Top
Do you have a billion quesions about buying a house? Subscribe to get your FREE Home Buyer Guide!

5 Tips for Buying a Luxury Home

Luxury homes are generally described as those in the top 10% of their market. Luxury homes are usually located in the most optimal areas in a market, are large in size, and built with high-end materials. Luxury homes often have unique design elements and amenities not found in most homes. Want an indoor shooting range, a rock-climbing wall, a ballroom, or a bowling alley? A luxury home might have one of these– or all of them!

If you have not purchased in the luxury market before, you should be aware that the process can be very different from buying a standard single-family home. Here are some tips to help you navigate your way through the luxury home market.

1) Be patient. Shopping for a luxury home may take longer than average. For one, there are not as many of them, which, of course, is what makes them special. Since many luxury homes have décor or features that are distinctive, quirky or eccentric, finding one that fits your style may take a little while. The closing process may also take longer as there is more to inspect, more to negotiate on, and often special circumstances to be worked out. Make sure you are getting what you want. When you are investing millions of dollars in a home, you want to make sure you don’t settle.

2) Know where to look. Luxury homeowners, particularly if they are high-profile people in their area, often don’t want their home pictured on MLS. You may need to network with people in your desired area to find out what homes are being offered. Look online for luxury home sales websites such as mansionglobal.com or luxuryportfolio.com.

3) Check for possible planned development. Don’t assume that the lovely pond or wooded park behind the property will always be there. Make sure you know of any development plans that may affect your view, the amenities around the property, and the future resale value. You don’t want to buy a home for its beautiful ocean or mountain views only to find out another property will be built in the way.

4) Consult with your financial advisors. Make sure you qualify for the purchase amount you are thinking about. Luxury home sellers will often want to see proof that you qualify to purchase their home before they even allow a showing. If you do get a showing, you will certainly need to have your financial preparations done before you contemplate an offer. Everything is scrutinized more closely in the luxury price range. You should also make yourself aware of all the financing options available to you.

5) Work with an experienced lender. The right agent knows all of these tips and more. We are knowledgeable in the high-end neighborhoods in our market area and understand the intricacies of negotiating and closing on luxury homes. Are you ready to purchase a luxury home? I’m available and ready to help you in your search!

Hello There!

You're not alone in the homebuying process and I'm here to help you! Work with someone you can trust, who is transparent, upfront, + honest about the details of your mortgage. Buying your home is a huge investment and my job is to make sure you're prepared and informed about your decision! Let's set up a time to chat!
Learn More

Comments

  1. I loved your tip about not only looking at online listings for luxury properties, and trying to make connections in the area. My husband and want to buy a luxury home to give our kids a nicer place to grow up. I would love to find a listing that fits what we need and will be our forever home.

    • Hi Eve, Thank you! I’m glad you enjoyed the tips! I’d love to help you with the financing of your new home! If that’s something you’re interested in make sure you reach out!

Leave a Reply to Eve Mitchell Cancel reply

Your email address will not be published. Required fields are marked *

What’s Good

Client satisfaction is my first priorty!