Navigating the real estate market can be a complex task, especially if it is your first time dealing with a certain kind of property or in a particular location. It is also much harder to handle if you are looking for a specific property that would make all of your dreams come true. However, if you are ready to invest in a luxury property, you should be able to find something that will correspond to your vision. Luckily, we have managed to come up with a guide to buying your dream luxury home that will anticipate all of your questions and possible misgivings.
7 expert tips for buying your dream luxury home in Clarksville TN
If you are thinking of buying your first luxury home, you may be struggling with knowing where to begin. Our experts have come up with seven tips for you. These aren’t really unique to luxury real estate, but real estate in general. However, when the stakes are higher, it is much more important to be thoughtful and do your research.
Get a team together
The first of the 7 top tips for buying your dream home this year is to surround yourself with people whose expertise will work to your advantage. The most obvious one would be a trustworthy real estate agent. If you have sold or bought property before, you may already have someone you like working with. However, if this person doesn’t usually deal in luxury real estate, it may not be enough. This will be true no matter how reliable and professional they are. Your best bet would be to hire someone who already works with luxury properties. They should have a pretty good track record in luxury real estate, with lots of good reviews. It is particularly important to find someone who knows the area you are aiming for very well.
Two other people whose services you’ll need are an accountant and lawyer. Having someone to turn to when it comes to finances that has your best interest at heart will be of great help. A good lawyer familiar with the property law of the state as well as the local tax is also a necessary piece of the puzzle. Once you have this team together, you can move on to actually looking for a property.
Figure out what you want
When it comes to buying your dream luxury home, it is important to have a somewhat firm idea of what you want. This is particularly true of the location. The location will be a starting point of the search for your perfect home. Consider your lifestyle and come up with the things you need to have in your vicinity. This will determine the neighborhoods in which you’ll be looking for a home. Even if the property doesn’t check all of the boxes on your list but the location is satisfactory, don’t dismiss it. In most cases, there will be a lot of space for making alterations or additions to what is already there. Knowing what you want will make it much easier for your real estate agent to be able to present you with the best options.
Learn about the pre-approval process
The first thing to know when it comes to your luxury home budget is that getting a luxury mortgage is much different from getting the one for conventional properties. Luckily, you have a financial advisor or accountant to help you understand the process. In many cases, lenders will require a credit score of 680 or more. Your interest rate will depend on your credit score. Your financial documentation can be of critical importance in helping you get a good deal. Experts say it is sometimes difficult to show the bank you have the income without all of the paperwork. Finally, getting pre-approved is important because it puts you in a better position when you are making the offer. Sellers are more likely to go with a pre-approved party as they will seem like a more serious buyer.
Be aware of the unlisted properties
A lot of the luxury properties you might be interested in won’t be traditionally listed. In order to protect the privacy of the sellers, there is such a thing as “pocket listings”. This is where having an experienced luxury real estate agent comes in handy. Getting to see these properties will depend on their knowledge and relationships with other real estate agents who are selling these properties. This will be particularly important if time is of the essence for you. However, even if you are moving in a hurry do not despair – having chosen the right real estate agent and knowing exactly what you want will make it easier to find the perfect property, even if it is not listed. Our Guide to buying a luxury home is here to help you each step of the way.
Don’t just rely on photos
One of the expert tips for buying your dream luxury home is to try to see properties for yourself before deciding. Experts say photos of large properties can sometimes be misleading and only show the properties in their best light. Instead of simply relying on photos, you can go on Google Earth and take a look at the property in a more realistic way. This is also a good method of checking out the surrounding area before you visit. There might even be a virtual home staging option.
A guide to finding your dream home wouldn’t be complete if it didn’t urge you to consider the future. This is important for a variety of reasons. Firstly, when getting to know the area, try to learn all about the future plans for your surroundings. This can be important when determining your location. Secondly, maybe the house is being built or you are making alterations before moving in. Make sure you are clear on the time frame if that is the case. People often get tied up for long periods of time because of construction delays. And finally, think about the resale value of the property you are looking into. If you think you wouldn’t be able to sell it because of some of its unique characteristics that are appealing to you, try to negotiate a better price with this in mind.
The final tip in our guide to buying your dream luxury home is to look into listings of foreclosed properties as well. These will often be much cheaper than their value. However, you should have a trusty home inspector to come and give their opinion. You won’t have any upgrades available when you are buying a foreclosed home. In most cases, you will be able to do so through a lender, though, but do ask around.
Buying a Luxury Home in Clarksville TN doesn’t have to be hard or scary.