Investing in a luxury home is a great move, but it can be tricky if one’s unfamiliar with the luxury home buying process. Here are a couple of tips to help you find and purchase the luxury property that best fits your needs and long-term plans.
1. Get in touch with a luxury home expert.
The best way to start your home search is to get acquainted with a local luxury home specialist. By working with a Realtor or broker who specializes in high-end properties, you’ll be able to navigate the luxury home search and buying process with more nuanced approach.
2. Prepare your finances.
Before you start looking for a luxury property, it’s best to sort out your finances early in the process. This includes taking a look at your current credit rating and determining whether or not it needs to be improved. Securing pre-approval letters from your preferred lenders also falls under this bracket.
A pre-approval letter can be your golden ticket to a property tour, as some sellers specifically instruct their Realtors to only entertain qualified buyers.
3. See the properties in person.
When you’re looking for the right luxury property, don’t rely on photographs alone. You really have to go see the property in person in order to evaluate the property and determine if it fits your long-term plans, needs, and lifestyle.
Naturally, in order to view the properties in person, have your Realtor or broker schedule a detailed property tour. Take note of the distance of the home from facilities and services, the neighborhood as a whole, and if it’s located in a gated community, the security and homeowners association.
Scheduled property tours often take hours, but it’s for the best as it will ensure you’re going to make a sound investment. It often includes going over the luxury home’s architectural highlights and structural integrity, construction methods, and luxury amenities and features. During the tour, don’t hesitate to ask questions.
4. Evaluate and compare properties.
Before you commit to a property by making an offer, it’s important to look at other similar luxury properties and compare these homes. Aside from enabling you to identify the best luxury home that fits your requirements, it will also allow you to make a better offer on the property you like.
5. Hire a professional inspector.
Luxury properties entail larger stakes. To truly make sure you’re investing in the right property, don’t forget to hire a professional inspector to make a thorough walkthrough of the property. He will fill you on all the necessary details, from aesthetic details to the structural soundness of the luxury home.
Should any issues be found, this will help you decide whether to pursue the transaction. You can also use this as a bargaining chip in the negotiation table to score a better deal.