Three Tips When Buying a New Luxury Home
Inspiring architecture, opulent finishes and show stopping curb appeal are just a few of the highlights of a luxury home. The housing market is booming in many areas and luxury homes are the latest in new construction. Whether the home is new, yet to be built, or already established, there are some things to consider before purchasing the home.
Financial Considerations
Depending on the seller, financial information may be required up front before the home is even viewed. Whether you choose to finance or pay cash, sellers want to ensure you have the capital, or the ability to obtain it, to purchase the home. Some financial documents that can help show your financial soundness include:
- Your portfolio manager’s letter of reference
- Recent bank statements
- Pre-approval from your lender of choice
Plan Ahead
Knowing what you want in a new home is ideal before you start your search. That knowledge can shave off time and hassle searching for homes that do not fit your requirements. Additional things that are helpful to know ahead of time include:
- Desired location
- Price range
- Number of bedrooms
- Must-haves
Extra Tips
Consider using a real estate agent who specializes in luxury homes to assist in your search. Give them your list of must haves. They can also assist with all the necessary paperwork. As with any home purchase, a home inspection can save you time and money. Keep in mind the resale value of the home. Even if you think the house is your forever home, life happens. Ensuring the home has good resale potential can save you headaches down the road. Make sure you personally walk through the it before signing anything. Pictures only capture so much.
The excitement of purchasing a new construction, luxury home can sometimes blind the buyer to potential issues. Go into the sale armed with knowledge. Then you can sit back and revel in the excitement of building your dream home.