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Use of virtual reality growing in real estate industry

| Mar 3, 2016 | Residential Real Estate |

Traditionally, real estate is not one of the most tech-savvy industries. However, a new trend may change that. Increasingly, virtual reality is being used to introduce potential buyers in California and around the country to new spaces while those spaces are still in development.

Virtual reality has a number of advantages over blueprint, pictures or video. It gives a better sense of the dimensions of a space and how one room flows into another. Virtual reality can demonstrate what lighting is like as well as depth. Potential buyers can experience what it might be like to be in the actual space. The technology can also be used to show what a space will look like after a remodel.

The technology still has some disadvantages. Some people feel unwell after a few minutes of immersion in virtual reality. Virtual reality also requires powerful computers. However, development is happening rapidly, and as Oculus Rift virtual reality headsets become more available to the public, this is expected to spur growth as well.

Whether people purchase a property they have actually experienced or one they have only seen using virtual reality simulations, they might want to work with an attorney as they go through the process. Real estate law can be complex, and for both first-time buyers and people who have purchased property before, there may be aspects of it that are unfamiliar. It is also possible that if virtual reality becomes widespread as a way of selling real estate, there could be additional legal dimensions to the process. For example, a buyer may want to have legal recourse if the simulation is somehow misleading. A person who purchases a property while it is still in development or under construction might have certain expectations that are not met when the property is complete due to a lack of disclosure.