There’s no doubt about it: Buying a home might be one of the biggest purchases you make in your lifetime. It certainly could be one of the most life-changing. When it comes to something as meaningful as this, taking advice from a nosy colleague or well-meaning family member is not the way to go, unless they happen to also be an experienced luxury real estate agent! Here’s our best advice for today’s house hunters:
Don’t buy the worst house on the best luxury street. Some savvy buyers opt for this strategy, thinking it’s the best way to score their dream home and add value. Unless you’re an experienced investor, however, this is also one of the easiest ways to blow your renovation budget and end up cancelling out that added value. Instead, opt for a luxury home that meets your needs in a neighbourhood you love.
Don’t take financial advice from people without money. Some people feel like they’ve watched a couple of episodes of House Hunters and are qualified to give advice when it comes to home finances. When you’re investing in a property, however, this is not the time to take advice from anyone who wants to give it to you. Instead, work with a trusted lawyer, mortgage broker and financial planner to reach your homeownership goals.
Don’t let starting be a hurdle. If you’re ready to make a change in your life, remember that the first step is the hardest. If you spend precious time over-analyzing and obsessively working out the details of your home-buying plan, you risk never getting the ball rolling at all. While a certain amount of planning is healthy, make sure you reach out and take action. A good rule of thumb is to add deadlines to your goals. For example, instead of just “I want to buy a luxury home,” tell yourself, “I want to buy a luxury home in two years.”
Be motivated by failure. It can be hard to search for your dream home and feel like you just can’t find what you want or seem to lose out on every bidding war. Keep in mind, however, that every negotiation that doesn’t go your way or showing that ends up in disappointment is an opportunity for you to gain a better idea of what you want. Keep your eyes on your goal and remember that your dream luxury home is out there for you.