High-end Denver luxury home buying can be overwhelming if you’re not prepared for it.
There’s something quite thrilling and a bit terrifying about buying your first Denver luxury home. It can be an overwhelming process especially if you’re not ready for it. Here are some ways to know if you’re prepared to tackle the high-end housing market:
Look at your finances to determine if luxury is in your price range. Cost is an important factor in Denver luxury these days. Homes and condos upwards of $525,000 fall into this category.
Evaluate your finances to determine which luxury properties in the area are attainable based on how much you can invest. You’ll also need to consider whether to pay cash or finance your luxury home. Consult with a mortgage lender to get pre-qualified and to discuss your options.
Consider how much money you have in the bank. Even if you don’t pay cash for your home, you’ll need a nest egg for your down payment, emergency fund, home maintenance and moving expenses.
Look at your future plans. Short-term homeownership is never a good idea even in a seller’s market like Denver. That’s why it’s important to make sure you are in a stable job and have plans to stay in area 5 to 7 years or more. You may not be able to recoup your down payment, mortgage-related fees and home maintenance and repair expenses if you don’t stay in the home for the long-term.
Are you being realistic about what’s available? Buying a luxury home in Denver is not like an episode of “House Hunters.” There’s a lot of work involved as you learn more about the local market and what’s available for purchase. Set your expectations for what you want in your dream home and then prioritize them to determine where you’re willing to compromise.
Some things to consider include:
- Incredible location
- Breathtaking views
- Movie theaters or entertainment rooms
- Home gym
- Land and privacy
- Top-of-the-line safety and security
- Smart-home features
- An expansive master suite
- Chef-quality kitchen
- Neighborhood amenities like a golf course, swimming pool, and clubhouse
Are you willing to be patient? Make sure to take emotion out of the equation when buying a luxury home. You don’t want to make a hasty decision that locks you into a high-end and high-dollar home that you’re not happy with. Stay focused on what you can afford and what you prioritized as must-haves to find the right fit for you and your family.
How the Right Realtor Can Help
Finding the right agent will help you find a Denver-area luxury home that meets your wants and needs and get the best price and terms for your purchase. Real estate agents who are certified as luxury realtors offer a higher level of service and expertise than those who work across all categories of real estate.
Certified agents can provide the greatest insight into local market trends, including where to look for your next home, navigate the high-end buying process and make an offer the seller can’t refuse. They’ll also help you understand that you’re not only buying a home but investing in your future.
Interested in buying a luxury home on the Front Range? Call Denver Top Realtor Cindy Marlowe at Redhead Luxury Properties, 303-912-1478.