The term “luxury home” has many definitions. It may embody a gigantic 15,000 square foot castle converted into a modern home, or it may describe a 4,000 square foot Victorian residence at the foot of a mountain. If you want to purchase a luxury home in the Denver area, there are several tips available to help you make the right choices – regardless of your idea of luxury.
#1 – Use the Internet with Care
Although many prominent sources, like the 2013 Profile of Home Buyers and Sellers, say that an astonishing nine out of 10 people use the internet at some point when buying a home, those looking for luxury homes may actually be at a disadvantage when it comes to the web. For one, many of the homeowners themselves prefer their privacy, so they do not put contact information out on the internet for everyone to see. As such, you simply will not find as many executive homes on popular real estate sites. It is best to find a qualified real estate agent with plenty of experience in these types of properties.
When it comes time to start actually looking at homes in the areas you like, do not focus on things you can easily change. Rather, pay close attention to the floor plan and architecture of the home since these things are often difficult or impossible to change. Things such as paint colors or décor are easy enough to change, as is the exterior of the home. If you do not like the landscaping, you can always change that, too. In short, do not pass up the floor plan and style of your dreams simply because you do not like some of the minor aesthetics. You can always paint the interior and rework the appearance of the exterior.
#3 – Diligent Inspections
You probably know that inspections are vital parts of the home buying process, but when you are purchasing a luxury home, things can get a bit more complicated. For instance, most of these homes come with amenities that you will not find in typical homes. Things like security and surveillance systems, multiple fireplaces, pools and spas, and even automatic screens or awnings require special attention. Be certain that the inspector you hire to check out the home is qualified in all of these areas and understands their importance.
#4 – Prepare for a Longer Financing Process
Unless you purchase your home outright, the time it takes to finance an executive home is lengthy when compared to smaller mortgages. Even if you have perfect credit, it may take as long as 60 days to secure the financing necessary to purchase a luxury home. One way to make things easier involves having your mortgage broker or personal banker obtain financing approval from your bank. Since many homeowners will only take the time to show their properties to qualified buyers, this may give you an early advantage.
As you can see, buying a luxury home in the Denver area can become a bit complicated, but there are things you can do ahead of time to make things simpler. As long as you follow this process for every property you view, you are sure to find the right place to call home.