WHAT TO KNOW ABOUT PURCHASING
A HOME OVER $1 MILLION
Buying a home priced over $1 million comes with unique considerations beyond the usual home-buying process. First, expect a more rigorous mortgage approval process. Most lenders treat these as jumbo loans, which exceed conforming loan limits. Jumbo loans typically require a higher credit score, a larger down payment (often 20% or more), and strong proof of income and assets.
Interest rates on jumbo loans can be slightly higher than standard mortgages, and fewer lenders offer them, so it's wise to shop around. You'll also need to budget for higher property taxes, homeowners insurance, and possibly private mortgage insurance (PMI) if your down payment is below 20%.
This 4 bedroom, 3 full bath, completely renovated beachside home with panoramic Long Island Sound views sold in Milford last year for $1,650,000:
This luxury waterfront retreat on Long Island Sound in Clinton, with 4+ bedrooms and 2.5 baths, as well as an in-ground swimming pool, sold last year for $2,262,500:
Is this your price range? Maybe more? There's a property in Guilford that's on the market for $35,000,000. Regardless of the price point I'd be happy to help you discover the right community, town, and property to match your lifestyle and budget.
For nearly twenty years, I've helped New York City and Boston renters stop waiting for "someday" and start owning a place of their own. As a former Manhattan renter myself (West 82nd Street), I know that buying a weekend retreat isn't just about escaping the city. It's often the first step toward building equity while continuing to enjoy the city life you love.
That's the idea behind Buy Your Second Home First. Sometimes the smartest first home is the one everyone else thinks should come second.