Tips For Buying A Luxury Home

All of us dream of  owning our own luxury home, heated bathroom floors, spacious bedrooms and bathrooms..the works. So how do you make your dream a reality? Here are some big tips to keep in mind if you’re in the market for a luxury home.

Finance

  • 31% of luxury home buyers pay cash for their purchase, according to Coldwell Banker, this means that more and more luxury home buyers are using a loan to purchase their home

  • If you can’t offer cash, make your offer more attractive by offering a higher down payment, or removing some of your contingencies

  • A ‘large down payment’ is about 30% of the purchase price of the home

  • Loan approval for luxury home buyers can take longer than normal (allot 60 days for it to go through, just to be safe)

  • Be prepared to bring certain documents to show your lender, such as asset statements, copies of tax returns, employment verification, and proof of cash reserves

Work with a Real Estate Agent

  • Look for an agent who specializes in buying and selling luxury properties

  • Have your agent check the Comparative Market Analysis (CMA) in Westerville to make sure that the home is not overpriced

  • Your  real estate agent can help you draft an enticing offer for the home (this is especially important if you aren’t paying cash!)

Be Patient

  • Just as with any home purchase, you will need to hire a home inspector before you sign on the dotted line. However, luxury homes are typically larger and more intricate than your average single family home, so inspections may take longer.

  • You may also need to hire a specialized (luxury) home inspector or a few inspectors

  • Be patient in waiting for the inspection to conclude, that way, you will know the job was done correctly

  • Additionally, allow extra time for your application for a home loan to go through when purchasing a luxury home

 

Talk with a real estate agent to find out what luxury homes are for sale in your desired location!

For more tips on buying a luxury home, click here!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s