Be prepared to share a LOT of information
If you’re looking for luxury property, says Business Insider, be prepared to “divulge family secrets and show what you’re really worth.” Real estate professionals, Chris and Arlene Gonnella of Gonnella Realty, a top 100 real estate firm as listed by the Wall Street Journal, share information on how to shop for a luxury home. Here are their tips:
Research. While some buyers know exactly what they want without giving it much in-depth thought, many don’t have a clue. Business Insider suggest that you do a little research and come up with a list of what you do and do not want in a luxury home. Most of Gonnella Realty’s clients find them on the internet – in the case of searching for a luxury home, the internet can be a very powerful tool.
Hire a broker. Now you won’t want to just hire any old broker. The person you choose should be familiar with luxury real estate. They should also be located near where you want to live.
Get pre-approved. Whether you’re in the market for an average-priced home or a luxury home, getting pre-approved first is always a good idea because it eases the seller’s mind and shows them that you are a serious candidate.
Prepare for the questions. If you’re seriously in the market for a luxury home, expect a lot of questions. The people you work with will want to make sure that you can actually afford what you’re looking at. Expect to answer questions about what you do for a living, and what assets you have. To prove that you are indeed a qualified buyer, some sellers will ask for a letter from an accountant or a bank statement, says Business Insider.
Don’t pay with cash; take out a mortgage. This tip baffled me a bit. I mean, if I had a ton of money, why would I take out a mortgage? Why wouldn’t I just pay in cash? Apparently, “paying cash would be an inefficient way to use your money, says Business Insider.
So there you are, tips for buying a luxury home, courtesy of Chris and Arlene Gonnella of Gonnella Realty. Now I realize that most of us can’t afford to buy a luxury home, but it could happen, right? After all, it was a friend of a friend who won that $50-million jackpot a few weeks ago. And look how his life has changed.