Buying luxury properties is slightly different from buying traditional real estate. Although many of the processes are the same, there are some steps for buying luxury homes that differ from the norm. Here is a guide to get you started with the purchase of a luxury house.
There is no such thing as buying on impulse when you’re dealing with luxury real estate transactions. The hunt is for a home suited to you, your needs, your taste, and your lifestyle. It’s not about instant gratification. Most of the processes in purchasing upscale properties take longer than standard purchases. Be patient.
Talk with your financial advisors before making your decision. Because buying luxury property is a significant investment, the process for pre-approval may be more complicated. Be prepared to disclose financial information with documentation to verify income.
Know what features you’re looking for in a luxury home, which features are negotiable, and what are must have items on your wish list, and what locations you’re interested in exploring.
More important than the bells and whistles, the builder, designer, and building materials are the foundation of your search. You can always add upgraded electronics and other embellishments as long as the house is well crafted and designed to your taste.
Are you looking for a waterfront property? If so, do you require a private boat dock? How about stellar skyline views? Do you need a gated entry?
Look for unique architecture that strikes your fancy. Take into consideration the ceiling height, the layout, storage areas, and amenities.
Know in detail what features you’d love to have in your new home.
Expert Real Estate Agent
Real estate agents differ in their certifications and specialized areas. You should settle for nothing less than a real estate agent who specializes in luxury properties. There are particular processes to viewing luxury homes that other agents may not understand. Research agents, read reviews, check their background, and make sure they can handle your transaction diplomatically and with high regard for privacy.
Viewing Luxury Homes
Many luxury homes never make it to the MLS listings, cannot be seen online, do not show virtual tours, and don’t have open houses. As you may expect, luxury homeowners want to protect their privacy as well as their belongings. For this reason, it’s common for viewings of luxury homes to be conducted in private, by appointment.
Viewing luxury homes takes considerably longer than viewing traditional properties. It’s imperative that you explore every detail and feature of the home. Trust your expert real estate agent to guide you through this process with delicacy.
You may later choose to expand upon the home you purchase, such as adding extra rooms, adding a deck, or having a swimming pool constructed. However, each city has specific guidelines and building codes. Before you buy, find out what you can and cannot do regarding upgrades to your property.
Have the Property Inspected
While inspections are standard in real estate transactions, it’s wise to have the home inspected before you make your offer. You’re making a significant investment, and you want to know you’re buying high quality.
Homeowners Associations are not uncommon in luxury real estate. To protect and preserve the integrity of the community bylaws and restrictions are enforced by the HOA. If the home you’re considering buying is governed by a homeowners’ association, investigate the association, the bylaws, the regulations, the board members, and the fees.
Inclusions and Warrantees
Be specific in detailing what does or does not come with the property upon purchase. Personal belongings are not usually included with the sale of real estate. Personal property extends to hot tubs, electronics such as security systems, and even the lighting fixtures such as eye-catching chandeliers.
Ask if the home includes a warranty to protect you for at least one year after purchase. Luxury properties are not exempt from unforeseen problems.
Be mindful of property taxes, closing costs, homeowners insurance, title insurance, and the cost of utilities when viewing homes.
You deserve the very best. Talk with your financial advisors to determine what’s feasible and get pre-approved for your home mortgage loan. Seek out a highly qualified real estate agent who has experience in selling luxury properties. Know what you want in the property so your agent can schedule private viewings of homes that meet your criteria. Check into building codes, HOAs, and other restrictions. Have the property inspected before you make your offer, and ask about a warranty.
Most importantly, enjoy the process of finding a luxury home that’s as unique as you are.
Your real estate agent is the best source of information about the local community and real estate topics. Give Jon Bastian a call at 772.291.8851 or Nancy Bastian at 954.816.2061 to learn more about local areas, discuss selling a house, or tour available homes for sale.