Purchasing a Luxury home
Purchasing a Luxury Home isn't the same process as purchasing a non-luxury home. Luxury homes tend to have a starting price of $500,000 or more, and this price puts them outside of the Federally guaranteed home loans that most non-luxury home buyers tend to use.
What exactly distinguishes a Luxury home from non-luxury homes?
Some may think initially that a luxury home is solely defined by size and price but that is only part of the equation. Luxury is personal belief or notion. However, there are characteristics that all luxury homes have in common:
Location, is key. Is the home located in a desirable location?
Is the homes architecture distinctive?
Does the home have Amenities that are outside the 'norm'?
- Deep water dock with electric boat lift?
- Meditation rooms
- Wine Room
- Art Gallery
- Million Dollar view
Essentially to determine if a home is in the luxury category, ask the question: Does the home go beyond what is typical in a particular market?
Virginia Beach Luxury Homes
In Virginia Beach, Va. Luxury home buyers have a large variety of homes to pick from, all with a different amenities offered by the home or the actual location of the property. In Virginia beach luxury homes can be found near water, either on or near the Chesapeake Bay, the Atlantic Ocean, on one of the many inlets, or on one of the fresh water lakes. There are your exceptions, too. Many luxury home buyers are want the quite country living, and are looking for grand homes with lots of acreage and woods, generally considered Wooded estates or country estates.
1. Deep water access
2. Lake Front
3. Ocean Front
4. Beach access
5. Beach neighborhood
6. Beach front
7. Wooded Estates
8. Gated or Private communities
Financing your Luxury home
Financing options for Luxury homes are fewer than non-luxury homes. Fannie Mae and Freddi Mac are the federal are federal housing authorities who guarantee home loans under $424,000. Luxury homes tend to exceed the maximum loan amount set by the Fed leaving you, the luxury buyer , may have to rely on a Jumpo Loan or Pay cash. It is best to speak to your loan specialist about the in's and outs of financing a Luxury home.