Team Wheeler's Blog
Before you commit your hard-earned money to a luxury home, make sure you know what you're purchasing. Just because a house has a high price doesn’t mean it’s truly luxury. A luxury home is built better and has more space and amenities in it than other homes. Even a home with the same number of bedrooms as other houses could be a luxury home, but the bedrooms are going to be larger, plus they will have more closet space – usually walk-in closets – and each bedroom might have its own bathroom. Other signs that a home is really a luxury home include better appliances, the best fixtures and additional amenities as space allows, such as a pool, an external game room and a larger garage.
Check the Neighborhood
If other homes in the neighborhood are in the same price range, you are likely buying a luxury home. However, be careful as some neighborhoods are just more expensive than others, but that doesn’t mean the homes are luxury homes. It’s easier to tell a luxury home that is in the suburbs because those homes usually have more space for pools and additional out-buildings.
Check the Interior
In addition to the items mentioned above, check the quality of the materials. Flooring, including carpet, should be top quality. Cabinets should be wood cabinets. If the house has crown molding, it should be good quality – and more than just a strip tacked where the wall meets the roof. Countertops should be of high quality if not marble. Look at window frames and door jambs to see how well they are put together. And the windows should be at least double pane windows, if not triple pane.
Be prepared to jump through some hoops to get financing. If the price of the home is above a certain amount, you’ll need to qualify for a jumbo loan. That amount changes depending on your location. It may also change every few years. Your real estate agent and mortgage lender will be able to tell you what the conforming loan limit is for your area.
Get it Inspected
Just because you are buying a luxury home, it doesn’t mean that it doesn’t have problems. Always hire a well-respected inspector to inspect the home before you close. The inspector will check for plumbing, electrical and structural issues, will make sure everything works properly, will let you know if he or she sees signs of wood-destroying organisms and other problems. In addition to a home inspector, always have the home inspected by a pest control company for termites and other critters that could damage the home.
Home prices are always negotiable, especially if the inspectors find problems. Ask your real estate agent for a list of comparables so you know if the property you're considering is priced appropriately.
Creating an offer to purchase a home may require several minutes, hours or days – it all depends on the buyer. Fortunately, there are many things you can do to accelerate the process of putting together a homebuying proposal that will get a seller's attention. These include:
1. Study the Housing Market Closely
When it comes to preparing an offer to purchase a house, there is no need to leave anything to chance. If you analyze the real estate market closely, you can gain the housing sector insights you need to craft a competitive homebuying proposal.
Take a look at the prices of recently sold houses in your area, along with how long these residences were available before they sold. With this information in hand, you can determine whether the current housing market favors buyers or sellers and craft your offer to purchase accordingly.
Analyze a house's age and condition as well. By doing so, you can account for the state of a house as you put together an offer to purchase.
2. Maintain Flexibility
Although you may be in a hurry to acquire your dream residence, a seller may need time to find a new place to live. As such, you should maintain flexibility as you craft your offer to purchase and be ready to accommodate a seller's requests.
Ultimately, it is important for a home sale agreement to meet the needs of both a buyer and seller. If you consider the seller's perspective as you create an offer to purchase, you may be better equipped than ever before to craft a homebuying proposal that works well for both you and a seller.
3. Collaborate with a Real Estate Agent
Let's face it – creating an offer to purchase a house can be challenging, particularly for a buyer who is putting together a homebuying proposal for the first time. Lucky for you, real estate agents are available nationwide who can help you craft a competitive offer to purchase in no time at all.
A real estate agent is happy to provide you with homebuying insights you may struggle to obtain elsewhere. He or she can offer recommendations and suggestions as you prepare a homebuying proposal. Plus, a real estate agent can help you submit an offer to purchase and negotiate with a seller's agent on your behalf.
Let's not forget about the support a real estate agent provides after you submit an offer to purchase, either. If your homebuying proposal is approved, a real estate agent will help you finalize your house purchase. Or, if your offer to purchase is rejected, a real estate agent will help you reenter the housing market so you can discover your dream house. In the event a seller counters your offer to purchase, a real estate agent can help you determine the best course of action, too.
Ready to submit an offer to purchase your ideal residence? Use the aforementioned tips, and you should have no trouble submitting a competitive homebuying proposal and acquiring your dream house.
Buying a home should be a quick, simple process. However, the homebuying cycle sometimes proves to be a hassle, particularly for those who are shopping for a house for the first time.
Lucky for you, there are many quick, easy ways to become a smart homebuyer – here are three tips to ensure you can make informed decisions throughout the homebuying journey.
1. Check Out a Broad Array of Houses
Purchasing a home can be a fun, exciting journey, especially if you explore a wide range of residences.
Remember, the more residences you check out, the more likely it becomes that you'll find one that matches or exceeds your expectations.
When you review houses, be sure to analyze each property's interior and exterior closely. That way, you can identify any problem areas and determine whether these issues are potential deal-breakers.
Also, don't hesitate to check out the same house multiple times. It never hurts to take a second look at a house. And if you find that you enjoy a home after a second walk-through, you may be ready to submit an offer on this residence.
2. Set a Homebuying Budget
Before you make an offer on a house, it is important to consider exactly what you can afford. By doing so, you can avoid the temptation to overspend in the hopes of acquiring your dream house.
Many homebuyers get pre-approved for a mortgage – something that may prove to be exceedingly valuable.
With pre-approval for a mortgage, a homebuyer will know exactly how much money he or she can spend on a home. This will enable a homebuyer to enter the housing market with a budget in hand and map out his or her home search accordingly.
Furthermore, consider your monthly expenses prior to submitting a home offer. Electricity and assorted utility expenses can add up quickly, so you'll want to account for these costs. And if you want cable and internet services at your new home, you'll want to evaluate these potential expenses as well.
3. Consult with a Real Estate Agent
A real estate agent is a housing market professional, and as such, will help you simplify the process of going from homebuyer to homeowner.
Typically, a real estate agent will meet with you to understand your homebuying needs. He or she then will help you develop a homebuying strategy, one that ensures you can purchase your ideal house at a budget-friendly price.
With a real estate agent at your side, you should have no trouble acquiring a wonderful residence. This housing market professional will set up home showings, keep you up to date about new property listings and negotiate with home sellers on your behalf. As a result, a real estate agent will guarantee you can get the best results possible throughout the home selling journey.
Don't leave anything to chance as you kick off your home search. Instead, use the aforementioned tips, and you can become a smart home shopper in no time at all.
You don't need to be a real estate market expert to find and acquire a great house at a budget-friendly price. In fact, if you use common sense during your home search, you should have no trouble achieving your desired homebuying results.
Now, let's take a look at three tips to help you discover your dream home.
1. Consider Your Home Must-Haves
You know you want to purchase a house, but you still have no idea what defines your ideal residence. However, if you devote time and resources to establish home must-haves, you could speed up your house search.
Think about what will make you happy and what you need from a house. For example, if you want to own a home that is close to your office in the city, you can narrow your home search to residences in or near the city itself. On the other hand, if you require a home that offers multiple bedrooms, you can explore residences that match your needs.
2. Create a Budget
A budget often plays a key role in the homebuying journey. And if you fail to create a budget before you start a house search, you risk checking out residences that fall outside your price range.
To establish a homebuying budget, you should consider your current and future expenses. It may be helpful to make a list of your expenses and compare them against your income. Then, you can determine exactly how much you can afford to pay for a home.
You may want to get pre-approved for a mortgage, too. If you enter the housing market with a mortgage in hand, you can search exclusively for houses that you can afford.
3. Work with a Real Estate Agent
There is no reason to search for your dream home on your own. If you hire a real estate agent, you can receive comprehensive guidance as you explore houses in your preferred cities and towns.
Typically, a real estate agent is willing to go the extra mile to help you achieve the best-possible results. If you want to purchase a home near a beach, for example, a real estate agent can help you do just that. Conversely, if you want to acquire a top-notch house as quickly as possible, a real estate agent will help you accelerate the homebuying cycle.
Let's not forget about the assistance that a real estate agent can provide as you weigh the pros and cons of submitting an offer to purchase a home, either. If you find a home you may want to buy, a real estate agent can help you determine the best course of action. And if you decide to submit a homebuying proposal, a real estate agent will help you craft a competitive offer to purchase.
Want to acquire your dream home? Take advantage of the aforementioned tips, and you can use common sense throughout the homebuying journey and make your homeownership dream come true.
Buying a home should be a problem-free experience. Yet issues may arise that make it tough to acquire the perfect house at an affordable price.
Common problems that come up during the homebuying journey include:
1. Lack of Home Financing
Before you search for a home, it generally is a good idea to get pre-approved for a mortgage. That way, you can kick off a house search with a budget in hand.
To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can teach you about a variety of mortgage options and help you get approved for home financing in no time at all.
Of course, if you have questions as you pursue a mortgage, don't hesitate to ask a lender for assistance. Lenders employ courteous, knowledgeable mortgage specialists who are happy to respond to your queries without delay.
2. Temptation to Submit a Lowball Offer to Purchase
Once you find your ideal residence, you may be tempted to submit an offer to purchase at or below a house seller's initial asking price. But doing so may be problematic, particularly for a homebuyer who wants to acquire his or her dream residence as quickly as possible.
If you submit a lowball offer to purchase a house, a seller likely will reject the proposal. Worst of all, a rival homebuyer may swoop in with a competitive offer to purchase this residence – something that may cause you to miss out on the opportunity to buy your ideal home.
Ultimately, it is beneficial to submit a competitive homebuying proposal. If you allocate time and resources to learn about a home's condition and how a residence stacks up against comparable houses in the same city or town, you can craft a competitive offer to purchase. And as a result, a competitive offer to purchase may receive an instant "Yes" from a home seller, leading to a fast, successful homebuying experience.
3. Failure to Identify Problems During a Home Inspection
A home inspection is paramount because it gives you the opportunity to walk through a residence with a property expert and learn about any underlying house issues. Then, if you discover major problems with a house, you can ask a seller to complete property repairs, reduce your initial offer to purchase or walk away from a residence altogether.
Hire a home inspector who possesses comprehensive expertise – you'll be glad you did. With the right house inspector at your side, you can get the help you need to identify problems during a property inspection.
Lastly, as you get ready to search for a house, you may want to hire a real estate agent as well. This housing market professional can provide extensive guidance throughout the property buying journey and ensure you can mitigate homebuying problems before they escalate.
Reach out to a real estate agent today, and you can receive plenty of support as you navigate the homebuying journey.