Nine Great Tips for Buying a New Luxury Home It is not anyone who can get a mortgage these days. You actually have to qualify for it. Here are some great tips which can be helpful when you are buying a new home.
1. Get Ready for the Price Shock Expect to be shocked if you are preparing to buy a home this year. Home prices have reached an all-time high & eclipsed previous level at this point in the cycle. Chances are you will end up paying more for the property in question due to strong demand. Expect to shell out a good amount of money if you are looking to buy property now. 2. Getting Pre-Approved Early is Sensible Well, homes we like are always out of our price range. Therefore, getting preapproved with a bank is a sensible idea & do this ASAP. Moreover, you are wasting
your time perusing listings if you do not know what type of a house you can afford. It is not so difficult or time consuming if you are looking for mortgage preapproval. In fact, pre-approval will give you more confidence & make you serious about making the final move. 3. Check Your Credit Scores You should check your credit scores & determine what needs to be addressed. Changing credit scores take time, so don’t wait until the last minute. It is sensible to lock the credit cards because lots of spending even after paying back can ding your scores. Bad timing creates headaches. Moreover, braking on spending will provide you a nice buffer for home expenses, moving costs, down payment funds & for closing costs. 4. Acquaint With the New Housing Market Depending upon the housing market you will probably have to fight it out to get your hands upon the property you like. Bidding wars will be the norm in metros & there always will be someone who is willing to pay more than you. However, don’t let emotions get the best of you because it is okay to walk away. Trust your gut feeling, there are many homes out there. 5. Document Everything Nowadays there is more scrutiny in the high-end real estate market. Therefore documentation is very important. People who make lot of money usually maintain a manager or an accountant who tries to shelter income so it becomes difficult to show the bank what you really have. 6. Negotiate With the Builder This year is a seller’s market once again! However, this does not mean you should not negotiate. Win the home you like & inspect the heck out of it. Inspections are the key to determining what needs to be addressed once you take over the property. Without a quality inspection or two, you may have a difficult time asking for credits for closing costs or negotiating a lower purchase price.
7. Complete Your Mortgage Homework It is important that you do not neglect your mortgage homework. Mortgages are most often just mailed in. You don’t even have to speak to them. Get a quote from them & appease your developer, but also shop around other banks & mortgage brokers. Think about how you should structure the mortgage including down payment. There are many other programs which make sense including the 30-year fixed no-brainer! 8. Best Time to Buy May be a Little Later Time is running out; but this might actually be in your favor. Slow play this one! Best time to buy a home is in late summer, including August, September & October. Slow & cold months where there is not much inventory & everyone with their money want to buy. You always have a lull before a dip in prices which is an attractive entry point. It is lucky to have a snag in price cut with less competition where other prospective buyers are on vacation. 9. Make Sure You Really Want to Buy a Home Last but not the least, take a moment to find out if you really want to buy a home. Are you sure you are throwing away money on rent? Renting is awesome; you don’t have to pay property taxes, home owner insurance & mortgage interest. Moreover, you can also leave & change place whenever you want. Looking for a Luxury Home in Hyderabad? Residential projects in Hyderabad are on the rise. There is a growing demand & developers are going all out to fulfill buyer’s expectations. Some of the top-of-theline upcoming residential projects in Hyderabad include Northstar Homes Airport Boulevard & Hillside. Airport Boulevard is strategically located near the RGI Airport & adjacent to the Hardware Park. Northstar Homes Hillside is located at Gandipet & all villas here are facing the lush green Central Park. Make it a point to check them out if you are looking for a luxury home in Hyderabad!