Maybe you’re ready to make your next big life move by relocating to a new city. Or you’re happy where you are but could stand for a lifestyle upgrade.
Either way, you find yourself wanting to live a good life, and you’re ready to make it happen. The only problem is where to start. If you’ve never bought a five star home before, you could use some luxury home buying tips to help you get started.
7 Luxury Home Buying Tips to Help Put You in Your Dream Home
Buying a luxury home is a little different than just buying any old house. Whenever a property reaches the upper levels of value, there will be extra factors to that to be considered. But the extra hassle is worth it, both in terms of lifestyle and as a potential investment.
Here are key basic tenents to keep in mind before you go house hunting.
1. Know in Advance What You Want
This is the most personal part of the decision-making process, so there’s no right or wrong answer.
You could be looking at luxury villas just outside of town, or a waterfront retreat. A historic estate or something closer to the heart of downtown. Whatever the case, knowing in advance will help you streamline the process.
2. Get Familiar with the Pre-Approval Process
The next step is a lot less fun. There was never going to be any getting around the financial aspects, so you may as well cross that bridge sooner rather than later.
Even if you’ve bought a property before, the process of getting approved for a mortgage on a luxury home can have different requirements than a standard residential purchase. You’ll want to know what to expect before approaching a lender for a loan.
3. Hire Your Dream Team of Experts
Hiring the right agent is essential. Some agents specialize in luxury properties and will be well appraised of all the area “pocket listings”, or properties for sale that are not publicly listed.
This will be the case with many luxury homes, as the sellers will only be interested in serious inquiries from parties that can document their ability to pay.
Enlisting the help of a good financial advisor will aid you in dealing with the approval process, and hiring a lawyer who is familiar with local tax and zoning law can spare you a lot of trouble down the line.
4. Let Them Help You Find Your Dream Location
This point hearkens back to the first item.
However, now that you are pre-approved and have your team assembled, you can start working with them to narrow your search. Any future expansion plans, investment potential, and taxes are all considerations to take into account at this stage.
5. A Picture is Only Worth a Thousand Words
As good as the photos or video walkthrough may look, they never paint a complete picture.
You really want to be able to stand in a luxury home to appreciate the investment you’re considering making. Even if it means flying into town or even in from abroad, it’s worth it to see the property for yourself, multiple times if possible.
6. Always Get a Home Inspection
This should be a condition before any property purchase, but doubly so for a luxury home.
This property will often come with the latest in high-end appliances, security, and other technology. It will be worth your while to invest in a pro who’s up to speed on the current tech.
7. Take Your Time Before You Commit
You should avoid making any investment lightly. Especially a large investment that you plan to live out of for the next several years.
A common mistake that first-time luxury home buyers make is fearing that someone else will buy the property out from under them. While that is often a valid concern in lower-tier housing, there is less competition for luxury homes. So do take your time.
Buy the Home for the Life You Want to Live
Even though it’s a luxury home, remember that you’re not just buying a status symbol.
The main reason you should be entertaining that higher price point is to have a home that suits your lifestyle. Just because it’s bigger or pricier doesn’t mean it will be better for you. But if you keep these luxury home buying tips in mind, you should have no problem making the right choice.
Of course, just buying the home is just the beginning. Once you’ve settled into your new home, or if you’re getting ready to sell your current property, be sure to maximize your curb appeal with these home exterior maintenance tips.