Do you dream of becoming a luxury homeowner?
For a home to be considered luxury in Atlanta, it typically needs to be worth at least one million dollars. With Atlanta’s median home value at around $289,000 for 2020, only a small percentage of buyers are in the luxury homeowner market.
If you want to join this exclusive group of luxury buyers, just follow these five easy steps to become a luxury homeowner in Atlanta.
Step 1: Get Pre-Approved for a Loan
Pre-approval should always be the first step in the real estate buying process. But pre-approval is especially important in the process of becoming a luxury homeowner because there is so much money at stake.
Luxury buyers should get pre-approved before starting their home search because:
- The pre-approval process will confirm how much of a loan you qualify for, which can help you decide if you need to cap your home-buying budget.
- Luxury sellers expect all prospective buyers to be financially vetted before entering the property. They want to make sure anyone touring the home is a serious buyer.
Getting pre-approved is a fairly easy process. You’ll just complete an application with your chosen lender, provide your financial records, and authorize the lender to run your credit history. To qualify for a million-dollar home, you need to have excellent credit and annual pre-tax income of around $155,000.
If you need help choosing a lender or navigating the pre-approval process, please contact me for a no-obligation consultation.
Step 2: Start Your Home Search
Searching for your dream home should be fun, but it’s often stressful because of the lack of luxury inventory. To become a luxury homeowner, you need better resources than the average buyer because comparatively few luxury properties hit the market.
When you’re in the market for a luxury property, choosing a qualified real estate professional early in the buying process benefits you in couple key ways:
- Real estate professionals understand the market and how it changes day-to-day; they can provide personalized guidance based on your unique situation.
- Established real estate agents have extensive industry connections, so they often learn about new listings before the listings even hit the market. Use this insider knowledge to get a competitive edge over other buyers.
Remember, the seller pays all real estate agent fees. So there’s no reason for you to forego the professional assistance of a real estate agent.
Step 3: Make an Offer on Your Dream Home
As important as it is to have a real estate professional in your corner during the home search phase, it is critical to have professional representation when the time comes to make an offer on your dream home. Your real estate agent will negotiate on your behalf to get you the best possible price and terms on your purchase.
Making an offer will require you to put down an earnest money deposit. This amount (usually between .5% and 3% of the purchase price) is used to place an exclusive hold on the property, effectively taking it off the market for you. As long as the sale closes as planned, this money will go toward your down payment.
Step 4: Wait Through the Escrow Process
The 30 to 60-day escrow period is used to take care of all the administrative tasks required to successfully transfer the ownership of your new luxury home. Tasks like:
- Securing financing
- Confirming clear title
- Inspecting the home
- Appraising the home
- Drafting and signing disclosures
Many of the required tasks are handled by a team of professionals including title reps, escrow officers, inspectors, and appraisers. You can take advantage of my curated team of trusted professionals to ensure a smooth escrow process.
Step 5: Make Your New House a Home
Once escrow has closed, you have officially become a luxury homeowner. All you need to do now is get your keys and start making your new house a home.
When you’re ready to become a luxury homeowner, contact me. My network is standing by, ready to get you into the luxury home of your dreams.
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Meta Description: It’s easier than you may think to become a luxury homeowner. Here’s a simple 5-step process to make your luxury living dreams a reality.