The Pros and Cons of Buying Your First Home on the Internet

Buying your first home can be one of the most exciting times in your life. The thought of owning a piece of real estate can be very enticing if you have never done it before. You can benefit from the tax advantages and appreciation that comes with owning real estate. One way that many people are attempting to buy their first house is through the internet. While it is an option, there are several drawbacks to this method. Here are the pros and cons of buying your first home on the internet. 

Pros

  • Savings- When you buy anything online, you expect to save money. This is still the case with buying a home online. There is less overhead when you sell a home online and therefore, the seller can list the house at a discount. They also often list it online because they need a quick sale. For this reason, they will often substantially lower the price on the property. Sometimes, you can even get involved in a house purchase online with an auction. If no one else is bidding, you can sometimes get a fantastic deal.
  • Safety- Many of the sites that allow you to sell real estate online give you an added layer of security. They will sometimes stand behind the purchase and make sure that you are happy when you buy. If you just buy from an individual, you will not always get this feeling of security. 
  • Convenience- When you shop for a home online you get an added convenience. You do not have to drive around and look at house after house in person. You can simply look at the pictures and take virtual tours instead. This is much faster and more convenient. You do not have to make appointments with anyone. You can look at the houses at your own pace.

Cons

  • Not seeing the property- When you buy a house online you will not always get to see the property in person. This means that you could be subject to the accuracy of the advertisement. While the pictures of a house might look great, they do not always show the problem areas. This can lead to big problems down the road. You might be buying something that you would never buy if you could see it in person. 
  • Relying on good faith- When you buy something online, you are basically at the mercy of the person that is selling it to you. A trusted site might add a little extra security, but other than that, you could be buying a lemon of a house and have no idea. There are certain protections, but sometimes there is nothing that you can do about it if someone is trying to scam you.