Buying a home is one of the most expensive purchases you will ever make. It can also be stressful and time-consuming. The good news is that technology has made the process easier and more convenient for buyers. You no longer have to physically visit homes or wait to see if your offer was accepted by the seller.
In addition to this, technology has made it easier for homebuyers to get in touch with mortgage brokers and real estate agents. As a result, homebuyers can get help by sending them a text message or talking to them via email or messaging applications like Skype. As home-buying technology continues to evolve, homebuyers will be able to complete the entire home purchase process online and from their smartphones or tablets.
Technology and the Homebuying Process
In the past, homebuyers had to visit open houses in person and make offers on homes they liked. If the seller accepted their offer, homebuyers would have to travel back and forth between home showings until a deal was made, or they decided it wasn’t what they wanted.
Today’s home-buying process is much more efficient because homebuyers can complete home showings from home without having to wait for open houses or travel back and forth between homes.
Below are the steps involved in buying a home and how technology has enhanced them:
- Finding a house that fits your needs
The first step homebuyers take when buying a home is finding one that fits their needs. In the past, homebuyers would have to drive around and check out homes in person. Nowadays, it is possible to look through home listings online.
Real estate agents nowadays have found ways to make it easier for homebuyers to consider different homes until they find one that suits their needs and preferences. Augmented reality and virtual reality have made it possible to do home tours or even on the road. Homebuyers who are not available to visit a home in person can now schedule virtual showings with their real estate agent through smartphone applications.
- Dealing with mortgages and legal paperwork
The next step of buying a home is getting approved for a mortgage loan. Buying a home is no longer an all-cash deal. This means that homebuyers are more likely to get rejected on the loan application process due to various factors, including bad credit scores, lack of income documentation, and limited debt history.
These days, it’s possible for homebuyers to apply for a mortgage online without even talking face-to-face to a loan officer. Some homebuyers don’t even need to go through the traditional bank-lending process at all because of online peer-to-peer lending platforms like Prosper and Lending Club that help connect borrowers with individual lenders.
However, these processes have also become more complicated for homebuyers because technology has made it easier for lenders to check homebuyer credit scores and home buying history.
- Conducting a home inspection
Once homebuyers have found a home, they usually want to get it inspected to catch any problems before closing. Today, homeowners can complete the home inspection process more quickly using technology. Technology has made it possible to complete home inspections in a shorter amount of time, so homebuyers can close on their home purchases more quickly.
For example, home inspectors are using drones instead of ladders because it reduces the risks of climbing up high or carrying heavy equipment to hard-to-reach areas. Drones allow home inspectors to take pictures of home exteriors and roofs, revealing any issues that would otherwise be missed.
Another technology-based home inspection process is robots to perform underwater inspections in pools or hot tubs. Robots are especially helpful when homebuyers want to know what the pool’s filters look like because it is difficult to see underneath the pool’s water.
Homebuyers are also using home inspection software to learn about home systems, such as heating and cooling. Homebuyers can compare home floor plans side-by-side with the right specifications that will keep them comfortable in every season of the year.
Technology has become prevalent in home inspections because it allows home inspectors to complete house inspections more quickly. This is because technology has made it easier for homebuyers to inspect every part of the house to determine if it is a home that meets their standards and needs.
Technology and the Homebuying Process
Technology has made it easier for homebuyers to complete the home buying process. With technology, homebuyers can now make better decisions without taking too much time. Real estate agents and homebuyers are also able to communicate more effectively now because of technology. Therefore, technology has enhanced the home buying process significantly.