TIPS FOR PURCHASING A LUXURY HOME IN CENTRAL OHio
In the last few years, the sale of luxury homes all over the world has been breaking records. The demand for such homes has outpaced supply. That means many buyers are competing to bid on the limited number of available luxury homes on the market, driving up the price.
If you are in the market for a luxury home, you may find this market very challenging to navigate. Here are a few tips to help you find and purchase the home of your dreams.
FIND A GOOD REALTOR
Because of privacy concerns, most luxury home listings are not readily found by searching the Internet. An experienced realtor will have the insider information and personal connections necessary to locate the kind of home that you are seeking. You will also want a realtor who has expertise in the luxury home market to help you negotiate a fair price. Such realtors will have knowledge of amenities unique to luxury homes, such as fountains and ponds, surveillance systems, and landscape lighting.
FIND THE RIGHT HOME INSPECTOR
Because of their size and unique amenities, you may need a home inspector who specializes in luxury homes. If you have a pool or a spa, or an exterior fireplace, or a lawn irrigation system, you will want to be sure that your home inspector knows what to look for when inspecting them. You will also need to plan more time to complete the inspection. It’s essential that your home inspection is thorough so that you can be well-informed about your investment.
PLAN FINANCING CAREFULLY
You should begin the process of qualifying for a loan as early as possible. Your loan for a luxury property can take 45-60 days to process. Don’t miss out on an opportunity because you are waiting for financing. Work closely with a skilled mortgage broker and with your bank to begin this process early. Document your income carefully so that the bank can see you can afford the loan.
KEEP THE FUTURE IN MIND
When browsing luxury homes, look for features that will stand the test of time. Good lighting, high ceilings, and quality architecture are all traits that never go out of style. Also consider any construction that might take place nearby, altering the value of the property.
Finding and purchasing the right luxury home in this market can be a challenge. But these tips, along with the help of a skilled real estate agent, can help you.