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!
