How many times have you wandered through an elite neighborhood that had a bundle of elegant mansions, chic penthouses, and but did not think about how it would be to purchase such a property. You might have asked yourself, “Who are those people who have purchased these stylish and expensive homes”? How much do they earn per year and what are their lifestyles like? With this article we will try to answer these questions and offer a few useful tips about how to buy such a property, in case you decide to.

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A survey conducted by a banker noted that the profile of a luxury home buyer is:
a) A person who pays 31% in cash at the time of purchasing the house.
b) The predominant buyers of luxury homes are top executives of big corporate businesses.
c) 67% of the buyers belong to the “baby boom” generation (between ages 35
and 55)
d) 88% of the luxury home owners are married.
e) If you think about luxury home amenities, then designer kitchens come up as the first priority area.
f) 89% of the luxury home buyers want their dream home to contain a minimum of four to five rooms.
g) Nearly half of the luxury homes sold have an area between 4000 to 6000 square feet.

Now, if you want to belong to these statistics you should know that the very first thing you must do is talk to your future potential neighbors. Try to find out information from them about the problems they are facing or they had to face after they have moved in. At the same time, also inquire from them about the amenities they are benefiting from in their elegant neighborhood. You also need to possess a copy of the current homeowner’s association rules, regulations and guidelines. The association rules of upscale neighborhoods generally have strict guidelines such as home color, and the number of cars that can be parked in your driveway.

If you are comparing two properties with the help of some pictures, you need to know that some houses are not photogenic at all (just like humans), but when you see them in real life, they look great, which is why a decision mainly based on photos should be avoided.

You need to have a good trustworthy agent who can fully assist you in the process of purchasing your dream luxury home. The agent should be familiar with the neighborhood of your target home. If you are eyeing a high-end property that costs a small fortune, then you might face certain restrictions in order to get access to them. Your agent should be the mediator in those difficult situations. As the stake in a luxury house is quite high, your agent should be thorough and professional enough to seal the deal in your favor. The agent should be able to negotiate with financial institutions and lenders to make the home financing process a little easier for you.

Last but definitely not least, and most importantly, you need to correctly evaluate your financial position before you start spending your money. You need to sit down along with your realtor and figure out how much you can afford. You need to calculate an approximate budget. Your realtor will hopefully tell you about every cost involved, including interest, taxes and so on. Next, you need to sit down with the bank representatives who are willing to lend you. Pay specific attention to the repayment interest rate. Your realtor should act as a liaison between you and your banker. Take advantage of your realtor’s experience in this field. A luxury home in a posh locality can cost up to millions of dollars. Therefore, make an honest assessment about your creditworthiness before you jump to any decisions.

By: Razvan Jr

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