Menu

5 Things to Consider When Buying a Luxury Home

5-things-to-consider-when-buying-a-luxury-home-featured

Luxury homes come with a host of ornate and opulent amenities and features that might tickle your fancy. Whether it’s a massive beach house overlooking the ocean, a sprawling expanse backing onto the 9th hole on a golf course, or a penthouse perched high above the city scapes with its own private elevator, properties valued in the millions will offer features that will leave you mesmerized and even completely overwhelmed.

If you’re paying big bucks for your new luxury home, you want to make sure it’s money well spent. While the buying process has its similarities with your average home, it’s also got some different aspects about it that will need to be dealt with.

Here are 5 tips to help you make the right purchasing decision that will get you the estate you want at a fair price and will leave you with no regrets.

1. Work With a Local Real Estate Agent

A real estate expert who is well-versed in the neighborhoods you have your eye on will have their finger on the pulse of any potential movement on certain properties, including high-end ones. Luxury homes typically don’t have many open houses, and you’ll likely have to visit them more than once in order to gain a clear perspective on them. Local professionals will know just what’s out there and what fits your criteria, including amenities and price.

You also want to make sure the expert you work with has experience buying and selling luxury homes. The listing and buying process is somewhat unique with $1 million-plus homes, and an agent who has a healthy history working with these high-end properties can give you the insight you need.

2. Get Familiar With This Specific Buying Process

Don’t assume that all luxury homes will make it to the MLS or be vastly marketed across all online platforms. Plenty of luxury homes are often not listed in order to protect the privacy and identity of the seller. Many times homes in this category are bought and sold through networking between agents, which is yet another reason to work with an experienced local agent with ties in the real estate community.

5-things-to-consider-when-buying-a-luxury-home-content

3. Get to Know Different Neighborhoods

You might have your heart set on a specific neighborhood, but don’t count out other communities. When it comes to finding the right luxury home, sometimes it’s wise to broaden your circle to increase the odds of finding something you’ll fall in love with. Take the time to become familiar with other neighborhoods. You just never know if you’ll find something that you’ll develop a real emotional connection with that’s outside the neighborhood you initially had your sights on.

Of course, location is the most important factor when looking for a house, especially when you consider how much you’ll be spending on it. Think about the type of amenities you want in your location, whether it’s being close to downtown, on a water front, or backing onto a golf course. Whatever your desires are, it’s important to have a good understanding of amenities, trends, and future plans of the area in question.

4. List the Priorities You Want in a Home

When you’re spending millions of dollars for a home, you’ll likely want to have as many desired amenities on your wish list as you can, and rightfully so. Before you even start-house hunting, make yourself a list of your needs and wants. You would likely be doing this even if you were looking at a $200,000 condo, but the list will likely be a lot longer with a luxury property. Depending on your exact budget, you might just be able to get everything you want.

Your agent will certainly make an effort to find a property within your price point that will allow you to check off every item on your list. Luxury homes tend to be very unique, so finding that right house that meets all your needs could take some time, but it’s out there.

5. Be Patient

On that last note, a little bit of patience is generally needed when you’re in the market for a luxury home. These types of properties require a lot more time to sell compared to lower priced homes because of their high prices, as well as their exclusive traits. While you might be lucky enough to find the home of your dreams right away, you’ll probably be looking for quite a while, as much as a few months or more.

The Bottom Line

Not everyone can afford a luxury home, but if you are able to, you should absolutely take the time and make the effort to ensure the home you buy is the right one for you. Get familiar with the luxury home buying process, understanding housing trends in various neighborhoods, and practice some patience as you go from house to house in search of the perfect home.