Wednesday, April 24

Buying a Luxury Home: Avoid these Six Mistakes

Tallying up all the costs of buying a home | Your Mortgage Australia

The process of buying a new luxury house can be both exciting and stressful. If you like many homebuyers, you may not know where to start. It’s important to do your research before you start. Take your time learning from the experiences of other buyers. Also, learn about the mistakes that these people make so you can avoid them. These include the following:

Not Getting Pre-Approved by a Lender First

Keep in mind that a pre-qualification from a lender will point you in the right direction, offering you an idea of the rice range of homes you can comfortably afford. But, pre-approval means you will buy a home with cash, which makes negotiations with the seller much easier.

Choosing a Home Based on First Impressions

Your first impression of a luxury home can significantly influence your final buying decision. But, you need to examine a house objectively and avoid letting the style or lifestyle of the seller to sway your judgment. For instance, try to investigate the structure beneath the paint thoroughly before you make a serious decision. Check out Baudinet luxury properties to find impressive options that suit your taste and preference.

Relying Too Much on Property Photos and Marketing Materials

Luxury homes may look fantastic based on staged and professionally-produced photos and videos; however, can be underwhelming in person. Also, it could work the other way around.  Make sure to visit the house on your shortlist at least once so you can see the real deal.

Not Considering a Home Inspection

Purchasing a house is a huge financial decision that you can make without spending enough time to research the property itself. A professional home inspection will help you enter the negotiation process with eyes wide open, giving you extra reassurances that you will make a sound choice or you know the underlying problems that could cost you money. Get a recommendation from your realtor for an inspection company you can consider.

Not Making an Offer Based on the Market Value

Your realtor can provide you with a comparative marketing analysis that gives you the information to gauge a home’s market value and ensure you don’t overpay it. You must consider things such as what similar homes in the area have sold for and how long they were on the market. Determine the difference between the asking price and selling price.

Not Familiarizing the Neighborhood Before Buying

Spend time checking out the neighborhood you are interested in and ask around. Determine the amenities it has to offer. Will you have easy access to schools, grocery stores, parks, and other places? These things will influence how you experience your new house.