4 Ways Putting an Offer on a House You Haven’t Seen In-Person Could Cost You

Author: GoBankingRates

Recent research from Zillow found that 28% of homeowners put an offer on a home before they even saw it this year — and a May survey from Clever Real Estate found that 82% of home buyers had some sort of regret about their purchase. When you purchase a home without seeing it, there are many issues that you could potentially miss out on.

When it came to sight-unseen offers on a home, buyers had one of the following help them out by viewing the place, according to Zillow:

• Spouse/partner: 42%
• Real estate agent: 36%
• Relative: 19%
• Friend/colleague: 6%

It’s worth pointing out that only 4% of home buyers put in an offer on a home without input from any of those people. However, it could cost you if you’re planning on buying a home you haven’t seen.

You Have To Make Expensive Upgrades or Repairs

“The costs can quickly escalate when buyers discover issues post-purchase that weren’t apparent in virtual viewings,” said Maxim Zubarev, a licensed real estate specialist at Inside Dubai Estate. “Online, it might look like a move-in [ready home], but it might need a lot of electrical upgrades to meet modern standards, or its vintage plumbing might be ready to fail.”

Another issue with putting in an offer on a home before you see it in person is that you may miss out on expensive repairs that can’t be found in pictures. Missy Derr, a real estate advisor with Engel & Völkers, shared some common expensive repairs that can’t be spotted from photos:

• You may not notice that the roof is old, and replacing it can cost as much as $15,000.
• The age and working condition of your air conditioning and furnace are rarely shown. Servicing an HVAC system starts at $500, while a full replacement is a minimum of $8,000.
• The deck in photos may be gorgeous, but images don’t show if it’s structurally sound. Replacing a deck is another $10,000 plus.
• The backyard could be filled with weeds and in need of a complete overhaul for your children to enjoy it properly.

Read more here.