Luxury Home Buying on a Budget
The National Association of Realtors is most often unadventurous and steady on the subjects it publishes about. Their content must appeal to towns large and small across the country. As real estate is one of the largest industries in the country, the association representing its professionals must be extremely cautious in its declarations. Given these facts, it was striking to see in the Realtor website a step by step guide on purchasing a luxury home for less. Personally, I have always found luxury homes to be far more expensive than standard homes, so I was very curious about their thoughts.
Interestingly enough, they had many great points on the topic. The “6 Sneaky Tips for Buying a Luxury Home Without Wads of Cash” are practical tips on becoming a savvy shopper. Showcasing them as a list was a great way of presenting them to an interested audience. I can also add a few more tips for those seeking to shop for a luxury home.
Their first tip recommends waiting for the cold and short days of winter, including around Christmas, where there aren’t as many prospective buyers actively searching. Also, it recommends trying to find a motivated luxury home seller as evidenced by price drops.
The last two tips are to peruse the foreclosure listings and to consider borrowing from retirement savings. These two tips need to be done cautiously. First, with foreclosure buys it is important to make sure it will not be overly costly to make any necessary repairs. Also borrowing from your retirement funds should likely be done with professional assistance.
A straightforward tip I would add is to make an honest assessment of the money necessary to maintain your luxury home. It can be extremely expensive to pay for its upkeep – and allowing it to fall apart, doubly so. You should always consider starting with a non-luxury home you can renovate. Be patient and begin the process of working your way up to purchasing a luxury home. This is the most obvious route and is in fact how most people get to live luxuriously.
My last tip is to reach out to our professional real estate team. We are here to make your plans a reality. Call today!