There are many different factors that go into buying a luxury home that are not considered when buying a traditional home. Buying a luxury home is not a small purchase and it is important that you do not end up with buyer’s remorse. That’s why we have put together a few tips to help you through your luxury home buying journey.
Choose the right real estate agent
Just like buying any other piece of real estate, you want to find the right real estate agent for you. This is especially true for luxury real estate because luxury real estate agents know the best quality homes at competitive prices. Often times, luxury homes are not listed on the MLS, but luxury agents have a small and strong network of other agents who might know of prospective buyers. These agents also have a repertoire dealing with luxury homeowners and selecting the most prestigious homes.
Account for extra costs
Keep in mind the extra costs associated with a larger house. A luxury house is bigger and requires more maintenance and money than smaller homes. Costs such as flood insurance, property taxes, and utilities can cost you thousands of dollars a month which sometimes can push the house you are looking at just out of reach. Seller’s will often times request proof of your earnings to assure that you have the means to purchase their home. It will also allow them to see if you will need to take out a loan or if you can pay for the house in cash (the preferred method).
Create a list of must-have features and qualities
Before you begin searching for a luxury home, make a list of features and qualities that you would like your future home to have. All luxury homes have their own unique features that embody good things in life such as bowling alleys, movie theaters, pools, equestrian courses. However, you must decide which features align with your unique tastes.
Take your time
A luxury home is a big purchase and you don’t want to end up with a house that you do not love. You should never make a spur-of-the-moment decision in regards to buying a luxury home, but instead take the time to really get a good feel for the house. It is so easy these days to fall in love with a house when you are “walking” through the house using virtual reality tours. However, you will not be able to get the actual feel of the house until you are walking through the brick and mortar house. Additionally, as with any house, you will want to make sure that a thorough home inspection is done before you purchase the home. Luxury real estate agents are a great resource when it comes to house inspections because often times, luxurious features are not inspected under a typical home inspection. You and your real estate agent will want to verify which additional inspections will be needed.
Research locations
If you are purchasing a new luxury home and the price tag seems too good to be true, than there is probably a reason why. The neighborhood that the house is located might be great, but their might be a sketchy neighborhood a few blocks away. You should always inquire the reasoning behind a relatively low price tag on a luxury home.
