Looking for a home with all the amenities, but don't want to pay top dollar? Just because you want a high-end home, doesn't mean you have to pay the highest prices. With a modest amount of knowledge and determination, you can buy your dream home at a reasonable cost. Here is a list of several key strategies that will help you find a luxury home at an affordable cost.
House Hunt During the Off-Season
In most areas of the country, the best time to purchase a luxury home is during winter. When the temperatures get lower, sellers are likely to find fewer potential buyers checking out their houses. Buyers just aren't as motivated to get out and look at houses when there is snow on the ground and temperatures are well below freezing. The lack of demand causes some luxury home sellers to lower their prices in order to attract buyers. By taking advantage of buying in the off-season, you might find a nice bargain on a luxury home.
Check out Foreclosed Homes
Even high-end homes go into foreclosure, just like mid-range and budget homes. It's possible to find a good deal on a luxury foreclosed home, but make sure that the home is in good condition. Have a qualified home inspector do a thorough inspection of the house before you make an offer.
Also, the competition for these homes can be stiff, even when they are in foreclosure. Competition drives up the price, so don't get carried away in a bidding war because you could end up overpaying. Set a limit on what you will bid, and stick to it.
Find a Motivated Seller
If a seller is strongly motivated to sell their luxury home, then you are almost certainly going to get a lower price. For example, if someone is moving into a new home, they may need the money from the sale of their old home to finance the move.
A good way to find a motivated seller is to look for price reductions on luxury homes in your market. If a seller has reduced the price several times within a short period, this could mean the seller needs to find a buyer quickly. In this instance, contacting the seller and making an offer somewhat lower than their current asking price, could help you purchase a high-end home at an affordable cost.
Using these strategies will help you find good deals on a luxury home, but you will need some expert assistance as well. Contact a local realtor who specializes in high-end homes for more information.