In part 1 of this topic, you saw some tips for purchasing a luxury home.In this article, Dc Fawcett .a real estate guru and mentor, gives some more real estate deals directions to buyers for buying a luxury home.
The design must be beautiful yet comfortable. Consider the future of the property. Select one that has high class materials and fine architecture. Choose a floor plan that suits your lifestyle. For example: if you love to dance and do it every day, then look for a floor plan that has a lot of flow.
Discuss the factors that will affect the resale value of the home. It is really important to analyze the resale value especially since it is a luxury home and the investment is going to be really big.
Not just the resale value, ponder on the value first and foremost
Is the luxury home worth what you are paying? Think carefully and then buy one.
With power comes responsibility
The responsibility of maintaining a luxury home is huge. Think carefully before you buy.
Make a list of facilities
Make a list of the top class amenities that you want in your new luxury home.
- Home theatre
- Children’s play area
- Lovely garden
- Smart appliances
There will of course be much more in your minds. So go on to make the list.
Is it loan or cash?
Cash is easier to pay than going through the strict mortgage process. You may prefer to pay down cash. Otherwise, you may take advantage of the lower interest rates and keep cash for other investment purposes taking a loan in this case.
You have to discuss with a tax consultant to understand the tax consequences. You have to comprehend how to take title of the property.
You have to show the seller that you have the money to pay for the home. Before you do so, you have to get money from the bank and obtain a loan as well. All these involve critical documents to be displayed. In Real Estate Financial and asset documentation is of vital importance.
Cooperatives and condos
An attorney usually researches the financial workability of the home.
You have to get the title insurance so that you will be insured against forgotten problems.
Research the prices of similar properties
Before you make a price offer, ask your realtor to find out the cost of like properties and then proceed with quoting the bid. This will put you in a safe nest. You are neither paying more nor less.
Luxury real estate must be purchased with great care. More than normal homes, more concentration and focus is required in every area as they will involve big losses if you don’t. These tips are best for purchasing a luxury real estate property. Readers will surely benefit out of reading these suggestions from Dc Fawcett.