Tips for buying a luxury home:
You’re looking for an investment in your future, style and comfort. But, buying a luxury home that fits, isn’t just about having the finances. Here are 4 tips to help you as you begin looking for your dream home:
- Know the difference between the pre-approval and the pre-qualification letters.
- Pre-qualification letter: is based on a verbal affirmation from a lender that you are searching for homes in the right price range. Understand, this is not a binding document and there is no verification. Therefore, there is no guarantee your chosen lender will approve the amount you will need to buy the home.
- Pre-Approval Letter: is based on your financial documentation reviewed by your chosen lender. They will look at your credit, debt, assets and income.
- Purchase Title Insurance:Whether it is a new or used home, title insurance is extremely important to cover you if anything occurs down the road. Some possible issues: a legal ordinance that wasn’t followed by the builders or a third party claim on your land. Your lender may purchase title insurance to protect their investment, but that will not protect you. To protect yourself, you’ll need to purchase your own homeowner’s title insurance. Read more from KY’s Real Estate Commission.
- Do your research. The end goal is to find something that fits your comfort and style, but to find this fit, it’s more than just liking what’s inside the home. Understanding the housing market trends and the future plans for your neighborhood will have a big impact on your level of comfort and resale value down the road. This is where partnering with the right Realtor® is vital. Leslie is continually researching and keeping up with market trends to help her clients find the property that doesn’t just fit their budget, but is a proper investment in their future.
- Photos Don’t Always Tell All. A photo may show a beautiful or ugly property, but does not always honestly represent the home. Always go with your real estate agent to get the full understanding of the home and property. You may love the home, but not the neighborhood or vice versa. It’s important to look at all aspects of your investment, in person, before making a decision.
These tips just help you get started with your luxury home buying experience, but Leslie Heath makes it even easier. As a Certified Luxury Home Marketing Specialist, she’s able to partner with you in the search.
Call Leslie Heath if you’re looking for a luxurious home in western Kentucky.