Published on January 7th, 2021 | by Bibhuranjan

How technology is changing the way we buy property

They say that buying a house is one of the most stressful times of life, yet it remains an aspiration for most of us. Thankfully, technology has started to take over and to provide new solutions for us to simplify the process.

Getting financed

Applying for a mortgage or home loan is one of the most stressful parts of property purchasing. Conventionally, it would need a meeting with, calling, or exchanging many emails with a long list of lenders, hoping to find the perfect fit for you. This was laborious and often left buyers feeling frazzled, confused, and even pressured. Thankfully, there has been a shift.

Available online are sites like Trussle that offer mortgage comparison services with a couple of clicks. The prospective buyer inputs what they want, the size of the budget, and the ideal length of the loan, and in a few seconds, they are presented with a variety of options. Having them all side-by-side makes it much easier for buyers to compare and evaluate different options, without pressure, to enable them to make the right choice. These sites can be accessed via mobile or computer and are of course, open 24/7 and 365 days a year.

Viewings/showings

Virtual reality has come a long way in recent years. It was once something we only saw in Sci-Fi or poor quality videos and games. Today, however, the advancements have been significant. VR can remove the need for in-person viewings or reduce the number that takes place before an offer is made. Potential buyers can ‘walk through’ the home for as long as they want, when they want, and from wherever they are until they reach a decision.

Source: Pexels

In addition to this, augmented reality can also allow buyers to experiment with their decor and style ideas, to see if the property could match their vision. Taking buyers far beyond their imagination, both VR and AR can help close more sales and ensure buyers are making the right choices for them.

Simplifying the buying process

Blockchain has spent the last few years shaking off cynics and infiltrating different sectors and industries. It’s made huge waves in finance and logistics, but it also shows a lot of potential in the housing sector as well. Buying a house is a long and complex process involving lots of stakeholders; agents, buyers, sellers, lawyers, notaries, mortgage lenders, surveyors, banks- the list goes on. The process relies on each of these carrying out tasks correctly, in order, and on time. As you can imagine, coordinating this can be quite a headache.

Blockchain, and in particular smart contracts have been suggested as a way to automate the entire process. A chain of tasks is created and assigned to each stakeholder across a distributed and decentralized platform. As each task is completed and recorded on the blockchain, it triggers the next action in the chain. This could save significant amounts of time, money, and confusion in the buying process.

There are of course many other examples of technology simplifying the buying process. Online agents and search engines that come in app format, virtual legal assistance, and banking apps are making it easier than ever for us to close on the properties of our dreams!

Cover Photo by Andrea Piacquadio from Pexels

Tags: property, real estate, real estate technology

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.