Great Living Engineered

How Technology Has Changed The Process of Buying Homes

15th September 2017

Technology has changed the way we do things. The way we shop, the way we socialize, the way we buy groceries, travel and most importantly, the way we buy a home. Today 45% of the people prefer using technology to look for a home on a computer, whereas only an 11% prefer using traditional methods like newspapers listings. Sure, they each have their advantages, but the question comes down to which is more efficient and reliable. Technology has changed the real estate game completely.

Whether it is to buy apartments in Bangalore or rent a home in Mumbai or to search available listings for a mortgage, technology has proven to make the process of home-buying as seamless as possible.

Mentioned below are few of the ways on how technology has revolutionized the process of buying a home.

House-hunting Made Easy

Gone are the days where we made a series of phone calls to our real-estate agent in search of our ideal home. Nowadays, we have various websites which host a series of online listings, unlike before where it was on an index card. It has changed the way we select a home. You can filter your search with respect to price, size, location, amenities etc. This way you can narrow down the search without wasting time on the galore of options listed.

Apart from that, the buyer can compare one property to another, hence, making a more refined decision.

Along with the online listings, most of them have pictures or a virtual tour of the home. Some even have the option of requesting a live walk-through of the property.

The internet allows the buyers to select a home based on the property’s location on a map. This makes it easier to understand the proximity of the surrounding infrastructure like bus stops, hospitals, ATM’s, parks etc. Thus, the amenities and the social environment can be judged without having to go there in person.

Websites have hands-on information about the nearest hospitals, schools, crime rate and other useful statistics relative to the property of interest. The information found is transparent and in real-time, meaning that if a listing is no longer available, the property status would be updated to ‘Sold’ or ‘Closed’.

Often a question arises with regards to credibility. Most websites have data agents who visit the properties personally and verify every nook and corner, to acquire credible data. That is why any data on a well-known website is authentic and verified.

Another major advantage of buying a house through the internet is when an advance is paid and if anything goes wrong, the buyer can always request a refund. While making a payment, make sure it is a bill desk payment gateway. It is a more secure way of safeguarding the buyer’s credentials.

Innovative Ways to View a Property.

Most websites give a 3-D view of the house, providing a more realistic and dramatic approach to house-buying. It not only provides a physical sense to the property but also has a personal touch to it. This three-dimensional view of a property gives the buyers an immersive walk-through of the property.

Better yet, with the advancement of modern age technology, buyers can view the property with a virtual reality headset, where they can have a 360- degree view.

Technology has also made it easier for those who want to buy a home located miles away. It is not always practical to fly down every now and then just to search for a home, especially military families. With technologies like FaceTime and Skype, they can have a good look from the comfort of their own couch.  If they still want to visit the place and feel its vibe, then technology can help narrow down the options instead.

A more exciting introduction to the home-buying process is drones. They are mechanical devices that fly over the house or property giving the buyer a better view of the surrounding neighbourhood. Yet another tool is Google Earth. It provides a satellite view of the area, which could be helpful to find out if the house lies near a factory or a pub for example.

Find and Compare Mortgages

It is not just homes, but mortgages too need to be compared beforehand. It helps buyers acquire loans without any unexpected surprise costs.

This has initiated a range of online comparison tools that let the buyers assess their financial situation and arrive at an ideal loan estimate.

To speed up the process, many websites now allow the buyers to apply for a mortgage pre-approval online. A handy metric tool like an Affordability Calculator can help determine how much the buyer can spend, based on their monthly income, debts and the budget.

When applying online, the buyers scanned documents and information is added directly to their respective files. This way there will not be a risk of loss of documents or difficult-to-read printouts. Thus, making everything easier and faster.

The mortgage process has become more self-guided. Everything from viewing the property to submitting mortgage documentation and buying, the buyers have become well aware and doing most of the work themselves. This gives them a sense of control and satisfaction. Of course, a loan officer is always available online for added guidance. They also save money by not hiring a broker.

Technology has changed the way mortgages are applied, approved or declined.

A Different Approach to Meeting an Agent

If picking a home through the internet is possible then why not an agent? People usually rely on referrals and hoardings, but these days it is as simple as a good review on the internet. A sift through a bunch of good feedback give home-buyers an easy and efficient way of acquiring the best real-estate agent.

Real-estate is all about trust, and online reviews make it more quantifiable.  The reviews help buyers find agents in sync with their needs, budget and interests. Although most industries have been affected by new age technology, the real-estate industry has turned on its head due to it. The real-estate business was once a private one where referrals were the only way to acquire a trustworthy agent. It was a waiting game, where the buyers had to wait for their agents or make an appointment to clarify a simple doubt. Fortunately, this has changed over the years, and an average person has hands-on access and contact with a real-estate agent.

These days, time is a major constraint and with the advancement in technology, everything can be accessed with just one click. Apart from the obvious reasons mentioned above, another added advantage is a discount. There are many offers available online like stamp duty-free, gold coins, free parking spots, free registration etc. Although, a few thought with the current boom in technology, the real-estate industry would face a melt-down. But this did not come to fruition. Instead, the opposite has occurred. This thriving industry has only used technology to its benefit. Communication was a big question mark. Instead, more and more buyers connect on various platforms with their agents or sellers.

All in whole, whether it’s buying apartments in Bangalore or any other city, it is agreeable that technology has revolutionized the art of buying a home.