The property investment market at the moment remains extremely enticing and exciting, in spite of the economic effects caused by the ongoing pandemic. In the UK, areas such as Liverpool – on the brink of large-scale regeneration and development boom – is turning the heads of many different experienced property investors looking to expand their portfolio. Those looking to move their investment capital out of assets such as stocks and shares (that are a little more volatile at the moment) are also considering property investment.
However, that being said, the viewing experience is a huge part of investing in a property. Of course, one of the major components of a property investment strategy lies in the fact that it’s a physical, tactile investment that will stand the test of time, and most people will want to actually get a look and feel for the property/area in person before going ahead and investing significant amounts of money. Luckily, virtual reality technology is providing an innovative lockdown solution for those that still want to invest and seize some of the market opportunities that present themselves.
Interested to find out more about potentially investing in the property market, and using technology such as VR remotely in order to get the best impression and decide on your investment with as much confidence as you possibly can? Here’s a little bit more information about how a ‘virtual viewing’ works, and how it has worked well in the past with international and off-plan investors.
How does a virtual viewing work?
By combining a simple VR headset contraption with the average smartphone (or simply using the 3D file with the average smartphone if you don’t have access to a cheap alternative), investors can, from the comfort of their own front room, get an immersive, fully-3d visual representation of what their prospective property investment portfolio addition will look like in person. As opposed to the traditional photographs and blueprints that you might be sent if enquiring from afar, this sort of file will give you a closer feel for what the property is actually like, and help you to better make a clear decision.
Of course, the VR component on its own is not all that is offered by firms that are utilising this sort of technology. RWinvest, for example, a UK-based property investment company that are leading by example with these sorts of technology-based solutions for investors, carry out screenshares and video meetings with interested investors, guiding them through the surrounding area and its benefits. With Liverpool, for instance, they will show investors the highlights in areas like the Baltic Triangle, a booming sector of the city that an international visitor might not be fully familiar with the ins and outs of.
Is this a viable method going forward?
Not only is virtual reality-based property investment proving to be a popular strategy with those unable to reach a desired location for a viewing at the moment, but it has also proven to be viable alternative in the past, for international or hands-off investors that simply don’t have the time to come over and view their property in person. Additionally, many property opportunities at the moment are off-plan, meaning that they are still in the building or construction phases. So, in this case, the VR viewing is working to dispel any questions or concerns surrounding the development they are looking at.
Of course, this doesn’t mean that investors shouldn’t still be concerned about a given developer’s track record and completed portfolio. Still, it helps those that aren’t sure about investing in something that isn’t complete yet to visualise what they are putting their money into, and giving them somewhat of a window into the future. These sorts of technologies will only continue to grow and flourish into the future, putting more investment opportunities out there and available to more people.
