The Powerball jackpot made a new record for $1 billion, sending lotto fever across the country and creating a new batch of multi-millionaires as a result.
According to Pop Sugar, HGTV's "My Lottery Dream Home" host, David Bromstad knows that most lotto winners would like to spend the money first on a house, and he knows how to help them make the right decisions.
Bromstad listed his advice on shopping for a luxury house. Whether the buyer is a lottery winner or just someone who is hoping to get one someday, this list is going to be helpful.
The first one is to do some research. The buyer should know the area they want to invest in. Some great sites to do some research are: HGTV.com, Investopedia.com, Christie's, Sotheby's and Forbes. These sites help the buyer to get a wider perspective on the market he is searching.
The buyer should also work with a qualified broker. Agents have reputation just like those who are in the professional world. Find a broker who has the most sales in luxury real estate. Speak to several brokers and whoever finds the best deal gets the sale.
Be prepared to divulge your information. The higher the price, the higher the stakes and the buyer will be investigated accordingly before getting an expensive house. He will be asked about his job and other assets that would help qualify him to purchase the house.
A preapproval letter from a bank can give an informed idea of what the buyer's capability is with regards to a mortgage. It will not ensure the buyer will be approved for a mortgage, but it will set the seller's mind at ease to go under contract with the buyer. Always turn on taking a mortgage and consult a financial planner or accountant for the best option.
HGTV's "My Lottery Dream Home" premiered on Jan. 8. It features lottery winners who will use their wealth in buying their dream homes, as reported by Broadway World.
"Every lottery winner featured in the series can't believe they now have millions of dollars to spend on a home," said Bromstad. "It's an incredible feeling for me to show them properties they never dreamed they could afford. It's like I'm living the fantasy life with them."
