Contrary to popular belief, millennials aren’t just sitting around the house watching Family Guy reruns and eating Hot Pockets. In fact, they are buying houses just like the rest of us. And unlike the rest of us, they won’t start off small and work their way up to a bigger and better home. No sir, they prefer to wait it out and make a luxury home their first home purchase.
Whether you are entering the luxury home market for the very first time or you have sailed this ship before, there are things you need to know before you plunk your hard-earned money down. William Raveis Real Estate, your real estate agency serving Vermont, offers luxury home buying tips.
If you find a great luxury home at an even better price, there might be a reason for it. And sometimes the answer has to do with where the house is located.
The immediate area around the house might be fine, but head four blocks in one direction and things get sketchy real quick. You want your luxury home to have status to be sure, but you also want that same status in the area where your house is located.
Do your research and drive around the area before making a decision you might live to regret.
Take Your Time
Buying a luxury home should never be a decision made in haste, take your time. A luxury home is a huge investment, possibly the biggest one of your life, so make sure you are satisfied with all aspects of the investment.
Even if money isn’t a concern, chances are that you will live in your luxury home for years. So make sure it is a house that you want to watch your kids grow up and perhaps even retire in.
Know What You Want
Think about what you want in a luxury home before you start going out and checking them out. No one knows better than you what you want in a luxury house, not even your real estate agent.
A luxury home is a representation of your quality of life, so choose carefully.
Timing is Everything
Supply and demand drive prices, this is something we all learn in economics 101. You will want to search for your luxury home when the prices are at their best, which is usually in the winter.
When it is cold and dark out, people would rather be sitting at home sipping hot chocolate and watching Netflix as opposed to looking at houses. So while all your friends are out Christmas shopping, you will be shopping for a new house.
Look for Foreclosures
Hunting for a great deal on a foreclosed home is a good idea. Just keep in mind that you are buying a foreclosed house “as is” and have to make repairs on your own. But if you do find the right house, you could be getting a great deal.
If you are interested in buying a luxury house, your first step is to give William Raveis Real Estate a call.