Top 5 Tips for Buying a Luxury Home

1. Finding the Right Agent

The right agent is essential when buying a luxury home. You need someone who is experienced and has a history with selling high end housing. Real estate agents will frequently sell houses without being aware of the area which can negatively impact your buying experience. If you have a gorgeous view of the surrounding mountains you don’t want it to suddenly be blocked by a new housing development that just went up. A good realtor will know the new developments that are happening in the area.  This can give you a much better idea of what you’re getting into before having to pay a large amount of money. 

A good agent will also have solid NETWORKS. This means that they can oftentimes get you better deals from builders that they have a lot of experience working with. They can lobby for better appliances and sometimes get you discounted prices on furniture. When you’re investing so much in a nice home, it pays to have someone who knows what they’re doing.

2. Know Your Home Priorities

Before buying a home you need to ask yourself what is most important to you in a house.

What kind of lifestyle do I want? What do I want the community to look like? What attractions are in the surrounding area? How much am I willing to spend? The types of amenities you want is also something to consider. Frequently, luxury homes will have some of the following: 

• Pool

• In-home theatre/entertainment center

• Large backyard

• Gym

• A spacious kitchen with top of the line appliances

• Skylight

• Granite counter tops

• Hot tub

• Kitchen island

• Breakfast nook

• Master suite balcony

• A beautiful view

Thinking about these questions beforehand will help your buying process because you’ll know exactly the type of home you want.

3. Don’t Buy a House Without Seeing it First

Visit first! No amount of pictures can truly do a house justice. There’s something different about going in person to see everything for yourself. Is the space going to be big enough? How is the lighting? What does the view look like? How is the surrounding neighborhood? Pictures are only able to tell you so much and don’t be afraid to ask your realtor questions while you’re there! This is your time to learn all of the pros/cons of the home so prepare a list of questions before you head over.

4. Be Aware of the resale value

A home is an investment and you want to pay close attention to what the resale value might be for future buyers. There are quite a few factors that come into play when you’re considering the resale value of a home. For one, the homes current price and any previous prices it’s been sold at. A good real estate agent will pull these for you if you request them so you can see if the house has gained or lost value over the years. The values of the surrounding homes will also have an impact so make sure to do your research first.

5.Have Patience!

This is no minor purchase and you want to make sure you’re getting your money’s worth. One of the nice things about purchasing a luxury home is that there tends to be less competition in the market since they’re more expensive. You can afford to take your time with the decision. Make sure to see everything that’s available first before making any final decision. Split second buying decisions are for a nice item of clothing, not a million dollar home.