Article Submitted By – Jerry Armen
Everyone dreams of living in their fantasy home, while very few realize that dream. If you are among the few who shoot for the stars, then you need to know a few basics before shopping.
The first thing to know about buying a luxury home is that you must pass a pre-screening phase before you even get a chance to look at the house. You have to prove that you are a legitimate candidate to purchase the home. If you can do that, then you should read on, because that was our pre-screening, wink.
You can start looking for that luxury home by locating the broker who is selling the most luxury homes in the region where you want to buy. You should also acquire a letter from the bank. While it does not guarantee you will be approved for a mortgage, it does provide some peace of mind to the seller when he takes his house off the market for you.
Using cash for the purchase of a luxury home is not the best use of your assets at this time. Rates are still quite low, so it is better to dive in with as little cash as necessary. Be ready to answer some very personal questions, though. You will need to tell about your work and get a letter from an accountant and a bank statement proving you have sufficient assets to make the down payment.
This small list we have provided to prepare you for finding you luxury dream home is enough to show you that it is not an easy process. If you are a secretive person, then this might not be for you. Otherwise, try to make it as fun as possible.