How to Make the Most of Your Home Buying Budget for Luxury Real Estate

Your home is your castle, a place to make special memories. So, when you’re in the market for a new place to live, a luxury home is well worth considering—even if you have a specific budget in mind. Top-of-the-line real estate offers so many amenities, and you don’t have to pay a fortune to enjoy it if you make the right moves during the buying process.

Whether you’re selling a luxury home, buying a new house, or thinking of relocating, making the most of your spending always pays off in the end. Here are 10 highly effective ways to stretch your luxury home investment dollars.

Savvy Decisions Get You More out of Your Home Investment 

1. Know What You Qualify For

Knowing what you can reasonably afford is a huge key to snagging the elegant home of your dreams. Find out what size loan you qualify for. Understand what you’re comfortable spending, and stay within your means. A good mortgage lender will cover the best options for financing your new house.

2. Contact an Experienced Realtor

Start your home search by finding a real estate company with experience and a deep understanding of what you’re interested in. Hiring a reliable luxury real estate agent makes the process smoother in many ways. Our McGraw REALTORS can help you define your goals, establish a clear home buying budget, negotiate contracts, and so much more. When it comes to buying luxury real estate, an experienced realtor is your best friend.

3. Educate Yourself

Learning all you can before diving into luxury home buying saves valuable time, money, and frustration. Spend time studying the housing market, so you can determine how to make the most of your home buying budget. Figure out what’s currently available for sale, and where. Having the best possible understanding of what to expect in a luxury home is one of the most important things you can do before you begin your search.

Check out our home buying tips to simplify your search.

4. List Your Must-Haves

Knowing what type of amenities are important to you will help narrow down which properties are worth looking at, based on your preferences and your spending plan. Top-of-the-line luxury home features include an incredible location, breathtaking views, topnotch entertainment rooms, home gyms, mini-bars, extraordinary privacy and land size, exceptional safety and security features, high-end appliances, great landscaping and wonderful neighbors.

5. Know the Neighborhood

Buying luxury real estate in Oklahoma or Northwest Arkansas always begins with the right neighborhood. There are certain aspects of a community you’ll want to think about before considering buying a high-end home there. What are the plans for future development in that area and its surroundings? What are the current trends in that part of town? This is just as much about protecting your investment long-term as it is about finding your luxury dream home in the here and now.

6. Consider a Foreclosure

Around six out of ten foreclosed homes are purchased with a loan, not cash. So, finding a foreclosed luxury home within your target home buying budget and at a major discount is within the realm of possibility. Purchasing a foreclosure means you’re buying the property as-is, so an inspection is a must. Plumbing, heating, and cooling, as well as the electrical and structural integrity of the home, are all things that the homebuyer would be responsible for unless identified and negotiated before the sale. 

7. Look for the Motivated Seller

There are signs that a seller is highly motivated to move their property off their hands. The listing may actually say so. If the house appears to be empty, overcrowded, or underused, the seller could be ready to make a quick sale. Houses that have been on the market for a long time can also indicate a motivated seller. Set alerts for price changes on your favorite properties. Our experienced, knowledgeable McGraw REALTORS can help you identify homes in this category.

8. Be Patient

Finding high-end real estate that fits within your home buying budget requires patience. Hasty decisions are typically not a way to get a good deal. You can’t be afraid to pass on a home that’s not ideal in order to land the best property for you. Getting what you truly desire is possible if you’ll be strategic about it. Stay in tune with what you want while being true to your budget, and you’ll find the luxury property of your dreams.

9. Make the Right Bid

Bidding on luxury real estate is not much different than any other home purchase. However, there are things to consider so you can make the right offer on the house you want most. Sellers are always looking for serious, straightforward, and appealing bids. Offering a larger deposit upon signing a contract can communicate you are serious. Being preapproved for the amount of the bid is also attractive to sellers.

10. Be Creative after Closing

Once you’ve closed on your dream home, there are ways to remain within your financial targets and still make your property appear more luxurious. 

  • Minimize furniture and decorate strategically. 
  • Enhance private spaces, like bedrooms and bathrooms, to create an elegant look and feel. 
  • Limit bright colors to specific accent items. 
  • Update light fixtures to add elegant, energy-saving lights. 
  • Increase the sense of space and openness by adding beautifully framed mirrors. 

Any must-have that isn’t already included in the home, like a mini-bar, can be added as you have time. 

Turn Your Real Estate Dreams into Reality with McGraw

Whether you’re selling one home and looking for an upgrade, moving due to executive relocation, or desiring a luxury vacation home in Oklahoma or Arkansas—our expert luxury real estate company can make home-buying simple. We’ll guide you through the process and get you into the home of your dreams. See our Find a Home services, and schedule a consultation.

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