In some ways, buying a luxury home is similar to buying a home in any other price range. But if you’re considering investing in luxury property, there are a few additional special considerations to take into account. Before taking the plunge, consider taking these five important steps on your luxury home buying journey.
DO YOUR RESEARCH
Before you start looking at specific homes, it’s important to do your research into the luxury home market. In the area you’re looking to buy a home, research what the luxury property market looks like and the typical price range for luxury real estate. This is especially true if the area you’re looking to buy in is new to you or you’re entering the luxury market for the first time.
When looking at listings, it’s also important to consider how luxury homes are sold in the area. In luxury markets, it’s more common to sell listings off-market, or without being traditionally listed. Find out if this is typical in your area and how to access off market luxury listings.
DETERMINE YOUR MUST-HAVE FEATURES
One of the wonderful parts of choosing luxury property is the numerous special amenities they offer, ranging from high end finishes to luxury swimming pools to penthouses with 24/7 concierge services. Sifting through the multitude of special features can be overwhelming if buyers go in without a plan. Before looking at properties, make a list of your top must-have luxury features, and then see what the local market has to offer.
CHOOSE A QUALIFIED REAL ESTATE AGENT
It’s important to carefully select a real estate agent when buying a luxury home. An ideal agent is not only licensed in the area you’re looking to buy but is specialized and experienced in selling luxury properties in the area. These specialized agents will understand the luxury market and potentially have access to additional off-market listings. Before selecting a qualified agent, it’s a good idea to meet with them and ensure your styles and needs are compatible.
TOUR THE PROPERTY
When it comes to luxury homes, a picture can’t tell the whole story. In some cases, luxury homes need to be seen in person to fully appreciate all the high end features. In other instances, clever photography can make a home look more luxurious than it feels in person. To avoid misunderstanding, always view the property in person before buying to know exactly how it feels.
GET SOLID FINANCIAL AND LEGAL ADVICE
Before making a large financial investment, it’s always important to seek out professional advice. Along with a real estate agent, professionals such as a financial advisor and legal counsel can discuss your financial and tax situation, as well as any legal needs that may arise down the line. Getting expert advice before buying will make buyers feel fully confident in their luxury purchase. Read more about and home buying expertise.