4 Reasons Why Luxury Homes Are Special

When browsing through the property listings, you must have come across ‘luxury homes’. The pictures are awesome and you dream of buying one such house some day. To most people, it’s actually a dream to buy a luxury house as it is very expensive. But more people are now investing in luxury homes than they did before. Here are some features of a luxury home that makes it so special.

Location

Luxury homes are situated in premium locations. All the properties in the neighborhood are expensive. This may be because it’s located on top of a hill or near the beaches. You get lovely views of nature and city from these locations. Good restaurants, hotels and other amenities also make the neighborhood expensive.

High-quality construction

Very high-quality construction materials are used in building luxury homes. The finishings are also exclusive. You will have hardwood floors, marble top counters, granite kitchen counter, etc. The house won’t be affected much even at the time of disasters like cyclone or flood.

Special facilities

A luxury home has a swimming pool, gym room, entertainment room, jacuzzi, outdoor games and other special facilities. You will find everything in your home and so you won’t need to go outside to have a good time.

Privacy and security

Luxury homes are usually bought by rich people or celebrities. These people want to hide from media interests and so prefer living in a private setting. These houses are more secure than the traditional houses. There will be guards and high-end security systems.

Besides all these special features, buying a luxury home gives people a sense of pride. They get the feeling of belonging to a high-end society. These feelings are worth much more than the money they spend on buying a luxury home.

4 Tips For Getting A Mortgage With A Low-Interest Rate

If you are thinking of buying a house then you should apply for a mortgage. Getting a mortgage isn’t easy; you will have to meet several criteria. Even if you meet the minimum criteria, you might not get a lower interest rate. Simply shopping around from one lender to another or having a good credit score is not enough to get a mortgage with a low interest rate. There are other factors involved as well. Here are some tips that can help you secure a good mortgage.

Credit score

You will need a very good credit score to obtain a low-interest rate. A credit score of 760 or more is considered to be a good credit score. However, you can get a mortgage with a credit score of 620 as well, but the interest rate will be higher.

Stable income

You need to document your income for the past two years and it must be stable. If you were unemployed for a long time or if your income declined over the past two years then you are very unlikely to get a mortgage. Even if you get one, the interest rate will be high.

More down payment

If you pay more down payment, your interest rate is likely to go down. Usually, it is required to pay a down payment of 20%. But if you pay more than this then you will pay a low-interest rate eventually.

Shorter loan period

If you take a loan for 15 years instead of 30 years, then you will be paying less interest. So, if you have a secured job and some savings, it’s better to go for a shorter loan term.

You should always have some savings before you decide to buy a house. You should be prepared for emergency situations. You shouldn’t miss any of your mortgage payments; otherwise, the interest amount will increase. If you want to get a good interest rate, you should make sure that you have a good credit score, stable job, ability to pay down payment and get a short loan period.