Those who are in the real estate business know that it is a big difference purchasing a home for yourself and your family members, versus purchasing a home strictly for rental or flipping purposes. If you are purchasing a home for personal reasons, there is a lot that goes into the process and overall decision making. You will need to be able to picture you and your family living there, will have to put a lot of emotion into the decision and will need to ensure that everyone is happy and on board. So, what is the difference when purchasing a house for business decisions? And, is it necessary that you see the house in-person before deciding to buy?
When you are making any sort of business decision, all the strategy and planning that goes into it is not only for your own success, but for money. Money and profit drive most, if not all business decisions, and is something that must be considered. You need to first and foremost focus on making money when you are looking to purchase a house to flip or rent. Know your target market and what people are looking for and pull out reasons why someone would want to rent this specific house from you.
As mentioned, purchasing a house for personal reasons is a total emotional investment. In the business world, while you can still feel passionate about the property you are purchasing, it is best to keep emotions out of it. Think about what has to get done, how you are going to get it done and how you will ultimately profit from any work that you put into it.
If you are just starting out in the real estate world, it may be smart for you to visit properties in-person to get a feel for what you will be purchasing for renting or flipping. However, as time goes on, you will be able to become skilled at checking out properties online, through FaceTime or word-of-mouth and will be able to make business decisions much faster.