When buying a luxury home, not only are you sitting in the lap of luxury, you’re living in it. A luxury home is more than a mere structure, dwelling, or residence. It represents your tastes, and it’s a place where you can live in high style. If you’re a first-time luxe home buyer, you need to make some informed decisions before you sign on the dotted line. Then your home will, indeed, be your castle. Here are some tips for buying your first luxury home.
Luxury homes can be difficult to locate because of their exclusivity. Often, they don’t appear on multiple listing services (MLS) because owners want to safeguard their privacy. A high-end agent knows the luxury market and works solely with elite buyers. Your agent has access to pocket properties, which are not openly advertised. There are even agents who specialize in a particular niche such as beach houses.
Pictures, brochures and video walk-throughs don’t duplicate the feeling of actually being in the home. Even if you have to travel across the country or visit from overseas, a personal viewing is imperative - after all, this is a huge purchase you’re making! Gauge the house’s appeal by visiting it several times at different times of day.
Know what you want before looking at houses, and make a checklist. By doing this you’ll rein in your emotions and thwart an impulsive decision. That home theater looks amazing and so does that wine cellar, but they won’t be so amazing later when you’ve paid for them and never use them.
The high-end market examines buyers under a microscope, so financial documentation is imperative to prove that you can afford a multi-million dollar home. This shows the seller whether you’ll need to obtain a loan or pay in cash. Cash is the favored luxe home payment.
Just because a house appears opulent and awe-inspiring doesn’t mean it’s unblemished. A closer look could reveal pests, mold, faulty plumbing or outdated appliances. Don’t do this by yourself. It’s important to enlist a professional home inspector specifically versed in high-end properties.
Your dream home can quickly morph into a nightmare if you don’t carefully investigate its surroundings. It may be situated in an exclusive neighborhood that bumps up against a questionable area six blocks away. Ask your agent what will happen to the area in the future. For example, is there a projected high rise or housing development that will obstruct your gorgeous views? Even if you’re eyeing a gated community, check out possible issues with the location.
You haven’t even finished looking at potential homes, yet you need to consider their resale value? Yes. Be certain that you can comfortably recoup what you spent on the house if you need to sell it. Again, a fantastic location factors into this scenario. The home’s condition is also crucial to its salability. When you buy your first luxury home, you enter an elite realm of taste, refinement and dreams-come-true. However, you can’t just make an emotion-fueled plunge into this purchase. Preparation and restraint will help you discover a luxury house that truly is a home. Kelsey Davis is the Managing Editor at The Lux Authority and is trying to balance both her budget and her credit card balance. She likes to live lavish and treat herself when the opportunity allows it. She loves the newest tech, old cars, the smell of rich mahogany, and leather-bound books as well! When she isn't working, Kelsey is an avid academic, artist, stargazer, blogger, and yoga enthusiast.
Message has been sent!