A question we at Sportsrelocation.com are asked from time to time is regarding mortgages on luxury real estate. Is it better to pay cash or to apply for a large mortgage?
It may surprise some of you to learn that the majority of luxury real estate purchases involve a mortgage. Only about 30% of professional athletes, entertainers, and executives pay cash for luxury real estate.
There is no pat answer for the question. It depends on the market at the time of the purchase, as well as other factors like the state taxing laws, interest rates, how long you plan on being in the new home, and a myriad of other factors.
That is why it is so important that you seek professional financial counsel before purchasing luxury real estate. A mistake or bad decision could literally cost millions of dollars. At Sportsrelocation.com, we are very aware of that fact, and that is why we always consult the best in the business, as well as rely on our years of experience, before making a recommendation to a client.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.