This is a guest post by Michael.
If words like neoclassical, Italianate, and Greek revival have been lingering in your mind for awhile then it is time you consider purchasing a luxurious property. If this is the first time you are purchasing a luxury home, then you will quickly understand the difference in the process of buying a luxury home from low cost real estate. Purchasing a luxury home consumes more time and needs more diligence than what it takes to properly purchase lower cost properties.
Whether you want to buy an Italian villa or a French home, you need to think about the details beyond just the design. The following are some tips you need to think over before buying a luxurious home.
Hire an Agent who is Experienced in Luxury Properties
You will need not just any ordinary real estate agent but an experienced real estate agent who has experience in selling or buying luxury homes. Another important thing you have to think thoroughly about is the price of the home. Ask yourself questions if you are paying a heavy amount for the home. Is it really worth it? To determine the value of the luxury house in the market the agent needs the ability to compare homes well which does not come naturally, but only with experience. This ability does not exist in every real estate agent but only those experienced in selling homes that are priced on average. So make sure that you work with a specialist in luxury homes. Another advantage you have working with a real estate agent who specializes in luxury homes is that he or she has many contacts which will provide them with the info about new luxury listings even before the details are out in the market.
Take Your Time
Luxury homes are full of architecture and other amenities that you do not normally find in a lower priced home. These luxury amenities constitute of hi-tech security. All these systems need the service of home inspectors who are experts in that area to take care of everything. In large houses it requires a minimum of 6-12 hours otherwise you will be needing a team of special home inspectors to do the job. You need to add in the extra time for conducting inspections of such a special kind. So it is important you take all the time you need to order and supervise every inspection you think is necessary to for getting comfortable with buying the luxury property and do not rush the process.
Cash Buyer’s Tip
If you’re planning on making a cash payment for purchasing the luxury property, you do not need an appraisal. However, you should still ask for one. This will help you in getting a second opinion about the cost of the property you are buying and you can avoid paying more than the appraisal rate. Those who are going to buy the property with cash should not underestimate the competition. Most of the time cash buyers do not fully use their negotiating powers. Often cash offers can be less than a loan offer. And a buyer who applies for a loan will more likely get their offer accepted if it is a higher offer with a big down payment.
In real estate transactions, information plays a vital role, especially when buying a luxury property. So it is important that you get all the info needed and get the help of professionals to assist you in the buying process and inspect all the elements of the home thoroughly. It’s a big investment, so you want it to be a smart one.
Follow these 3 simple tips when you are considering buying a luxury home. This way you will make the best decision when buying one.
About the Author
A big thanks to Michael for contributing this post and helping keep this blog alive and well. We couldn’t do it without people like you!