If you’re like most first-time home buyers, you’ve probably heard plenty of advice. Save your down payment. Find the best real estate agent. Learn about your local market. All of this advice is excellent, but there are some things that the real estate industry in general doesn’t tell you. Below, you’ll find some pro advice for first-time home buyers that will make the process much simpler and help you buy the luxury home of your dreams.
You might know that you need four bedrooms, an office, a finished basement, and two full bathrooms. Have you taken the time to think about the other things you really want? For example, do you want an open-concept living room, kitchen, and dining area, or do you want a kitchen that’s out of view when you entertain? Do you want a traditional home with a white picket fence, or do you want something more architecturally unique? Buying a home isn’t like buying a pair of shoes. You can’t return it later if it doesn’t quite fit. Make yourself a wish list and make certain that the homes you consider meet the criteria.
#2 – Don’t Surpass Your Budget
Even when it comes to buying a luxury home, it’s important to set a budget that includes not only the price of the home or your monthly mortgage costs, but also the costs involved in buying insurance, home security, and other things that come along with homeownership. There may come a time when you’re very tempted to surpass the budget you’ve set for yourself. In cases like these, don’t make quick decisions. Do the math and make sure that you’re not only capable, but also willing to make the extra investment.
#3 – Don’t Rely on Just the Listings
First-time home buyers will often pick up the newspaper or rely on internet ads to help them find prospective homes. While this might work for the average buyer, things are different when it comes to buying a luxury home. Owners will often forego listing their homes using traditional means, mainly because they are wealthy and affluent individuals who want to protect their privacy. Find a real estate agent who specializes in luxury homes if you want to see all of the available options.
#4 – Trust Your Gut
Finally, if you’re one of the people who believes that buying a home is all about crunching numbers and getting the most square footage for your dollar, take a step back and look at the bigger picture. First-time home buyers often get so wrapped up in making sure they’re making a wise investment that they forget to consider their own wants and needs. If something doesn’t feel right, take the time to examine it further. If it feels like a great investment, go for it – but only after you’ve taken the proper precautions.
First-time home buyers can find plenty of advice these days, whether they ask their friends or they ask Google. However, the pro tips listed above – making a wish list, sticking to a budget, and trusting your instincts – will help you make sure that you make the best possible decision when it comes to buying your very first luxury home.