Bid on Real Estate – Checklist to Use When Looking to Buy Luxury Homes

Location: Think about commuting time, and the cost of gas getting to and from work. If you have or want to have children, think about the local schools. How does the locale fit into your lifestyle? Will you need a good public transportation system? Is it important for you to be close to big shopping centers, or would you rather live off the beaten path? How safe is the neighborhood? Is it in an up and coming part of town, or is it becoming more run down? These questions matter for both your quality of life, and the resell potential years down the line.

Budget: The first step in buying a new home is to get preapproved for a mortgage. Your loan officer will take into account the total household income, credit scores, interest rates, and how much cash you will be paying upfront for the down payment. Check out luxury real estate auctions where you can view beautiful properties without paying more than your budget. You should also have a personal monthly budget, and make sure to factor in not only rent, but utility bills and the monthly maintenance and renovations costs that you’ll need to do.

Make a List: Brainstorm with everyone who will be living in the home on the desirable features of a new house. The first draft can have every feature your fantasy home would have. A luxury home auction is a great way to get ideas on the features you are looking for. Then go back through the list and separate the features into a list of what you NEED, and another list of what you WANT. Also, make a list of features that you absolutely don’t want – the deal breakers of your home search. Once you’re in a home, it’s possible to fall in love and make spur of the moment decisions, so remember that a written list is meant to keep you focused on what best suits you and your family’s needs for the long term, and that’s not always the house that immediately catches your fancy. As you are house hunting, bring a camera and take pictures while filling out a checklist of the features that appeal to you, or turn you off, from each home.

Research the Market: Know what houses in the neighborhood are currently selling for, how long the homes tend to remain on the market, and what the home value of the location was 3 to 5 years ago. It is easy to find all of this information online, so take advantage and if you decide to bid on real estate make sure that your home purchase is an investment rather than a liability.