There has never been a time when the house of your dreams was as close to reality than right now.
Everyone that follows the news knows that to say it is a buyer’s market is an understatement.
The good news is that with a little thought and care, what used to be an impossible dream of owning a multimillion dollar home can now be a reality if a few rules are followed.
1. Check your finances carefully. There is no excuse to be caught unaware of negative credit information.
The Fair and Accurate Credit Transaction Act of 2003 allows citizens to ask the major credit report
companies for their free credit history. There is also the credit score that although will not be given for free, needs to be known. In a high priced item like a luxury home, the interest rate may make the difference of affordability or not.
2. Find a local realtor that has experience with luxury homes. Many owners of high priced homes value their privacy. They would rather have a smaller choice of prospective buyers that are qualified than the whole public coming to look at their marble floors. If you are not in the loop with a realtor that has connections to these sellers, you will never know what you are missing.
3. If you fall in love with a home, make sure that a house inspector is hired to check the structures and nooks and crannies that cannot be easily seen. This is a major investment and no matter how pretty it might look, there is truth in the old saying “beauty is only skin deep.” The foundation, attics, basement must be inspected.
4. The realtor can also assist in letting you know the prices of other homes in the neighborhood. The luxury home might be gorgeous, but if it is the highest priced home in that neighborhood it will not be a good investment. When selling in the future, it will be difficult to price it at a higher amount, no matter how lovely it may be.
5. Title insurance is very important. Luxury big island homes should be brought with a warm heart but also a calculating mind. It is better to be insured against foreseeable dangers than to be caught unaware.
It is important to realize that choice properties will not be at rock bottom prices for ever. It is the best time to buy and the interest rates are at their lowest.















