In the same way that a luxury home is nothing like an average home, remember that the process of buying a luxury home is also different. From how you choose a home to buy to the bidding process, several things are different about this process.
1. You Will Need to Keep Upkeep at the Forefront
Luxury homes are beautiful, but this beauty often comes with a price, and that price is extra maintenance. Whether it is hardwood floors that must be resealed, a pool that requires year-round maintenance, or custom stone countertops that require special cleaning products, a luxury home must be well taken care of to keep its value. As you tour properties, always keep a running tally in your mind about what type of maintenance is necessary, so that you can better assess what you can afford.
2. You Must Find a Connected Agent
To purchase a typical home just about any agent will do. However, not all luxury homes are listed publicly. It is common for these listings to only be available to a certain group of agents. If you do not have an agent, you will not have the opportunity to tour these properties. Generally, agents that primarily work in luxury real estate or work for well-connected firms will have access to these properties.
3. You Will Need to Define Your Luxury
Be sure to decide what luxury is to you because it is about more than a price tag. Take two homes listed at $500,000, for example. If one property is in the suburbs and the other downtown, they will not be the same. For instance, the property downtown might have all sorts of luxury appointments, but if the property in the suburbs is on a lot of land, much of the home's cost might be based on the acreage. Think about what you want, not just how much the home will cost.
4. You Should Be Cautious, But Ready
Unlike the traditional home market, the luxury buyer market is generally smaller. The positive is that there is not as much competition, but the flip side is that the competition often has more money to spend, and right away. For this reason, never hastily decide to purchase a home, but if you find a property you want, be ready to put in an offer as soon as possible.
Keep all these factors in mind as you prepare to embark on the buying process, and most importantly, make sure you have a trusted agent from a place like Real Estate Partners, LLC on your side.Share