Purchasing a luxury property can be a brilliant investment. However, it’s likely to be one of the biggest purchases you will ever make. This means it’s vital to do your homework before sealing the deal. Regardless of location or size, luxury properties can run into the millions of dollars. Unfortunately, some buyers have made costly mistakes in the past which you definitely don’t want to add to!
Here are some of the most important things you must know before purchasing a luxury home. Knowledge is power, so once you do your research and have a better idea of what type of property you’re after, there won’t be any nasty surprises later down the line.
Inspect Before You Buy
This cannot be stressed enough. You must inspect the luxury property before signing on the dotted line. While it may sound obvious to some, there have been homebuyers in the past who have been drawn in by photos, gone for one viewing, and immediately want the property, to find there are lots of underlying issues once they’ve moved in.
Photos can be misleading, so it’s wise that when on a viewing, you take your time to go through each room and thoroughly inspect it. The last thing you want is to be caught off guard and find there’s an issue once you get the keys.
Find a Reliable Realtor
You don’t go through the process of house hunting alone. There are experienced luxury realtors on hand to assist you on your journey. If you want help, make sure you pick a real estate agent who has knowledge and experience in luxury real estate, otherwise, the process could take a lot longer.
For those looking to move to Oakland, Michael W. Robertson can help. He is an Oakland real estate specialist who has a wide selection of luxury properties to check out. If you have any questions, don’t hesitate to ask Robertson. Whoever you decide on hiring, make sure they possess the right characteristics and have positive testimonials to check out.
Know Your Priorities
Before buying a luxury property, you need to sit down with your loved ones and have honest, frank conversations about what you want. There may be some compromising involved to ensure everyone is happy with the home. One buyer may want a home gym, whereas another may love their own movie room. There are no right or wrong answers here. It’s all about personal preference.
To start, you should outline the things you need in your property. This may include certain features like a top-of-the-range security system. Next, write down the things you want but aren’t essential. If you’re moving with others, each person will have different likes and dislikes, so you need to take them into account, especially if you’re each putting money into the property.
Research the Neighborhood
When searching for a luxury home, you need to take time to research the neighborhood your dream one is housed in. After all, you don’t want to shell out a wad of cash on a home to find it’s in an undesirable area.
Your safety and security should always come first, so take a look at the crime rate in the area. As well as safety and security, have a look at what amenities are nearby. For example, if you have young children, having their school nearby can be a big help. When going for a viewing, you may have an opportunity to converse with current residents. They can give you an honest insight into what the neighborhood is like.
Establish Your Financing Options
Financing your luxury property purchase can be a tricky process if you do not prepare yourself in advance. Before you start your home search, you need to know what financing options are available to you. If you can, it’s wise to have the money together for a deposit before you begin looking. That way, there won’t be any delays when purchasing your new luxury abode.
For those who require financial assistance, consider using a mortgage broker. These experts can help you find a suitable loan so you can secure your dream luxury property without any hassle or delays. Make sure you don’t forget about the taxes either. Some luxury homes attract premiums of up to 15%. This can quickly add up over time. Use a tax calculator that allows you to calculate exactly how much money you will be paying each year.
If there is one thing luxury homebuyers dread, it’s a long search for their dream property. To narrow down the list, speed up the process, and ensure you’re doing everything right, taking our suggestions on board will be a massive help.
Whether you’re after a property near the beach, in a desirable neighborhood, or situated in a bustling city, taking your time on your search will help you find the perfect luxury home for you and your loved ones.
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