, and be honest about a property’s true condition and value.

An experienced buyer’s agent can access pre-market listings, attend inspections on your behalf, and negotiate the purchase for you. It’s an added cost, but for many, it’s worth it for the peace of mind and time saved.

Step 3: Request Detailed Property Reports

Before committing, request a property report to confirm any recent renovations, extensions, or modifications, and verify compliance with local regulations. Also check the local zoning and Council information on the property and the area to understand particular rules and regulations which apply. Also check for issues like (among others): easements, bushfire risk, flood issues, steep landscapes,  level of noise and heritage issues affecting the site. 

Step 4: Ensure you undertake an independent Building and Pest Inspection

A thorough inspection is crucial for sight unseen purchases. Even if the property appears in great condition online, unseen issues may lurk. A seller’s building and pest report may not always uncover the same issues that an independent report that you commission may find. Hire a trusted, independent inspector who can assess the property’s structural integrity, safety, and pest control. The inspector’s report can provide essential insights into any potential repair or maintenance costs.

Most buyer’s agents also coordinate these inspections, ensuring you get a complete and unbiased assessment of the property.

Step 5: Ensure your financing is confirmed 

Organise financing as early as possible, including pre-approval if required, to demonstrate your readiness to act. Sellers may be more inclined to work with buyers who can quickly secure financing, which can be advantageous when you can’t attend in person to present your offer. Additionally, confirm the loan amount and conditions with your lender to avoid surprises later.

It’s also wise to confirm the impact of remote purchasing on your financing. Some lenders may require additional steps for non-local buyers, so consult with your financial advisor to stay prepared.

Step 5: Plan your offer strategy with local market insights

Use data from recent comparable sales, listings and contracts to inform your offer. If you’re using a buyer’s agent, they will undertake this for you based on their local expertise and insights into what similar properties have sold for.

Step 7: Understand the contract 

Consult with a solicitor to review the contract and confirm that it includes any applicable conditions to protect you in the event of unforeseen issues.

Step 8: Coordinate the settlement process carefully

Settlement involves legal and logistical steps that require close co-ordination, especially for remote buyers. Your solicitor or conveyancer will oversee the transfer of title, organise the final settlement process, and communicate with the seller’s representatives on your behalf.

Make sure you book in a pre-settlement inspection to confirm the property’s condition prior to settlement.

Step 9: Plan your property set up 

If you’re purchasing the property to relocate to, make sure you get the required utilities set up in advance of your arrival (eg, electricity, internet, gas, etc). If you’re purchasing the property as an investment, a local property management company may be able to arrange these essential services. 

Buying property sight unseen may initially seem daunting, but with the right team, tools, and strategy, you can find the property that fits your needs—even from afar. Remember that thorough research, expert guidance, and protective measures are essential to ensuring your purchase is a rewarding experience.

If you’re interested in buying property on the Sunshine Coast sight unseen, our team of local experts can help you navigate the process confidently and successfully. Reach out to discuss how we can make your property-buying journey as seamless and efficient as possible.