Decide What You’re Looking For Ahead of Time
When you’re shopping for a lavish house, it’s easy to get swept away by some of the incredible amenities and designs. All of a sudden, you’re enamored with the idea of having a tennis court when you’ve never been interested in playing tennis before in your life. It’s natural to get carried away in this regard, so your best defense is making a list of what you need, what you want, and what you could go either way on.
When you’re thinking about what you want out of a home, go beyond how many bedrooms and bathrooms you’ll need. Think about the location you want to live in, how much privacy you desire, which amenities are musts and which you could live without, and how the area might change over time. Of course, you’ll also want to be attentive to how much you’ll want to spend on maintenance and repairs over the years, as luxury homes can be quite expensive to maintain.
Be Patient
Buying a luxury home is different than buying a more typical house. There are fewer buyers in this area, meaning there is less competition and things tend to move more slowly. The last thing you want to do is make a rushed decision when it comes to such a huge financial decision.
If it’s time for you to transition to a life of luxury, don’t do so in haste. Give yourself time to view a lot of different properties and allow yourself the space to make the right decision.
Find the Right Real Estate Agent
Having a good buyer’s agent is critical when you are looking for a luxury property. You’ll want to find a real estate agent who is very familiar with the area that you are trying to buy a home in.
Viewing a high-end property isn’t necessarily the same as viewing an average-priced home in your city. For this reason, you’ll want to be working with an agent who is tied in. They’ll know which houses you might be interested in and have the ability to set up showings for you. This is the first tip given by luxury home Realtor, Xavier De Buck in his article titled 8 tips for buying a luxury home. This tip is especially important when buying luxury homes as the Realtor will have experience with these types of purchases and can give you the knowledge you need to make a great decision.
Know the Neighborhoods
If you’re moving to a city you’ve never lived in before, it’s not a good idea to do so blind. You’ll want to learn about the different neighborhoods and have a short-list of neighborhoods that are most ideal for you. Different neighborhoods will have different amenities, cultures, and vibes. Some neighborhoods are considered luxury neighborhoods and others are not.
You’ll also want to look into what the future of the neighborhood holds. Are they planning on doing quite a bit of development that could be noisy and annoying for the years to come? Are they planning to build some new stall buildings that will disrupt your view?
Asking these questions ahead of time can help you make sure you aren’t disappointed with your purchase or you don’t buy something that’s going to lose value rather than appreciate.
Don’t Overextend
When you’re shopping for a luxury home, it’s easy to start creeping up the ladder of square footage and price. Let’s face it, there are some homes out there that are absolutely to die for. In the face of luxury properties like this, it’s easy to forget every practical consideration you have.
In reality, though, if you buy the most expensive house you can just because you can, you’re probably going to be left with some buyer’s remorse. The cost of cleaning, maintaining, and upkeeping amenities alone might be enough to drive you over the edge. Be realistic about the size of the house you’re looking for and how much you’re willing to spend.
The last thing you want to do is buy a luxury home and not be able to fill it with furniture.
Luxury Homes Are Marketed Differently
A person who is looking for a more typical house can expect to find most of their options on the MLS. When it comes to luxury homes, however, you shouldn’t expect to see all of the options that are actually out there on the MLS. Many times, a luxury home will never actually have a ‘for sale’ sign in the front yard or a listing online. Instead, it will be marketed through different channels and oftentimes that is word of mouth.
This is because the world of luxury real estate is more exclusive and largely based on word-of-mouth more than it is public-facing. Luxury Real Estate Agents typically focus solely on luxury homes and exist in a small network that is well connected and built upon relationships.
Having the right real estate agent might be more important when you’re buying a luxury home than if you’re buying a standard home for this reason.
People who are selling luxury homes are aware that if they listed their home on the MLS, they might have a bunch of people come out of curiosity and not for interest. When people are in such a high-income bracket, too, they are concerned with their safety and privacy. For this reason, you need to have a real estate agent that has access to this exclusive stream of high-value home sales.
Final Thoughts on Buying a Luxury Home
Your home is the center of your world, providing you with many things including belonging, security, privacy, control, and identity. It’s no wonder that purchasing a home is one of the biggest decisions we make in our lives, as we are selecting the place where we will rest, spend time with family, create memories, and grow older. Buying a luxury home for the right reasons and not the wrong reasons will allow you to feel confident in your purchase and happy with the result.
If you’re looking to buy a luxury home, one of the most important things you need to do is find a well-connected and experienced local real estate agent. A Segreto Group Realtor
BLOG written by uphomes.com
Segreto Group – 941-444-2270 RMS Elite Properties
Sarasota Luxury Homes, Luxury Real Estate, Luxury Realtor
