If you’re in the position to purchase your own slice of paradise, do your homework and be prepared. Buying a luxury property comes with its own set of rules compared to an average-home purchase. There are many factors to consider, but these five secrets to navigating the wild world of high-end real estate are a good start.
Seasonal Mood Disorder
It’s easy to imagine how beautiful a luxury property is going to look in the gleam of summer sunshine. The buyer knows it, the agent knows it & the price tag shows it – so think about shopping the market in the off-season. Listing prices won’t reach ludicrous heights during the snow, cloud cover and low temperatures of fall & winter.
A Photo Can Lie
Making sure a luxury property pops off the page of a real estate magazine or stands out amidst the online listing is big business. Professional photographers can create the illusion of space and light, turning a study into a ballroom and a basement into a solarium. Always visit a property of interest in person (preferably during the day) to see where the light truly hits.
A luxury home with all the high-ends bells & whistles won’t be listed for a song- it will cost you. Having all your finances in order before you even step through the door will put you in the right position. Some sellers won’t even allow you to view the property until you’ve proven you can afford the purchase price. Having your current financial statements or portfolio in hand- with your address and account number redacted- shows you’re a serious buyer.
Just because a luxury property is equipped with top-of-the-line appliances, thermostats, electrical & plumbing doesn’t mean they can’t go haywire. Don’t be swept away by the high-end brands and assume a high price means everything is in working order. Do your due diligence and have a home inspection done by a company that has deep knowledge of luxury homes & their systems.
While it’s easy to get swept up into thinking of a luxury property as your forever home, that would be a mistake. Chances are you or your family will be selling it again in the future, so invest intelligently and look beyond the walls. Think about the neighbourhood and what it might look like down the road, and if this property will still be in high demand. Since it doesn’t; take much to move the profit margins significantly, the resale value is just as important as the purchase price.
If you’re thinking about getting into high-end real estate, make sure you know what to look for. From proper home inspections to managing your future financial portfolio, when you’re spending multiple millions, things can get a little more complicated. But having these tips under your belt will help make the house-hunting and buying process that much smoother.
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