Owning a luxury home can be a wonderful way of investing in a property that will likely retain or increase value while also providing you and your family with a comfortable place to live. Unfortunately, those that are looking to buy a high-end luxury home for the first time are unlikely to be familiar with the various ways that this type of purchase will differ from a more traditional home. Here's a look at some things you should know if you're looking to buy luxury homes.
Know The Value Of A Real Estate Agent
It can be fairly simple for a person to purchase a modest house without a real estate agent. This can be particularly true when individuals are extremely well-financed and flexible in what they are wanting. However, if you are looking to buy a luxury house, you may have to use the services of a real estate agent. Many high-end home sellers will tend to want private listings for their properties as this can reduce the number of people that simply want to tour high-end houses. As a result, you will need the services of a real estate agent that is familiar with the local luxury house market so that they can help guide you to the perfect home for your needs and budget.
Have Proof Of Financing Or Liquid Assets
Prior to allowing individuals to tour their homes, these sellers will often want to see proof of ability to buy the house. If you are using a mortgage to finance this purchase, you will want to have proof of being approved for the mortgage, which can be done by providing a copy of the certified letter of the final loan offer. Individuals that will be paying with their own money may need to submit proof of liquid assets that can cover the listing price. While this may seem unnecessary and inconvenient, high-end sellers are often busy people, and these steps can greatly reduce the amount of time lost showing the house to individuals that are not serious about making an offer.
Review The Local Tax Laws And Rates
Real estate taxes are determined by the assessed value of the property. Unfortunately, this tax rate can be very different from one community to another. This makes it important for you to closely review the tax rate and regulations for the community so that you know what the ownership costs for the property will be. While you may assume that you will always want to choose the property with the lowest tax rate, it is important to note where the taxes are being spent. For example, many places use real estate taxes to finance the local school district. As a result, an area with slightly higher taxes may be more likely to retain its value due to the local school district being better financed and more attractive to buyers with children.Share
13 May 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.