Buying a property out of state can be risky and requires extra caution. It’s important to thoroughly research the area and property, work with a reputable local real estate agent, and consider the logistics and expenses of owning and maintaining a property from a distance. Additionally, scams and fraudulent activities targeting out-of-state buyers are not uncommon, so it’s crucial to be aware of these risks and take steps to protect yourself.

Are you tempted by “fantastic” bargains in properties widely advertised at your favorite out-of-state vacation spots? Before you sign any contracts, or put down any money, it’s a good idea to dwell on it for several weeks after you return home. This is not to say, of course, that all such properties are “scams”. Some are and some are not. The point is, it can pay you to thoroughly investigate all aspects of the property before committing yourself.

Remember this, any reputable real estate operation, no matter where it is located, will not demand that you make a decision to purchase on the spot. If you encounter such tactics, get in your car and drive away and don’t turn back! Also remember, if it’s a good deal today, it will be an equally good deal tomorrow (especially in Florida!).

The best course of action is to obtain a copy of the sales contract and all promotional literature and show them to your attorney and to a trusted Realtor. This could save you a big headache. If you are contemplating relocating, here or abroad, give us a call. We can help!

Consider the Costs

Purchasing real estate out of state can come with additional costs, such as travel expenses for viewing properties, hiring a property manager, and maintaining the property from a distance. Make sure to factor in these costs when budgeting for your purchase.

If you have any questions about beware out of state buys, you can contact us at +1(516) 829-2205 and +1(516) 647-4289. Additionally, you can also find us on various social media platforms such as Google My Business Profile, Facebook, Twitter, Linkedin, Instagram, YouTube, and Pinterest.