Keys to Worry Free Luxury Home Ownership

Chicago Luxury Condos: The Luxury Home of Your Dreams

Most people are fascinated by luxury homes and it seems that no matter where you reside there are luxury condos in your area that people discuss or express a curiosity to tour the residence.  More often than not when these new condos are placed on the market there are many people that contact the realtor, just so they can see the interiors. This can be very time consuming for the realtor and non-productive, because they will not be compensated for their time for giving tours of the luxury condominiums. At best, realtors compensate by utilizing private listings or delegating that the viewings of these homes are limited to serious buyers only. This means that in order to simply view available units you may have to fill out an application to get questions answered, or already be working with your own realtor and actively pursuing the purchase of a new home.

Several times the pursuit of a new condo becomes extremely difficult, because though many individuals and couples looking to purchase a new luxury home have the desire, they do not have the means.  Part of the rigorous job of a realtor is pre-assessing the means for which buyers will pay for the home.  To ensure the quality of the buyer and the reality of whether or not the deal even has the potential of being closed, they will run a credit check.

Credit Score and the Pursuit of Happiness

Now that you are faced with the decision of possibly buying a luxury Chicago condo, and your heart is intent on prevailing, ensuring you have all your financial matters organized is key.  To simply view your future home, a good credit score is necessary. 

If your credit score is less than perfect take comfort in knowing that you are not alone. Many banks will offer a bad credit consolidation loan to someone who is in need. The benefit of getting all of your bills paid off and in one comfortable place is important when you are trying to repair some damage.

First off, many people automatically think that their past transgressions have completely ruined their financial growth and nothing is further from the truth. However, it is necessary, that if you are serious about acquiring a new luxury condo as your home, you have to take the appropriate steps to making credit matters right. A bank will understand that you need a bad credit consolidation loan to help you increase your credit score, but some serious effort will need to be put forth in order to achieve this goal.  There are other matters in which you can successfully attain a better score, but this is the most efficient as it takes care of paying all your debtors as well as adding a significant revolving account that will soon show as paid.

Take every step necessary and even utilize credit counseling as an avenue before you pursue the matter of home ownership further.

 

Sealing the Deal:  Purchasing Your Luxury Chicago Condo

So let’s say you have good credit or you’ve substantially repaired the flaws that once were present.  Now it’s time to “seal the deal”.  Because there are a substantial amount of “luxury” homes already available, the choice comes down to pre-construction condos, new construction, previously owned, new, or conversions.  If you don’t know what these are, please make sure to read my article Condo Terminology Defined.

If you’re serious, now is the time to talk to the realtors, review the homes, and then talk to your bank about structuring a mortgage that is within your budget.  Once you’ve talked it over with your bank and reviewed your options (which will be easy especially when you’ve obtained a mortgage approval from your lender), talking over your decision with a realty consultant proves to increase the possibilities of obtaining the home of your choice.

Consult with a professional, consult with the realtor for the condo you desire most, and finally, consult with your financial institution before signing anything.  If you ensure that you’ve made the right choice, and have your credit in order, you will rest assured be one of the lucky few who can obtain their dream home.  And best of all, you’ll be at the top of the real estate market in years to come, as Chicago luxury condos are not just luxury homes, but smart long term investments for the future.

Good luck on buying your new home!