When we think of future, we imagine teleporting, flying cars and robots. However, the future of home ownership might be something more familiar to us, yet at the same time very different from what we have today.
Home ownership today is pretty standard from our viewpoint. You save for a down payment, get approved for mortgage, find a house you like online or via a real estate agent, then finish with all the paperwork and inspection, and the house is yours to move in. It doesn’t seem like anything needs to be changed. However, the assumed future of home ownership can be pretty different from what we have today.
Today, you search for homes online. This is the base point we’ll base our prediction on. With the peak of the COVID-19 pandemic, more and more things can be done online, such as signing most documents. We can assume that in the future more and more things will be done online – for example, getting approved for loan or order inspections. In fact, banks are working on digitalization as you’re reading this article! It is in their best interest to give you more than one way to do business with them. The future of home ownership will bring everything online, and you’ll probably be able to finish the entire homebuying process on one spot.
It’s also predicted that this will allow you to focus on searching for the right home for you. In the end, the biggest desire of all future homeowners is to find a perfect place to live. If you have to spend all your time worrying about contracts, inspections and similar things, you can’t focus on what should be your priority, and that is looking for a great place to spend your future in.
How Will the Future of Home Buying Look Like?
No one can tell with certainty what will the future of home ownership and home buying look like. However, we can imagine that you will be able to complete the entire process using your smartphone, from the comfort of your sofa. As 3D videos are becoming more and more simple to create, you’ll likely be able to arrange an entire online tour of your desired home. With this method, you’ll also be able to check the neighborhood. If we include VR technology in this calculation, you’ll easily calculate how close the desired home is from the nearest grocery shop, restaurant, and school. Also, there will be statistics showing you the crime rate, taxes, average utility bills and similar data you’ll find useful.
If you find more than one home that looks interesting, you could probably simply save them and make a list to choose from later. Then, with a press of a button, you’ll make your purchase. This will make the entire process much quicker compared to what it looks like today. The loan will be approved beforehand, as the homebuying apps will already have all your financial information forwarded to the banks. This way, you’ll quickly be able to close on the sale.
With the same apps, you’ll probably be allowed to choose and schedule licensed movers who will help you with your move. You’ll also change your address on all your utility bills, deliveries and other important documents with one press of a button.
Home renovation and improvement process will be completed online, as well. With the said 3D modelling and VR technology you’ll check the furniture and appliances without going outside. This will also help you with the budget, as you’ll see the prices on the screen. You’ll hire all the personnel online, including contractors and repairmen.
How Will the Future of Home Selling Look Like?
Similarly to the home buying, home selling process will move online, as well. With the app on your phone, you’ll notify authorities that you’re selling your home, and insert all the necessary information, such as the property’s location, price, and verified documents. If needed, hire a professional to create a digital 3D map of your home. Then, if needed, the app will help you get in contact with online real estate agents, or even direct buyers who might be interested to purchase your home. The transactions and signing of the documents will be done online, so there is no need to ever risk your health by getting in direct contact with buyers.
Is this Future of Home Ownership Distant?
The future of home ownership we are speaking of isn’t as distant as it seems. In fact, it almost entirely exists today. All data can be found online, and you can search for homes without needing to go anywhere. Open houses are slowly becoming thing of the past, as viewings can be done via video calls. The instant buying option still isn’t available, but it is in process, with the help of blockchain wallets and automated home appraisals. Both of these technologies will need about a decade to be completed – but it might take even less. COVID-19 pandemic made everyone speed up with their research towards complete digitalization of the market and the home buying process.
You can already search everything online, as well as sign most documents, and even pay utility bills. The future where everything is moved on our phones is way more certain than flying cars, even if it perhaps doesn’t sound as impressive. Digitalization will make everything easier and faster. But, will it be safer?…