How technology has changed the way we buy our homes
Technology has infilitrated almost every aspect of our lives, so it’s really no surprise that it’s affected the way in which we buy and sell our homes, too.
In the past, potential buyers have flicked through newspaper listings or even driven through the area they like looking for ‘For Sale’ signs. Brave people have even knocked on the door of a property they love and asked the existing owner if they would sell.
But digitisation has brought with it a whole host of tools and platforms that do actually make the buying and selling process much easier.
It doesn’t matter whether you’re stepping onto the property ladder for the first time or you’ve done this so many times you feel like a pro. Understanding how technology can change the home-buying landscape is crucial.
Below are six ways technology has changed how we buy our homes.
1. Online property listings
One of the most significant shifts in the home-buying process has been the rise of online property listings.
Websites and apps like Rightmove, Zoopla, and Purplebricks have completely transformed how we search for homes. No longer do you need to carve out time from your busy schedule to visit estate agents or sift through endless classified ads. Instead, you can browse thousands of properties from the comfort of your sofa, armed with a cup of tea.
Despite the fact we aren’t looking to move, I have alerts set up should a property come on the market in a certain location, and I love to have a nosey at what’s for sale. I think many people do the same, too, looking at properties they can’t afford just for the heck of it.
But these kinds of websites are far more than just digital noticeboards. They provide tons of information about a property, including high-resolution photos, detailed descriptions, floor plans and even neighbourhood statistics and historic sales.
You can tailor your search to your exact specifications, filtering by location, price range, the number of bedrooms and more. This level of detail allows you to focus only on properties that genuinely meet your needs, saving you countless hours and making the entire process much more enjoyable.
2. Virtual tours and 3D viewings
I feel like these weren’t really a ‘thing’ many estate agents or listing websites were doing prior to the pandemic, but in a time when people couldn’t physically go and visit a property, 3D viewings were the only real solution.
It’s definitely not the same as seeing a property in person, as you do need to get that ‘feel’ for somewhere that can’t be defined through a screen, but for many people, 3D viewings and virtual tours have so many benefits.
You can explore a property in detail without leaving your house. You can virtually stroll through the rooms, examine the layout, and get a real sense of the space, all from your computer or smartphone. This is ideal for those who require easy accessibility, but also if you’re planning to relocate from a long way away and don’t want to travel to see the property in person.
Virtual viewings significantly reduce the need for multiple trips, helping you make faster decisions. Even if you’re just moving a few streets away, the ability to view properties virtually can help you narrow down your options before scheduling in-person visits.
3. Online home buyer surveys
Everyone knows that the house buying process isn’t the easiest. There’s a lot of processes to follow, documents to sign and hoops to jump through before you can call the property yours. With all this legal stuff, it’s inevitable that there will be delays and it can be stressful.
One of these hoops is the home buyer survey. This is where a surveyor visits the property to highlight any potential issues or areas of concern that may put you off purchasing the property, or may alter the bank’s decision to lend you money.
In the past, arranging a survey involved a lot of back-and-forth with various intermediaries, but now you can book a home buyer survey online in just a few clicks. Once booked, a qualified surveyor will visit the property and provide you with a comprehensive report detailing any potential issues or areas of concern.
This digital approach to surveys not only saves time but also ensures that you have all the information you need. The reports are usually provided in a printable format, making it easy to review and share with others, such as your mortgage lender or solicitor.
4. Digital mortgage applications
Remember when applying for a mortgage meant endless appointments, visits to the bank, mountains of paperwork and seemingly endless waiting times?
Well, it’s not really the case any more thanks to the rise of digital mortgage applications. Nowadays, many lenders offer the option to apply for a mortgage online, simplifying what has traditionally been one of the most stressful aspects of buying a home.
This is something we’ve done personally when re-fixing into our mortgage, and it’s so easy. Many banking websites show you all the products available, with varying interest rates and fixed-interest periods (one year, two years, five years, etc). Then you click the product you want and can have your mortgage all set up within a few minutes.
When you’re applying for a new mortgage, their digital platform will guide you through the whole process. There may be some documents you need to upload, but the platform usually allows you to track the status of your application and communicate directly with your lender.
Not only can this speed up the approval process, but it also makes it more transparent: you can see exactly where you are in the process at any given time, reducing the anxiety that often accompanies waiting for a mortgage decision.
5. AI and personalised property recommendations
Artificial Intelligence (AI) is no longer the stuff of science fiction—it’s playing an increasingly important role in all sorts of ways, including when it comes to buying a home.
AI-powered algorithms can analyse your preferences, search history, and behaviour to suggest properties that are likely to be a good fit. This means you can discover properties you might have otherwise overlooked, saving you time and effort in the search process.
But AI doesn’t stop at property recommendations. Many property platforms now feature chatbots and virtual assistants that are available 24/7 to answer your questions, provide information and guide you through each step of the home-buying process. These digital helpers are particularly useful for first-time buyers, offering instant support and reducing the learning curve.
6. Digital signatures and paperless transactions
It seems that many businesses are doing away with paper (when was the last time you received a utility bill or bank statement in the post?). When buying a home previously, the amount of paperwork could have filled an entire folder, but now most of the process is completed online with mostly PDFs and other digital documentation.
This means you (generally) don’t have to find a printer, print off your documents, sign them and then scan them back in. Many aspects of the home-buying process can be completed entirely online, using secure digital signatures. This not only saves time but also reduces the environmental impact of the home-buying process.
Paperless transactions are particularly beneficial during the final stages of a property purchase when time is often of the essence. With digital signatures, you can finalise contracts and agreements quickly and easily, ensuring that your purchase progresses smoothly.
It also means you can easily keep copies of all documents associated with the house purchase, storing them somewhere like Google Drive or iCloud should you ever need them.
The future of home buying
As technology continues to advance, the future of home buying looks set to become even more streamlined and user-friendly. Emerging technologies like AI and augmented reality (AR) are set to further revolutionise the process, making it easier than ever to find and purchase your dream home.
Whether it’s through more personalised property recommendations, faster transactions, or even virtual reality property viewings, digitisation and technology are set to make the home-buying journey more exciting and accessible than ever before.
