If you’re finally feeling like you’ve made it and have started eying the realty section of the classifieds for your dream home, life is probably pretty exciting right now. Homes come in all sorts of shapes and sizes, with all kinds of price ranges. But you’ve made it, and you want the best. Shopping for high-end homes can be different from regular house shopping—and not just because they cost more.
First Step: Get a Real Estate Agent
Not just any agent, but one who specializes in luxury real estate. Imagine flopping down a huge wad of cash for a dream mansion, only to discover that you paid a half million too much. Or that underneath the shiny exterior there was a major water damage problem. Getting an agent will help you get your ducks in a row—their experience will help guide your decision and make sure you make the right decision.
Second Step: Recognize What You Can Afford
While the agent will help with this, remember that you’re not just purchasing a house. Even if you have millions of dollars in the bank, you’re likely going to use a loan. And interest rates on expensive mansions are high. Use a home loan calculator to see how realistic all the moving pieces are. A mortgage loan calculator showcases how interest rates and timeframes affect how much money you’ll end up having to pay a month.
Don’t forget that you are upgrading—that means more space to fill. Unless the home comes furnished, you’re going to find yourself needing to find furnishings for a much larger building than you’re currently using. This adds up quickly.
Step Three: Get it Inspected
You think you have it—the perfect house for your budget and needs. Before you agree to the purchase, make sure the house passes the appropriate inspections. As mentioned above, everything can look all sparkly and nice on the surface, but nightmares can lurk underneath. You don’t want to find yourself with a lemon.
Step Four: Get Your Loan Approved—and Pay it Back
If you’ve already played around with debt calculators, you’ll know that mortgages are a big commitment. Using a debt elimination calculator will help you see how the specific details impact your new loan will affect you month-to-month. You’ll be able to see with a debt repayment calculator when you can become debt free by plugging in different payment amounts.
At a point down the road if you find you’ve got multiple types of debt on the table, you can use a debt consolidation calculator to see if consolidating your debts is right for you.
Bio: Jacob Gehman is a freelance writer from Lancaster, PA. When he’s not writing about his passions, he’s busy finding the best local eateries and debating what movie or TV show to stream.