Imagine it: you have the home of your dreams. Your tub is big enough for four, and your dining room can seat 20. You have a movie theater, a pool, and whatever else you’ve been dreaming of in a home.
It sounds incredible, right?
After working hard and creating multiple streams of income flowing in, you might find yourself in a position to seek out a luxury home. Keep reading to learn three of top tips for buying luxury properties.
1. Know Your Priorities
Before you start looking for your own luxury property, you need to make a few notes of what you’re looking for.
First, you should understand what neighborhoods you’re looking at living in. Location matters and you need to know what neighborhoods work for your needs and wants.
You should also consider neighborhood amenities as well as locality to restaurants and other public venues.
Next, you should consider the details of the home. You need to know how many bedrooms and bathrooms you want. And, you should consider home amenities, such as entertainment rooms, backyard views, and privacy considerations.
The more you know, the easier time you’ll have choosing the right luxury property for sale.
2. Be Patient
Simply put, there are fewer luxury homes. And, since they have all been custom build, it can be harder to find one that is on the market and which matches all of your criteria.
It may take longer than usual to find a luxury home that you’ll fall in love with. So, you have to be patient and stay persistent.
You may want to get started on the luxury property hunt early. Let your real estate agent know what your timeline looks like. They can help sort out the logistics.
You’ll also want to set alerts through apps like Zillow and Redfin so you get notified ASAP when a new property is listed that meets your criteria.
3. Know Your Price Point
Having the money to buy a luxury home doesn’t mean you have to spend it that way. In fact, you should avoid using all of the money you’re approved for. Having a financial cushion could be beneficial in the future.
Limiting your buying range will also make it easier to make changes to your new home. You can use the extra money to add an extra room, build a pool, or do whatever you want.
Before looking at homes, make sure to define what your range for home buying is. Then, your realtor can help to make sure that you’re looking at the right homes.
Otherwise, you may be looking at homes outside of your price range. If you find homes that you like that are too expensive, you may get your hopes up. This can become extremely frustrating and may throw off your entire house hunt.
Buying Luxury Homes
If you’re ready to make a bold move, then you may be ready to start viewing luxury homes. Even if you’re not in financial position to buy one, it can be inspiring to view high end homes before you’re financially qualified to buy one.
As many life coaches know, this tactic can create vision and excitement to build a bigger and better future for yourself. You can also put photos of your dream home up on the wall or create a vision board to create motivation.
Whatever your approach, you’ll have to decide whether you want to use your funds (and lending capacity) to buy an luxury home or if you’d prefer to live in a moderate one and use your remaining capital to acquire rental properties that will pay you cash flow while they appreciate in price. Personally, I’m a huge fan of owning income producing real estate.
Of course, there’s not a right or wrong answer to this decision and only you can decide what’s best for you personal situation.