If you are lucky enough to be in the position where you can think about buying a luxury home, you will want to make sure you get everything you dreamt of. A luxury home is far more than simply an expensive house. It is something special and exclusive and offers you that sense of inspiration and wonder that you always wanted.
In order to get everything your heart desires, you are going to have to develop a strategic approach. It has to take some tips from ordinary home buying but with some very niche needs of its own.
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Know what you want
You and your partner need to sit down and create an exhaustive list of priorities that have to come with your luxury home. This is no ordinary home buy, it is a lifestyle choice, and that means you need to really consider everything you need.
Think about location, do you want something overlooking the forest, or would you prefer a hillside beach view? Are you looking for something that already exists, or are you interested in speaking to a developer? The more you can envision your luxury home, the more likely it will be that you will find something.
Buying a luxury home: The realtor
Once you know what you want, you need to enlist the help of the right realtor. Ideally, this is someone with experience in the luxury home market. The right realtor will have a track record in the luxury market, and they will have the testimonials to match. They will also know all about the area in which you are interested in buying in. In this case, it is likely that they have knowledge of luxury homes in your areas that are not publicly listed.
The right realtor will have their own luxury website on which it is clear that they specialize in finding their client’s luxury homes. They will also have a wide network of people that they can contact in reference to luxury homes.
Another thing that they will excel in is keeping your confidence. They will feel like the right fit for you. They will advise and set your expectation about will not snake any decision for you.
Your financing options
Don’t assume that you will definitely be able to get financing for a luxury home, as in many cases, this does not happen. You may be better off searching through listings for sale where you may find exactly what you are looking for while still living within your means.
Whatever your circumstance, you will need to consider your financing options. Do some research and find out exactly what it is you can qualify for and then work outwards from there. Consider the amount that you are about you can put down on a deposit.
Can you afford the usual 20% downpayment? Ensure that you take a look at several mortgage lenders, at least five minimum, and find out who offers you the best options and deals. It is in your best interests to be as thorough as possible.
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I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
Check out my stories, and email me direct at mkeast@regardingluxury.com
