Luxury is a unique subject that’s subjective to one’s taste. The perception of luxury is different from one person to another. There’s no one design, style or size that defines a luxury home. It could be a calm house along the woods or a contemporary home on the side of a mountain.
If you’re looking to purchase a luxury home, you do not really mean an expensive house!
You’re looking for a home in an exclusive area with all the amenities you have been dreaming of.
Undoubtedly, you are looking purchase a luxury home that gives you a wonderful living environment – in style!
You’re looking to provide ample space for your kids and your fleet of vehicles!
You want to make sure it is the right investment for your family’s future.
Luxury homes have the most impressive design and architecture, best landscape, finest finishes, best amenities, expensive furniture and fittings and the best appliances available. Although it’s difficult to quantify ‘luxury’, the buyers will know it only when they see it.
It is worth spending enough time on analyzing the neighborhood, style, and architecture before purchasing a luxury home.
#1 Make a list of what you want
The choice of home is completely yours! You must look for a good-fit-house that is perfect for your family. Make a list of what you and your family needs. Make a list of your lifestyle, taste, and choice of architecture.
Try answering these questions
· What is the quality of life you are looking for?
· How many members are in your family?
· What is the budget?
· Which property will be best for your family?
· Which area is better for you?
· What’s your taste or choice of luxury home?
· What does your family like?
· What are the features you would like in a luxury home?
· What are your priorities?
There is a difference between buying a standard home and a luxury home. The competition involved in a luxury home is lesser than the normal ones. You have exclusive collections and great offers on purchasing luxury homes.
You need to spend enough time researching various aspects and try to negotiate to make the best deal. Buying luxury home is not an overnight decision. Do not rush through the process and end up in disappointment.
#2 Know the best way to find your dream home
It can be a challenge to find the best-fit luxury home. It takes a lot of time and effort to research different communities that have luxury homes. You need to explore neighborhoods online and offline.
You need to team up with the right real estate agent!
Right real estate agents have experience in the luxury property market
· The agents will be able to give you your options for different properties in different areas.
· They have a huge network of great luxury home sellers so, you have many options to explore
· Real estate agents know about the property, area, and home in which you are interested
· They know the properties that are for sale but not advertised publicly
· Agents will be able to direct you to the right property based on your needs and demands
· Your confidentiality is their priority
· Answers and information provided by them are reliable and valid
· They are professional advisors who help you to take the right decision at the right moment
Overall, you can save a lot of money and time during the process to purchase a luxury home
#3 Don’t be impressed with pictures and walkthrough videos
Don’t be impressed with the photographs of the front elevation and the architectural beauty. Many professionals out there can enhance the beauty of the homes just to draw the attention of the buyers.
Professional photographs are great but it cannot be the means to finalize a deal.
Do not buy unseen houses. Even if you are a thousand miles away, take your time to travel and visit the locality before you invest. Stay in a hotel room close to the locality and observe the surroundings of the luxury home you are willing to purchase.
#4 Know your neighborhood
Understanding your neighborhood is a mandatory process while purchasing a luxury home.
Location is the most important factor while searching for a home. You need to understand the types of amenities the location offers you.
· Are you looking for a home near the beach or lake?
· What’s next door to your property?
· Is there a chance for other development activities to take place?
· What’s the potential worth of the house a few years down the line?
Try to understand the local trends, amenities and the plans for your location. Try to consider the changes that would happen in the years to come and explore how the changes would affect the lifestyle of your home. Make wise decisions after talking with the experts in the locality.
#5 Consider your financial abilities
Don’t let your finances stop the process of buying your dream home.
It is important to consider the financial abilities before you step in for negotiations. Make sure you are liquid enough to make the purchase and that you have already completed the pre-approval process with your lender.
Or, you may want to pay cash? Have you financial statements ready from a reputable institution showing enough funds to complete the purchase.
Taking a loan is a wise decision but cash purchase is preferable for stronger negotiations.
You need a team of experts before you purchase a luxury home. Work along with the best real estate agent, trusted financial advisor, a lawyer to handle legal formalities and an accountant to manage your money.
#6 Keep an eye on the resale value
When you are shopping for luxury, you need to know the resale value.
This rule is really applicable to any home you buy. The location and the condition of the home will help you determine the resale value of the building. Checking home sales around the area regularly can give you a general idea of what your house is worth in present markets. Also, when you do home inspections, you reveal the maintenance and upgrades for the future for the property.
What’s best is to consult with a local real estate specialist to learn the value of the house in today’s market.
When you’re ready to buy, pay attention to the location, financial ability, and the resale value. When it comes to real estate, you need to look for rooms of improvement, growth, and enhancements. For more information call:
Executive Estates Director,
Rodeo Realty Beverly Hills.