When you are on the market for luxury real estate, you should not expect the same process as when you are shopping for general real estate. The exclusivity, price, and location of the most affluent properties bring special challenges when seeking this type of real estate. Moreover, today’s luxury properties are not limited to mansions in a city’s best neighbourhoods; indeed, from vacation homes and condos to penthouses and secluded properties, there are a wide variety of luxury properties and it takes a bit of extra effort to find such a property that fits your needs. The following tips on buying luxury real estate will help you get the property of your dreams.
Unlike general properties, many luxury homes are not advertised. In fact, many of these homes are unlisted in order to protect the seller’s privacy, so you will need to have connections with realtors that specialize in luxury properties.
You should try not to judge a property just on the photos you see. It is much more difficult to capture the beauty of a luxury home in a photo purely because of the size and scope of these properties. Always request to personally view properties in which you have an interest; you will get a much clearer picture of the property.
When it comes to luxury properties, a good buyer agent can make all the difference. Try to work with a local expert who can give you more information about the property, the neighbourhood, and the market.
Whether you are shopping for a high-end sports car or the luxury home of your dreams, when you get to the upper end of a market there will be a lot more financial scrutiny. Make sure you or your accountant carefully documents your finances making sure that you can prove your income.
Needs and Wants
With respect to luxury homes, your needs and wants lists can almost always be met. Indeed, the most exclusive real estate properties often offer special features that you will not find in general properties. Nevertheless, your investment on a luxury home is substantial so you should make sure the home has all the features you need and want before you make a purchase. These types of properties tend to take much longer to sell because only a very exclusive clientele can afford them. You don’t want to be stuck with a home in which you are not comfortable.
Finally, you should take some time to consider the future and what that holds for your property. For example, if you have purchased a large home on several acres of undeveloped land, what will happen down the road? Will your neighbours sell or subdivide their properties to turn a profit? You want to make sure you know what is planned around you and how that will impact your property.