For most people, buying a home is very big step in life. Buying a luxury or high-end waterfront home is an even bigger step. Taking that step means a lot of things need to be in order before you sign the contract that give you ownership of a high end home or condo. Here are 10 things to keep mind if you're looking for a home with a hefty price tag.
1. Don't Just Look At Photos
Let's face it, some luxury homes aren't the most photogenic, and photos can hide cheap work. People interested in a specific home should search the property and immediate vicinity using Google Earth in order to see exactly what's around the Bay Head home, for example. Google Streetmap is another fantastic way to see the home as it sits relative to the road and neighboring homes.
2. Learn How To Find Luxury Homes
Many Luxury homes are unlisted in order to protect a seller's privacy. You can find these homes for sale via a REALTORS® connections both personally and in the real estate business.
3. Work With A Luxury Home Expert
A big key is finding a REALTOR who knows the area you want to buy a home in. You'll notice access to luxury homes isn't as easy as most others, and a real estate agent who knows the market can really make a difference.
4. Keep Your Bank For Financing
It's highly recommended you use the bank you already have a working relationship with when it comes to financing a luxury home you wish to purchase. They know you financial situation already and they know you need a pre-approval letter and not a prequalification letter.
5. Show Your Financial History
When it comes to financing, documentation is huge. People making lots of money have managers or accountants trying hard to shelter their clients' money, so sometimes it can be tough to show the bank you have the income to cover a large mortgage.
6. Choose Wise And Reliable Advisors
A smart luxury REALTOR will make suggestions, but won't make decisions for their client. But pay attention to you real estate agent and financial planner, as both need to agree on what you should be doing. If for whatever reason they don't agree, make sure you meet with them.
7. Know The Area
Double check with the municipality to make sure of what might be built in your area in the future and how that may affect your home or condo.
8. Get Title Insurance
Getting title insurance is a must because you'll be insured anything that was forgotten. Make sure you have a chance to look over the exceptions page of the title insurance before closing the deal.
9. Get Details If You're Buying A Condo
A very important thing when buying a condo or co-op is to have an attorney research the building specifically looking at its financial viability.
10. Always Negotiate
Have your REALTOR research comparable properties that have sold recently and get closing prices on them just before you make an offer. This will help you negotiate the best possible price.