If you're prepared to treat yourself to finer living and want to own a luxury home with a pool and four-car garage, you're not the only one. Lots of Americans have decided to do just that by moving up to a home with more luxuries.
In doing so, you'll likely need to apply for a jumbo loan. Lenders have loosened some of their guidelines since jumbo buyers tend to be very responsible borrowers. However, with multiple offers being pretty much the norm in cities like Seattle, Denver, and Boulder, it may be easy to sell your home, but buying your high-end home may require some patience in a low inventory housing market.
Why Upgrade to a High-end home?
Realtor.com conducted a survey a while back and asked participants why their reasons for trading up to a luxury home. The most cited reason was due to a career promotion at 19 percent. After that were people who became recently retired at 17 percent followed by those who purchased to make an investment at 14 percent.
What is Considered a Luxury Home?
If you're thinking about an upscale home purchase, you probably understand that the purchase price will not fall into the conventional mortgage category. However, what you consider a luxury home could vary from other home buyers across the country. As an example, in the South Atlantic, North Central and South Central regions of the U.S., a luxury home is in the $500,000 price range or higher. On the other hand, people have a different perspective in the Northeast, Pacific and Mountain regions and will say luxury homes are $1 million and above.
When it comes to the attributes of luxury homes, many in real estate claim it is about more than just the size. Of course, you can expect the home to have ample square footage, high quality construction, located in a prestigious part of town, top of the line amenities and an amazing floor plan are the essential ingredients. In a survey performed by Realtor.com, prospective home buyers said their list of mandatory features are:
Gourmet kitchen (54 percent)
Views of oceans, mountains or the city (44 percent)
Lots of Square footage (38 percent)
Spacious master bedroom suite (36 percent)
Why Financing is So Important
So, as you can see what determines a luxury homes is different between two locations across state lines. Nevertheless, what is consistent is getting the right home loan based on your home's price. Some people say getting a mortgage loan may be a challenge to complete a luxury home purchase.
That is where we come in to make it an easier process with our many home loan types and options. If you're in need of financing in uspcale areas of Denver, Boulder, Vail Valley, or Summit County which includes Breckenridge, Dillon, Frisco visit www.coloradoloanpro.com , where a jumbo mortgage expert can provide you with the best options.