Contrary to popular belief, millennials aren’t all living in their parents’ basements and passing the time eating Hot Pockets and watching Family Guy re-runs. In fact, they’re a major force in today’s housing market. But, unlike their parents, the newest generation of home-buyers isn’t interested in investing in a starter house, then upgrading to a bigger one, then a bigger one, then a bigger one, until they die in a mansion Citizen Kane-style.
No, they’d rather just start with Xanadu.
[post_ads]According to a September report from the real-estate website Zillow, millennials not only represent the largest group of homebuyers in the U.S., but they’re also skipping the “$200,000, $300,000, $400,000 home” en masse, says Zillow CEO Spencer Rascoff in an interview with Business Insider. “[It’s] a total mind shift as compared with previous generations. So they’re still buying homes—they’re just buying them later and buying them bigger.”
With so many first-time home-buyers in America deciding to go big, we took it upon ourselves to compile the ultimate checklist that every prospective luxury-home owner needs to know. After all, heaven forbid you forget your title insurance, you buy dangerously close to a coastal problem area, or you can’t spot a wildly overzealous broker. So read on, and good luck closing on the home of your dreams. And if you need decorating tips for your suave new pad, learn how to style your walls from the famous Nate Berkus himself.
1
Don’t judge a book by its cover
Of course, it’s basic good sense to check a place out in person before buying it, but the point here is also not to dismiss a property that ticks all of your other boxes because it doesn’t look great in the photos. Phipps also recommends looking up the address on Google Earth to get a better sense of the size of the property and the area surrounding it. Also, while you’re scouting out properties, it helps to know the 50 Best American Cities for Buying a Mansion.
2
Get a realtor
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While it’s always a good idea to meticulously document anything that has to do with your finances, Steve Goddard of RE/MAX Beach Cities Realty told HGTV that it’s particularly critical when buying luxury property because “there is more scrutiny today in the high-end market… Anyone who is making a lot of money has a manager or an accountant and tries hard to shelter their money so it can be difficult to show the bank you have the income.”
3
Keep a record of absolutely everything
4
Get a local guide
“There’s a bit more control on access to high-end properties in terms of fewer open houses and more appointments have to be made to see them,” Blakeslee told HGTV. Plus they’ve got the inside scoop on what the neighborhood is really like and where to get the best pasta carbonara.
5
Be wary of realtors who are always telling you to buy, buy, buy
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That gorgeous ocean view that talked you into buying the place might be totally obscured by a new condo that’s conveniently breaking ground a month after you move in, Alexander Chaparro of @properties warns. And if you’re home is overlooking a beautiful, oceanside bluff? Make sure that coastal erosion won’t destroy the property down the road.
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Do some research into the future of the area
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Do some research into the past of the area
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A standard inspection will ensure that the structure and electrical system of the property is sound, but might not check for things like faulty pipework in the basement or cracks in the foundation of the pool. It’s worth it to splurge on extra inspections, especially if you’re getting one of those European castles that cost less than a studio in Brooklyn.
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Get as many inspections as possible
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Compare similar properties
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Simply put, title insurance is evidence that you are the lawful owner of your property. The way it’s different from other types of insurance is that regular home insurance protects you from potential future problems, whereas title insurance protects you from potential past problems.
In other words: Title insurance protects you from “hidden hazards,” such as “invalid divorces,” “secret marriages,” and “undisclosed heirs.” So, basically, you get title insurance so that if you buy a castle and then some guy turns up and says,”I inherited this house from my grandfather, the Earl of Worcester, but I’ve had amnesia for eight years since he died so I only just found out about it now,” you can be like, sorry, bro, it’s mine.
10
Get title insurance
In other words: Title insurance protects you from “hidden hazards,” such as “invalid divorces,” “secret marriages,” and “undisclosed heirs.” So, basically, you get title insurance so that if you buy a castle and then some guy turns up and says,”I inherited this house from my grandfather, the Earl of Worcester, but I’ve had amnesia for eight years since he died so I only just found out about it now,” you can be like, sorry, bro, it’s mine.
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