High-end Plano luxury home buying can be overwhelming if you’re not prepared for it. There’s something quite thrilling and a bit terrifying about buying your first Plano luxury home. It can be an overwhelming process especially if you’re not ready for it. here are some ways to know if you’re prepared to tackle the high-end housing market: Download my report, “Dallas Home Buying Process Guide,” to help you find and buy a luxury home.
Look at your finances to determine if luxury is in your price range.
Cost is an important factor in Plano luxury these days. Homes and condos upwards of $1,000,000 in Plano fall into this category. Evaluate your finances to determine which luxury properties in the area are attainable based on how much you can spend. You’ll also need to consider how you plan to pay for or finance your luxury home. Consult with a mortgage lender to get pre-qualified and to discuss your options. Consider how much money you have in the bank. Even if you don’t pay cash for your home, you’ll need a nest egg for your down payment, emergency fund, home maintenance and moving expenses. Property taxes are high in Texas and you need to account for the property taxes also in your financial calculations. Look at your future plans.
Short-term homeownership is never a good idea even in a seller’s market like
Plano. That’s why it’s important to make sure you are in a stable job and have plans to stay in area 5 to 7 years or more. You may not be able to recoup your down payment, mortgage-related fees and home maintenance and repair expenses if you don’t stay in the home for the long-term.
Are you being realistic about what’s available?
Buying a luxury home in Plano is not like an episode of “House Hunters.” There’s a lot of work involved as you learn more about the local market and what’s available for purchase in Plano. Set your expectations for what you want in your dream home and then prioritize them to determine where you’re willing to compromise. Some things to consider include:
Movie theaters or media rooms