If you are looking forward to buying a luxury home, then it means you are willing to make a handsome investment. It is in your best interest to you judge the market situation, and then make a practical choice.
With so many choices in front of you, it often becomes difficult to plan the house hunting. This is the reason we have laid out certain factors for you to remember as you start off in your search for a luxury home.
Be Wise – start with the core basics
Let’s round up on some of the basics that you need to start off. Luxury homes are not your regular homes that end up in usual listings available with real estate agencies. Despite this, luxury homes are still successfully sold off! But why is that? It is mainly because the sellers want to protect their privacy.
So, instead of going through the usual listings available online, contact a resourceful realtor who has personal connections with sellers of luxury homes. These realtors can also advise you about the listings you can browse through on the Internet as large search engines usually don’t have luxury homes listed in them.
A reliable realtor is the first step in finding your luxury home. These realtors are well familiar with the surroundings and the vicinity in which you want to buy a house.
Make sure that the realtor can help you tie up appointments to personally visit the houses that you are interested in. But remember, that the realtor is only an advisor who makes suggestions and should not be the one making decisions.
Pay extreme attention to your financial planner and find a trustworthy realtor to help you in your house hunting. You don’t want to be rushed into making a decision that you would regret later on. Make sure that the realtor agrees with your plan, if not then immediately call for a meeting to sort the matter.
If you still don’t feel comfortable with the way things are going, then trust your gut! It is always important to make a decision that you feel is right.
Be Patient – A picture isn’t always worth a thousand words
Often when you are going through the catalog of luxury homes, you will find some pictures of houses that are not as appealing as others. This is the time you must remember that pictures of luxury houses don’t actually reflect or represent the homes as they are.
Many expert home designers and architects will tell you that large houses are necessarily not that photogenic. Because of this reason, many buyers reject a house based on the front elevation photos. You must remember to conduct a property and vicinity search through Google Earth so that you can see what is around the house.
Don’t make an opinion until you personally visit a home and from then onwards you can start making your mind about your preferences.
Be Prudent – Keep everything laid out in proper order
Financial documentation is a key to buying and selling houses in the high-end market. Every single financial detail should be closely documented. There is a lot of scrutiny in the real estate dealings for luxury homes. Anyone who has been making a lot of money has a manager or an accountant and they try hard to shelter their money.
Such factors can make it difficult for you to show the bank you have the income to afford the purchase. Keeping all your finances documented is a helpful tip in such circumstances. Since you are buying a high-end property, it is important for you to go to the bank that you have a relationship with.
The bank should have your portfolio with them. Also, you can take legal advice to know about the difference between the pre-approval and pre-qualification letter.
Don’t forget to get title insurance so that you are insured against any problems that were forgotten about during the deal. Similarly, take your time in going through the exception page of the title insurance process before closing time. You should be familiar with the entire contract so that there is no confusion left anywhere in between.
To make sure that you have completely understood all the terms and conditions, hire some legal aid. This way you won’t be alone in the transaction. Always go for an attorney who will be researching the building to find its financial viability.
Lastly, bargain – after all it is your right.
Don’t just go on the face value of the house. Remember that the price demanded by the seller has room for negotiation which is all the more reason for you to compare properties, and make an appropriate offer. Good luck!