The antiquated real estate industry looks to be moving into the 21st century. Despite technological advances, the real estate industry has seen little change over the last few years – until now. With the simple click of a mouse and your credit card, you’ll soon be able to buy new construction homes from the comfort of your couch.
BuzzBuzzHome is looking to revolutionize the pre-built condo and house sales process. The real estate search site will be launching its “buy now” button to let homebuyers instantly purchase a new condo or house online at https://www.buzzbuzzhome.com/. You won’t have to deal with the hassle of a real estate agent, paperwork or sales centre visit – all you’ll need is your credit card.
“From your couch, you can actually do the full transaction and not have to leave the comfort of your home,” said Matthew Slutsky, president and co-founder of BuzzBuzzHome. “It’s going to be I think pretty revolutionary in the market, and I think it’s really going to change the game a lot.”
BuzzBuzzHome plans to launch the “buy now” button in January for new condos and “some months later” for pre-built houses. The “buy now” button will only be available for developers who agree to participate. The website will instantly be updated with the latest information on new condo sale and price changes.
Is the “Buy Now” Button a Good Idea?
At first glance the “buy now” button may seem great, but not everyone is a fan of it. Although it cuts out the hassle of visiting a sales centre and saves time by bypassing the middlemen, some real estate experts are worried that buyers will make impulse purchases without doing their due diligence. It’s important for buyers to do their homework before buying, including looking into buyer complaints and having a real estate lawyer review the contract.
Slutsky says that buyers who decide to purchase online already have a ton of resources available. They are also still able to seek out the assistance of an experience real estate agent. Buyers will also still be protected by the “cooling off” period available on the purchase of new homes in most provinces. Depending on where you live, you typically have up to 10 days to back out of a new condo purchase if you have second thoughts.
The Bottom Line
If you’re comfortable buying a property online, purchasing a new home online with your credit card can be a great way to earn cash back or reward points. If you made a deposit of $5,000, with a 1 percent cashback card you’d earn $50 in cash back rewards – not bad.
However, before you choose to buy online, it’s important to ensure you have sufficient credit. If you credit limit isn’t high enough, you won’t be able to participate in this revolutionary sales process. You also want to make sure you’re able to pay off the full outstanding balance before your credit card statement is due. Carrying a balance of $5,000 on your credit card at an interest rate of 18.99 percent or higher can prove very costly.
