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A home is not simply where you reside, eat, and sleep. A home is where you recharge and find solace, where you foster connections with yourself or with family, where you gain peace and comfort. A home is a safe haven from the outside world and other obligations. And when chosen correctly, a home can be an investment in your future.
Because a home means so much in so many different ways, it’s important to choose yours carefully. A luxury home is a goal for many, a milestone to achieve in a life of hard work. So, if you’re ready to take the plunge and scout for your dream home, these are some things you need to know first. Keep reading for luxury home buying tips.
What to Look for in a Luxury Home
Luxury is not simply defined by the price tag. Just because a listing is expensive doesn't immediately classify it as luxurious. Here are some features that characterize luxury homes:
- Privacy: Part of the selling point of luxury homes is exclusivity – they are located in isolated areas or gated communities with strict security. This factor is particularly valued by high-profile homeowners like celebrities and public figures who require privacy away from the public eye.
- Location: This factor can pertain to a unique picturesque view (beachfront, mountainside, or overlooking the city) and accessibility (proximity to the business district or other key points). In certain areas, sellers put a premium on who the neighbors are.
- Architecture and features: Uniqueness is coveted in real estate. Many want to be the only one, or part of a limited number, to have something. From properties designed by renowned architects, houses boasting rare finds like hand-painted surfaces or imported fixtures, to smart homes powered by AI, these factors make luxury homes stand head and shoulders above average homes.
- History: The value of a luxury home increases depending on the previous owners. Surely, everyone has seen an article announcing that a celebrity’s house is on the market or has been sold.
6 Luxury Home Buying Tips to Consider Before Purchasing a Property
Making any big purchase can be daunting and overwhelming. Regardless of whether you’re going to reside in your luxury home permanently, use it as a vacation home, or lease it out, it’s a hefty investment. To help you start on the right foot, here are some proven expert tips on purchasing a luxury home to serve as a checklist on what you should do.
1. Know the Right People
More average homes and condos are normally publicly listed when they are being sold. However, luxury homes are found through pocket listings and word-of-mouth spread via personal connections. This hush-hush approach is understandable, considering the high-profile demographics that tend to own and sell these properties.
Keeping the sale on the down-low limits the chances of curious citizens dropping by for a viewing. But on the upside, following the law of supply and demand, there’s a good chance of striking a deal on a property because of the steeper price.
2. Inspect the Place Carefully
You most likely have a full schedule with places to be and a million things to do. So, it’s to be expected that you might not be available for a physical visit. In this case, ask for alternative viewing methods such as 3D capture, HD videos, and photos that you can access remotely.
However, if you can spare the time, it’s recommended to still visit the property in person. You may envision yourself in the space better, develop a deeper connection, or see a perspective that you might otherwise miss in a virtual visit. You might also consider checking the location via Google Earth to understand the size of the place and see the surrounding area.
It’s also advisable to have the house inspected by experts to double-check for potential property issues. The last thing you’d want is to buy a luxury home only to find out weeks later that there are faulty pipes or cracked roofing.
3. Get a Realtor That’s a Local Expert
Because of the exclusivity and the nuances involved in buying a luxury home, you don’t just need a realtor who can offer the best deal; you need a local expert who knows the area, can help you envision the way of life in the neighborhood, has the inside intel on pocket listings, and has the connections to get you a viewing appointment.
A good realtor will listen more than talk. They will make suggestions but never force a decision. Remember to ask for a price comparison of comparable properties that were recently sold before you make an offer.
4. Look Into the Home’s Future
If there are external factors that form the core selling point of a luxury home, make sure to research any potential development plans in the area. For example, if you’ve fallen in love with a beach-front property, check if there are plans to construct a high-rise building in the vicinity that could potentially ruin your view. Or if privacy and peace are hard points for you, confirm if there are development plans that might cause noise or bring more people into the area.
5. Check the Home’s Resale Value
A good realtor will happily share with you the resale value details ahead of time. This may be easy to overlook, especially if you are planning to live in your luxury home permanently. But never say never. The price tag can fluctuate based on a myriad of factors, but the value is more consistent and long-lasting.
6. Factor in Additional Costs
Buying a luxury home is not an all-in-one type of deal. No matter how costly (or cheap) the price on the tag is, make sure to calculate additional mandatory expenses. These can include property taxes, utilities, and maintenance costs. Depending on where the property is located, you may also need to purchase special types of insurance, like flood insurance.
If you are purchasing a luxury home that was previously passed down through generations, it's also advisable to get title insurance to affirm your lawful ownership.
We also recommend that you get your finances in order early on. Have a conversation with your trusted bank or financial advisor. Have your portfolio ready, understand the difference between a pre-qualification letter and a pre-approval letter, and ensure that everything is documented.
If you’re interested in buying a luxury home in Las Vegas and need a local expert realtor, get in touch with Brendan King Group today!
