Costly Mistakes When Buying Luxury Homes

wrOwning a home is a must for almost every individual. Of course, by having your own home, you have a safe and secured place to stay in. Homes are also good investments, which can increase in value over a period of time. When you own a home, you can also provide a better and more stable future for your loved ones. However, there are some home buyers who seek for luxury homes.

During the past, owning a luxury home is only for the rich and famous. Luckily, there are now luxury homes that are quite affordable. When looking for such homes, you should be cautious since a simple house buying task can turn into a night mare. To avoid this, below are some of the most costly mistakes when buying luxury homes.

Not considering the real budget

One of the most common mistakes individuals make when buying luxury homes is not considering their real budget. When searching for a home, most individuals want numerous features from the materials used up to the designs. Of course, you may find the perfect match you are looking for. But, the problem is you do not know if you want to spend such a big amount of money for the home. As a result, you may end up spending too much money in searching for the right place to live in. It is important that you first set a real budget before searching for a home you want to purchase, in order to eliminate unnecessary choices.

Neglecting future expenses

The next mistake home buyers make when searching for luxury homes is neglecting future expenses. Even when all the items and features in the home are working properly, in time, you will need to do some repairs and maintenance work, which can be sometimes costly most especially for unique features such as glass walls or doors. So, make sure to have the finances for repairs and maintenance.

Forgetting to check the community

Forgetting to check the community is another mistake home buyers make when buying since there are cases when buyers only focus their attention on the house. When this happens, you are not sure if you have sufficient security in the community. Apart from that, you may also have difficulties accessing amenities like supermarkets and shopping centres. Because of this, you might spend more on transportation and security services.

Going too big

Finally, going too big can also be a major mistake when buying luxury homes since bigger houses mean more money to spend. In addition, bigger houses mean you also have a larger place to maintain, which can surely affect your finances. Other than that, there are also some features that are not useful and can only increase the price of the house you wish to purchase.

How to Buy the House of Your Dreams

cgIt is important to start from the big picture and finalize with the small one. The first thing to consider is general locations. Where in the city do you want to buy? In the same area where you live now or somewhere else? Once you pick the general area it is time to start your research, you must look into the availability of schools, and how close is the nearest hospital, the supermarket, your place of work and things like this. Consider and compare these against your actual location and decided if it is convenient to you. If it isn’t, try another location and continue until you have found the perfect place.

Now do a realtor search, find someone who is well-known and has an established reputation and a physical office with a secretary and all. Make a list of a few and visit their offices, talk with them without committing to contracting them. Let them know that you are shopping for someone who can help you find a house. Realtors can be pushy; they live of the commissions they make so they can be stubborn. If you do not feel comfortable with the person, walk away, looking for a house is stressful enough without having to do it with someone you do not like or feel uncomfortable with. With the list, pick the one you feel better with and has the best sales record.

When signing the contract with the realtor make sure that it does not give him too much exclusivity time to find your house. If he can’t do it within three weeks, he won’t be able to do it. So do not sign the contract if it asks for more than thirty days exclusivity. Also make sure the commission is within the law and make an effort to reduce it some. As usual take a good look at the fine print and ask any questions you have. If you feel it is necessary have your personal attorney look at it and approve your signature. With this done, let us get to the nitty-gritty.

This is a family matter so all the family should be involved. You need to get a general idea of exactly what you want your house to have. This would include the number of bedrooms, a patio, a front yard, one or two floors, a den, this kind of things. We are looking for a general idea not for an exact house plan. When doing this do not think about today, think about tomorrow. One day the children will grow up and leave and you will be left with a huge empty house. Think about something comfortable but also practical.

Now it is time for the hard part, this is not for a family meeting; this is between husband and wife. Sit together and look at your numbers, how much are you able to spend on your dream house without going overboard. If you are going to borrow the money you must do the math and come up with a monthly amount you can comfortably pay. Do not forget to leave a reasonable amount aside in case of an emergency or a vacation once in a while. Remember buying a new house should give you happiness not a burden. Be reasonable and look at the numbers, do not take into account a possible raise, inheritance or the lotto. Work only with what you have in hand now. If you are going to borrow the money from your bank, see your banker and have him give you the amount and conditions the bank will allow you. Using your personal numbers to determine how much you are comfortably able to pay the bank each month choose the amount you will borrow and how much time you want to pay the loan. You do not necessarily have to accept twenty years or any other amount, if you can pay the loan back in ten years, go for it. The longer it takes the more money the bank will take from you in interests. Do not forget to negotiate the interest rate and get it all in writing from the banker.

Now it is time for your chosen realtor to work. Give him the location, general needs and the distribution plus the amount you are able or willing to spend on it. Give him some time to find several houses that come close to what you want. We are back to the complete family again, set up an appointment to visit the properties; on a Saturday if possible, that way everyone can come and have their say. Do not, repeat, do not get excited about any of the properties even if you are looking at the perfect house for you. Look around, ask questions, look at everything again and ask to see the next property. When the tour of all the houses is finished, tell him you are not sure and would like to see some more houses as soon as possible. Do the same with the next set of houses.

Call a family meeting and discuss the pros and cons of each house. Take notes on the points mentioned by everyone, you will all be living there so a close vote would be fantastic when the decision is finally made. All the above mentioned points must be discussed to reach a decision, they are all important. Do not include money in this, just the house itself and the location, they so not need to know. After listening to everyone’s opinion we are back to husband and wife, it is up to you to weigh all the information for a final decision. See, that was easy, now it is time to make an offer and proceed to the closing and moving into your new home.

Custom Built Geodesic Dome Home

vrThis is a structure that is built on the lines of geodesic domes, which is a dome that is constructed of short struts that follow geodesic lines, forming an open framework of polygons or triangles. In these custom built homes it is made of an internal metal framework, which supports the shell of the home. This type of dome has existed since World War I where the first ones were built in Germany and since that time, there are many manufacturing companies that offer them in various shapes and sizes. Some have them built for use as a greenhouse.

Living in a dome home has its advantages and disadvantages, which include:

Advantages

• Because of their spherical structure, these homes are not influenced by the elements of nature. The homes are able to stand winds that are extremely strong. There are some that have even withstood earthquakes.
• The home is known to keep the interiors warmer than conventional custom built homes and the air circulating inside your home helps to constantly maintain the temperature
• It is stated that it helps to save twenty-five to thirty percent of the space that would be needed by a rectangular home. This is a very important aspect when you consider the cost of real estate.
• Can be energy efficient.

Disadvantages

• Because of the various material that is used to build a geodesic dome home some elements like condensation, sunlight, sound, and smell penetrate the wall, which gives you little protection against these elements.
• It is time-consuming and difficult to try to install the internal fittings and the furniture according to the build and shape of the home.
• It can sometimes prove to be a major problem trying to divide the space inside by using walls because of the flat straight lines and absence of corners that you have to work with.
• The panels of a geodesic dome home are triangular-shaped so windows that are rectangular or square do not work so you have to be content with round or triangular windows.

If you decide that you want to live in a geodesic dome home you can purchase a kit that is ready-made for you to build or have a custom home builder build you one from scratch. If you decide to use the kit, you will have the panels of the geodesic dome and the main framework. When buying a kit you should opt for fiber panels as they are easier to fit into the frame. When using a kit it provides you with the simplest form of a geodesic dome home.

This article is penned by Lora Davis for Dalton Built. Dalton Built has been building and remodeling Lexington’s finest custom homes since 1974. We are a Lexington home builder offering constructed homes in prominent neighborhoods like Hartland (Estate and Executive sections), The Enclave, Greenbriar, Firebrook and Ellerslie.

What to Know About Ecuador Real Estate

cqqReal estate is one of the fastest growing market in the world, if you learn how everything works in the real estate world then you can easily start earning a lot of money for yourself. There are many places in the world where you can invest your money safely and get a good ROI or Return On Investment. Ecuador is one of those places, although the country was once not under the radar of investors due to the fact that it was not a safe place. It has managed to leave all that behind and has become a really great place for people who are interested in real estate. Real estate in Ecuador is no joke and there are many reasons for that, here you will find some of the best reasons to why investing in the real estate of Ecuador is such a great decision.

When you are looking forward to invest in a property somewhere, then the main thing that you look for is a property which is gettable at a really reasonable price. You want big properties and then perhaps sell it of at a really high price. If you are such a person then Ecuador is without any doubt the best place for you. This is because properties here in Ecuador are really cheap and if you are looking forward to buy cheap properties then Ecuador is the place for you.

The best thing about real estate in Ecuador is that property here in Ecuador is really cheap and can be bought by anyone who has a bit of money. Ecuador is classified as a middle income nation, this is because more than 35% of the country’s population is living below the poverty line. Agriculture is the backbone of the country’s economy along with marine and petroleum products. Since the economy of the country is subjected to slow growth rate, that is why the properties there are really cheap.

For foreign investors, this is a golden opportunity because they can easily buy these properties without any financial problems. You can easily get 3 bedroom home at the price of $65,000 which is really low. Foreign investors are able to buy a lot more properties in Ecuador simply because of the fact that they can buy two properties at the price of one.

The prices of real estate in Ecuador are really good for people, they can get a two-bedroom condo in Quito at a price of $55,000. Buying such a home at this price is almost impossible in other parts of the world because property there is generally expensive. These were a few things that you should know about the properties in Ecuador. The main thing that we learn here about real estate in Ecuador is that it is really cheap. If you are looking forward to start a real estate business then a small investment in Ecuador can easily give you the head start that is required by you.