Whether its sleek and stylish penthouse with an unbeatable city view or a prime estate in the peaceful countryside, options for buying luxury property can vary massively depending on the market. Generally, luxury property starts from one million in lower in demand markets and around five million in the top markets such as La, London or New York. If you’re someone who is looking for a new luxury home, we’ve put together some steps to help guide you through the process.
At this level, you should be on the scout for certain amenities or features in the property that you wouldn’t get in a bog-standard home. The most attractive skyline view, instant access to water whether its sea or a lake or even a secluded manor in the country – whatever it is at this level, the location need to fulfil everything that you’re after. As price isn’t restricted, here you can get into the specifics and find something that stands out. While the majority of homebuyers begin their search online, this isn’t always the best way to enter the luxury market as many high-end properties won’t be listed on search engines. Here is it best to utilise realtors or broker with that specialise in the luxury market. Hire a commercial property agent that has the experience of the local area that will know the what you want and what you need.
Evaluate the Potentials
Making a decision on which luxury property to pick is ten times more complicated than on a typical home – and this isn’t just because of the amount of money that comes with it. With higher-end homes elements such as the home’s distinctive features or if the place needs remodelling has a huge effect on whether a person completes, a much larger one than with a lower-end move. Here you need to lean on your commercial agents as they should know the place and every last detail attached to it. They should be able to give you exact insight into the health and worth of the property all whilst dealing with the minute changes you’d like to be made.
Get an Offer on The Table
The bidding process when it comes to high end is not as easy as it looks. People don’t just sell because you may add an extra 100k onto the value. In this market, sellers aren’t always motivated to vacate until they get the right price as they’re in the financial situation where they don’t need to rush – this makes negotiations much harder, especially for your wallet. Often your personality and worth as a buyer come into play as a persuasive measure as proving your worth and value can aid the sale going through. To ensure you’re putting in an offer that will be considered don’t just rely on property evaluation sites. Your best bet is to have your agent research similar properties to get an idea of a fair price from active, pending and sold properties in the last few months. That way you have an accurate idea of what you need to expect to pay. In addition, having conversations with vendors will allow you to see what they’re after so you can use your market research to form a case for your offer.
It’s All in The Details
The complexity and scale of luxury homes raise the stakes. Experts such as tax and financial planners, bankers and attorneys should be consulted up front and often these professionals will take a direct involvement in the transaction. With a purchase on this scale make sure you never skip the inspection process. From the potentially hazardous to the structural, you always want to know what it is you are buying. Make sure inspections and repairs are made in a timely manner.
Courtesy TheTopTier Digital Media