Everyone wants to live in a luxury home; the prestige, premium features, and excellent location typically associated with luxury homes all contribute to their desirability. Unfortunately, many cannot afford these homes due to their premium costs. Still, there are a few tricks you can use to help you buy a luxury home at a reasonable price; for example, you should:

Look For Motivated Sellers

A motivated seller is someone who is looking to sell as fast as possible. Such sellers price their homes competitively and may also offer a few concessions to sell the house fast. Apart from identifying motivated sellers, you also need to identify their motivation and use it to your advantage so that you can buy the house before someone else does. For example, if they want to sell within the next couple of months because they are moving overseas permanently, you should craft your purchase offer to offer them closing within that timeline.

Hunt For Distressed Properties

You can also buy an affordable luxury home by buying a distressed property; short-sales or foreclosures typically go for lower prices than traditional sales. When many people think of distressed properties, they tend to dwell on dilapidated small homes whose owners have neglected for years. However, there are also luxury homeowners who can't afford to pay for their homes. Maybe their finances have taken a turn for the worse, they inherited the house or they are divorced and can't afford the mortgage.

Strengthen You Bid in Other Areas

In some cases, you may also succeed in buying a luxury home at an affordable price by strengthening your purchase bid in other areas. For example, you can waive the inspection contingency, not insist on repairs, pay the closing costs, and limit concession requests. Generally, you want to make the purchase as hustle-free as possible for the seller.

Rent Out Some Square Footage

You may also be able to afford a luxury home by renting out some of the areas or rooms you don't use. This may allow you to, say, buy an eight-bedroom house even if you only need six of those bedrooms because you may be able to rent out the other two rooms. Another example is if you buy a luxury home with a ten-car parking area whereas you only need spaces for four cars. Depending on the location, you may be able to make some money by renting out the other space to others. Contact a real estate agent for more help.

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