A Luxury Home May Be Your Dream Come True

When the opportunity comes to visit an elegant mansion, a country estate or a chic penthouse, chances are somewhere in the back of your mind you will want a property such as this for yourself. Who buys this type of home though and how do they do it? It may be easier than you think. Here are some tips to consider if you dream of buying a luxury home.

Those who buy luxury homes fall into a certain profile. It has been shown that 67% are between the ages of 35 and 55. Nine out of ten are married and most are top executives in big companies. They want a home with a minimum of four or five rooms and more than half of these homes have between 4,000 and 6,000 square feet. A designer kitchen is first priority of those who are buying luxury homes.

When you fall in love with a particular house, before buying a luxury home, you should talk to the neighbors. Ask them what is good about the neighborhood and what is bad.

Learn the local zoning laws as well. You don't want to buy your dream home only to find a supermarket or airport will be built right in your backyard. Never trust photos alone as you may miss out on the perfect place.

Find a good realtor and banker to assist you with buying a luxury home. Your realtor must have knowledge about the area, and have the ability to allow you access to homes that may be restricted to the public. Professionalism is required also to ensure you get the best deal possible on your new home. Your banker can be helpful here.

Discuss the various options for financing and what documents will be needed to secure the loan. Your realtor and lender can help you get approved and work with you on such areas as title insurance and decorating. This is your dream home and you want it to be everything you imagined and more.

Buying a Townhome-Tips to Remember

Are you looking for a new residence, but find a single family home too big and a condo too small? Buying a townhome may be exactly what you need. When you find a townhome in a good location with a secure neighborhood, this can often be a great choice. Not only will you pay less than you would for a single family home, your maintenance expenses and home improvement projects won't cost as much, and in some cases no maintenance expenses if you can find a freehold townhouse. Often townhomes are the same in terms of square footage as single family home, but they are priced lower. These attached homes have two or three stories and share an exterior wall with another unit.

When buying a townhome, there are many benefits to consider. You will have less lawn to mow and less snow to remove or your townhouse maintenance fee may include these services so they are not your concern at all. This low maintenance lifestyle is perfect for many who feel that their time could be better spent elsewhere.

When looking into buying a townhouse, the first thing you should do is determine how much you can afford. You must know exactly what it is you want and need from your home. Get a general idea of what type of features you would like in your home and which you can live without. This will help to narrow down your choices when you do start shopping. Amenities are just one thing to look at. You should also consider the security of the townhouse complex although many feel townhomes are secure in that there are so many neighbors close by. You must remember though that this feeling of security may come with a lack of privacy because you do live so close together.

When buying a townhouse, you also need to consider any restrictions that may have been put into place by the townhouse corporation. They may have rules concerning the exterior of the home, vehicle parking and things of that nature. Be sure to review these before you buy, so you're not unhappy once you do move into your new residence.

What to Know Before Buying a Condo

Are you looking to buy a condo? Condominiums are hot properties today during the peak home buying season. Condos are affordable for everyone, from those looking to buy their first home to those who are planning to retire and want to downsize. In the past, condos have had a bad reputation.

Now they are increasing in property value more then what they had in the past. For this reason, more and more people are choosing this option and find that they are satisfied when they do. There are certain things that you must look for when buying a condo to ensure that you are satisfied with your condo purchase.

When buying a condo, look into the management of the property. Some complexes do not have adequate management and you don't want to end up in a place like this. Do your research so you know how much the fees are when it comes to condo maintenance.

Ensure that the fees are reasonable for the maintenance provided. Ask as to who owns the other units also. You don't want to find that the complex is made up of renters rather than owner-occupiers as renters tend to have less pride of ownership which can lead to problems in the future.

Before you buy a condo, you need to determine if this is the right type of residence for you. You won't have any maintenance responsibilities as the condo corporation handles this. You are purchasing airspace which is why many refer to condos as vertical subdivisions. The only things you own are the ceilings, floors and inner walls of your unit. The common areas such as the exterior walls, foundation and parking areas do not belong to you.

In addition, you will need to decide if you want to purchase a new condo or one that has been previously owned. New condos feature the latest features and amenities and you will pay for these items up front. A resale condo, in contrast, tends to have higher maintenance fees, and if the condo corporation has not set aside the funds to handle these expenses, you may find that special assessments are normal which will raise your overall fees.

After you consider this and determine that buying a condo is right for you, there are some areas that need to be addressed before choosing the right unit for your needs. Fees, association management, finances, and things of this nature need to be discussed. When you have this information in hand, you can make an informed decision as to which unit you should purchase.

Five Reasons Why Mortgage Pre-Approval Is A Must

Before you go searching for a new home, you need to look into mortgage pre approval. All too often, home buyers overlook this crucial step and this is a mistake. Here are the top five reasons why you need to be approved for a mortgage before you head out the door to look at homes. Be aware that pre-qualification is different than pre-approval. Even if you have gone through the pre-qualification step, you need a mortgage pre approval.

1) When you get a mortgage pre approval, you will save time house hunting. You know ahead of time exactly how much you can afford. Provide this information to your real estate agent so he or she will only show you homes that fall into this price range.

2) You won't be disappointed if you get a mortgage pre approval. This prevents you from falling in love with your "perfect" home only to find you cannot afford it. You may not find another one that will match this home while still being within your price range. Disillusionment is the result and home buying won't be exciting anymore.

3) Your negotiating power increases when you go through a mortgage pre approval. When a property is one of the best in the area, chances are a number of people will place offers on it. When you have your pre-approval in hand, a seller may sometimes accept your offer even if it's lower than others simply because there is no guarantee the other people can even get a mortgage. Your offer is not conditional on financing so you have a competitive edge over those who skipped this step.

4) You may find that you can save money if you take the time to get a mortgage pre approval. When you get this approval, your rate is locked in for a specific time period, sometimes as long as six months. If the rate goes up during this period, you get the lower rate. If the rate goes down, you can take advantage of the lower rate and not worry about the one you received during the pre-approval process.

5) A real estate agent loves working with home buying clients who have been pre-approved. This prevents them from wasting time with people who may not even get a mortgage, and allows for a much smoother home search, and offer negotiation.

There are no risks associated with a mortgage pre approval. With so many benefits, this is one step you don't want to miss.

First Time Home Buyer Checklist

When you go to buy a home, a lot of emotions are involved. You are achieving a goal that you have likely had for some time now. You get so wrapped up in the excitement that you may overlook something important. The easiest way for first time home buyers to avoid this trap is to take a checklist along. When you do so, you can focus on choosing the perfect home without worrying about missing something. Here is what a good checklist will include if you are a first time home buyer.

Before You Start Looking

1) What exactly is it that you want and need in a home? Are there certain things you feel you cannot live without and others that would be nice to have, but you can live without? Consider where you are in life when determining this. If you plan on having children in a few years, you may want to buy something that may be a little bigger then you were looking for, but that you will grow into. Those who will be retiring in the near future, in contrast, may want to look for something smaller.

2) Determine exactly how much you can afford each month. This should include mortgage payments, property taxes, insurance and utilities. This ensures you only look at those homes in your price range. You should know the market and be willing to negotiate, but stay within your general price range.

3) Learn about the area where you are looking to buy. Research schools, access to medical care, neighborhoods and amenities among other things.

4) Determine a method of comparing properties. This system should be one you are comfortable with so use pictures, pen and paper or whatever works for you.

5) If you find the perfect house, make an offer! If you delay, it may be gone when you go back to buy. Hesitation can be disastrous for first time home buyers.

Once the perfect property has been located, you need to snatch it up. Once you do, there is a process that must be followed. A checklist will be helpful here also.

First Time Home Buyer Steps

1. Apply for a mortgage pre-approval first to make sure you can afford the home, and get approved for a mortgage.
   
2. Submit an agreement of purchase and sale and negotiate until it's accepted.
3. Once mortgage is accepted you will usually have a 5 day financing clause to get a commitment from a lender. Get the commitment, and waive this clause.
4. Have the home inspected within the usual 5 day inspection clause provided your real estate agent included this in the agreement of purchase and sale.
5. Contact movers, utility companies and insurance agents in preparation for the move.
6. Go to closing.
7. Move in!