Property Investments Made Easy Through Technology
The global stock of investible real estate is set to rise to $45.3 trillion by 2020 and this is thanks to the social changes that lead to the creation of a global village. This means a greater opportunity for investors to build their wealth portfolio and expand their assets. Investors also have the opportunity to cash in on the marvels of technology and how it increases access to further their estate portfolio. Discover ways that technology bridges the gap between properties and their investors.
A trade-off of commodities for properties
Commodities have long been a favorite investment method for investors who want some diversity in their portfolio. The internet commodity known as cryptocurrency may be thought of as a currency, but rather, carries the characteristics of a commodity. Of late, investors have been able to trade this internet commodity for properties, which was previously unheard of. Technology is bridging the gap for owners of Bitcoin, Ethereum, Litecoin, and others to purchase properties through online platforms that facilitate the conversion as if purchasing the property with foreign currency.
Services that may previously have been inaccessible
Property owners who wish to leave a legacy for their children will want to set up a living trust. A living trust is effective immediately and protects the assets and investments should the person become incapacitated or die, whereas a last will and testament only becomes effective at death. The living trust is also a great way for those with numerous assets, such as various properties, to undergo the costly exercise of probate. Technology makes a living trust accessible to property owners who live on the outskirts of business hubs and find it difficult to commute, as online software is available for users to set up their own living trust.
Protecting the property once the final handovers are done
One of the most important steps in the financial planning process is to protect assets once they become part of the portfolio. The addition of a property has three types of insurance that need to be taken care of in order to manage the risk.
- Life Insurance – This type of cover ensures that in the event of death – and sometimes even disability or critical illness – the outstanding mortgage and property taxes are taken care of.
- Building Insurance – This insurance is on the structure of the building and may also include water heaters, pool pumps, and more. It is also a good idea to ensure that this cover is checked annually as property prices increase, to ensure the house isn’t under-insured.
- Content Insurance – Furniture and goods inside the house are covered against theft, damage, and more. This includes jewelry and owners need to disclose the full value of all their items in order to ensure appropriate coverage.
Clients have access to online quotations and many companies provide clients with the ability to manage their policy admin through their online portal too, making home ownership easier to manage than ever before.
A thorough look at a potential asset
Purchasing a home is a long-term commitment and for those who wish to expand on their wealth portfolio, ensuring that the asset is in good condition is vital to financial wellbeing. This is because constant repairs and excessive maintenance can quickly eat into finances and may force homeowners to dip into their retirement savings just to keep their homes intact. With the help of smart technology, this can be avoided as virtual reality software provides purchasers with the opportunity to view the property as if they were in it, therefore, taking in the smaller details such as hairline cracks, mold, and other potential problems.
No need for excessive appointments
The property investment process is said to have at least twelve steps. Investors who don’t have a lot of time on their hands will find it difficult to sit in endless meetings to finalize their purchase. The start-to-finish mortgage application process is welcomed by those who prefer a streamlined approach to acquiring and managing their assets.
Technology has made great strides to make properties more accessible for investors. From purchase to protection and everything in between, there is little that cannot be done with the help of technology.