How To: Buy Luxury Real Estate – Sales of luxury homes have been steadily rising across the country. Are you one of the many looking for a high-end home? From a modern high-rise in the city to an old-fashioned English style manor house, the luxury real estate market is incredibly wide and diverse. This means that purchasing a luxury home requires more planning, thought and strategy to ensure that your new property is perfect for your needs. But where do you start? We’ve outlined our top tips for buyers looking to purchase high-end real estate below. Keep them in mind when you’re searching for your new home and you’ll find the perfect place in no time!
Here are our tips for buying luxury real estate:
- Refine your search process. Many sellers in the luxury real estate market prefer to remain unlisted in order to protect their privacy. This can make searching for a new home time consuming if you’re only looking online. Instead of relying on the big search engines, use your realtor, their connections, and your own personal connections to supplement your online searching.
- Finance early. The loan process for high-end homes typically takes longer than smaller mortgages. Even if you have everything in order, your loan could take 45-60 days to go through. Since many sellers often only show their homes to qualified buyers, it’s wise to obtain financial approval early on in your search.
- Visit the property in person. Photos can only do so much, and many large homes aren’t photogenic based on their front elevation photos. See the home in person to get a better view of the place, or at least view it on Google Earth for a more accurate representation.
- Find an agent who specializes in local real estate. A good real estate agent who is knowledgeable about your chosen area is an invaluable source of information about your new potential neighborhood
- Keep thorough records. There is a higher level of scrutiny in the high-end real estate market today, so make sure that everyone involved in the search and purchase keeps detailed records to show an accurate record of your finances.
With these tips in mind, the search for your luxury home will go smoothly and effectively. Contact us for more advice or with any questions on purchasing luxury real estate.