Whether you are buying a primary residence or luxury vacation spot, buying a house is a big commitment. You cannot afford the luxury of buyers’ remorse once you cut the deal and you discover you have not made the right move. The process of buying a home is slow and rightly so: the months in between give you ample time to consider your options and settle in your heart that you are making the right decision for you and your family.
As a first-time luxury homebuyer, you may not be sure where to begin, and how to navigate the path and avoid the pitfalls. Here are a few pointers:
1. Make THE list
The first step for any home is to set up your criteria BEFORE you start the search.
Knowing these facts from the outset will stop you from experiencing the relative satisfaction phenomenon’ you see a couple of places that are not so great, so the next places you see that are better, seem like palaces. Agents tend to milk this dry they will show you outright undesirable places first, so that when you see the properties they actually intended to show you, they will seem superb in comparison, making you more likely to be receptive.
Decide what is necessary and what you are willing to compromise on for your vacation home. This will place you in a better frame of mind through the natural evolution of your buying process. It is okay to change some criteria as you gain exposure to the true picture, just do not compromise on the qualities most important for you and your family. Remember you are very unlikely to get everything on your list, unless your list is very short.
Even before the physical visits begin, surf the Internet for listing and pictures of various luxury homes and resorts, just to get a feel of what you luxury vacation home should have and what you want. As you do, you will begin to decide what is a must-have, what is just desirable but not vital and what is icing on the cake.
Prioritize your needs over the wants and learn what is likely to work and what will not. Expect to edit the list a few times as you go along.
3. The search
Finally, armed with your pre-approval from the bank, it is time to step out into the field. Find a great local agent you can ask homeowners you know for references to a good agent they’ve worked with previously. This is where you will determine your most important factors: the location and price.
If you decide to have a vacation home in Arizona, which has become a favorite spot for many luxury homeowners, there are many luxury condos for sale in Arizona. It is just a matter of picking from the best of the best. How much you have to spend will be the biggest determining factor, but location is the next most important one because you will not move the house once you have it.
At the end of the day, the most important thing is for you to be happy with the choice you made. Take your time in between; it is not a sprint, it is a marathon.
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