Custom building the luxury home of your dreams

March 9th, 2012 § 0

When your budget for building a home amounts to millions of dollars, you want It to be as perfect as it can be. It is different when you purchase an existing property, and you might be more satisfied when you customize every detail possible. Here are some tips if you are planning to build a luxury home:

Choosing the location and the builder

The most important factor when building a luxury home is its location. You need to think of a possible resell and the area must be attractive enough for potential luxury home buyers.

You may want to interview several builders and see how you will get along with the company. Choose someone who has a good personality that matches yours, someone who has confidence, and someone who has a good track record.

Calculating expenses

If you want to custom built a luxury home, you can expect the budget to go sky high. You need to create a budget and be sure that you cover the details. Discuss well with your builder how much you want to spend for the details that you want to put in. Make sure you have options that will satisfy your taste in case some plans do not work out budget wise.

Function and Protection

You should build a luxury home that is very functional. Aside from looking great, the house must be comfortable for your family, has enough space for entertaining people, and also eco-friendly. You also need to detail things that will make your property secure, thinking of potential threats and solutions to counter this so the whole family will always feel safe.

Real estate tips: Buying a luxury home

September 15th, 2011 § 0

The real estate market continues to be gloomy today but there are still opportunities for buying a home particularly in the luxury home market. If you are planning to buy a luxury home, here are some tips which may come handy:

Look at your finances carefully

Even if you can pay for a luxury home in cash today, you still need to make sure that you are getting something that will be of great value and have a good return of investment. Also make sure that you are ready for all the costs which may involve the maintenance of the property when you live in it. You need to consider your potential income in the future.

Documentation

Buyers of luxury homes declare their net worth based on the combination of their investments and sources. A luxury home purchase amid an economy that is struggling will often require pre-qualification so make sure you have all documentation of your finances in order.

See to believe

Do easily fall for really big square footage, great views, or sprawling property. It is not very easy to judge by only seeing videos and photos so make sure that you see the property for yourself and see if it really lives up to what you imagined it to be.

Think of the future

You need to weigh your decision and see if your luxury home purchase will lead to a good return of investment. Be realistic and see how your purchase may affect your finances in the future. See if you will be happy enjoying the luxury home or if you are thinking of financial gain by flipping the property. Selling luxury homes in today’s market is not very easy given the volatile condition of the economy.

Tips on investing on foreclosed properties

January 20th, 2011 § 0

Investing in foreclosed properties is not very easy to do since this involves a good deal of footwork plus putting into consideration the risk involved. You need to get your hands dirty and try to know the ins and outs of the real estate market, know the legal issues you need to deal with, and know the math how to make your investment move profitable.

Money + Hard work

The risk in foreclosure investing is higher than what you see on the TV or print ads. Profits might be attractive when you think of the end goal but  the steps to get there is pretty challenging.

When you buy a foreclosed property, this means that you are acquiring a property that was ill-maintained  because of financial difficulties mishandled by former owners. If you are planning to resell the property, there is a ton of repairs and cosmetic upgrades that you need to spend on. You can work on them yourself but if you are planning to hire contractors, they do not come cheap.

Financing your foreclosure investment

You need to prepare for the spending you will make through the repair process. The easier route will not to shoulder this alone and have some financial backers. Be sure to prepare a business plan for your project which will have projections and an exit plan when things don’t go as expected.

Studying the market

You may get lucky once if you buy a foreclosed property without really looking into current market conditions. The risk is too high and you can end up losing a good amount of money if you do not have the know how. You need to have an understanding of the market, tax implications, sales indicators, costs, and the list goes on.

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