Buying a luxury house is an investment like no other. When you’re looking at luxury homes for sale, you’re not only looking for a house; you’re looking for a home that provides comfort, space, and tranquility in excess. You’re looking for your new sanctuary.
There are several important factors to keep in mind when you’re looking for this sanctuary. Here are 7 helpful tips you can use to make sure your search is smooth and successful:
1. Hire an accountant if you don’t already have one
Understandably, the process of financing a luxury home is unlike that of taking out a traditional mortgage. Lenders will require information beyond your income and assets in order to determine your eligibility, which means you’ll need to provide extensive documentation on your financial situation.
An experienced accountant can help you gather the materials and paperwork you’ll need, while guiding you through the process of applying for financing.
Having an accountant will also prove beneficial when you’re ready to start viewing homes, as some luxury homeowners will require proof of your financial standing before you can even visit their properties.
2. Start your luxury home search online to decide which houses you’d like to visit
Because luxury home sellers often invest in professional photographers, your realtor can help you find high quality photos and even virtual video tours of luxury homes in your desired neighborhood.
These resources can provide a great starting point for your home search, but of course, always take the time to schedule an in-person visit to any property you’re considering.
3. Work with a local realtor who knows the neighborhood
Working with local realtors is a great way to find out as much information on a neighborhood as possible.
When it comes to luxury real estate, working with local realtors is more important than ever, as some luxury listings may not be widely known about. A local realtor is likely to have connections in the area that can help you identify luxury listings that aren’t heavily advertised.
4. Research the local market ahead of time
Buying a luxury property doesn’t mean you can’t still negotiate!
Talk to your realtor to learn more about recently sold homes in the area. Consider how the house you’re interested in compares to those that have recently sold in terms of not only size, but other key features such as style and amenities, too.
Knowing the prices and important selling features of these homes will allow you to determine a strategic offer for the home you’re interested in.
5. Make sure to have the home properly inspected
When buying a luxury home, you’ll need a more thorough inspection than a typical home buyer. In addition to all of the typical inspection points (i.e., HVAC, plumbing, electrical, roof, insulation, foundation, etc.), make sure your inspector also assesses any extra amenities that come with the home.
Features such as in-ground pools, spas, outdoor fountains, lawn irrigation systems, or automatic awnings are all common among luxury houses, and are factored into the list price as well.
It’s in your best interest as a buyer to make sure these features are working correctly and safe to use. Of course, if there are any issues with the home’s features, you’ll need to discuss these with the seller, and adjust your offer accordingly.
6. Consider your privacy and security
Although luxury neighborhoods are generally private and safe places to live, never take your home’s or your family’s security for granted.
When viewing a luxury home for sale, always ask if there are any existing security systems in place. You may find listings that have a home alarm system or security cameras around the perimeter with a corresponding “command center” to view the live feeds.
For homes that do not have security systems, consider the cost of installing one for added protection when you move in. This is a critical step for all homeowners, and should not be overlooked!
7. Always think about the future and don’t be afraid to ask questions!
Many luxury houses offer beautiful views or quiet neighborhoods, but quiet neighborhoods don’t always stay that way. Ask around to find out about any potential plans to develop the neighborhood further, so you’re not blindsided by construction after you’ve already moved in.
Once again, working with a local realtor is a great way to find the information you’re looking for, but you can also place a call to the town for confirmation.
Buying a luxury home is an investment, but it’s also an exciting new beginning.
Your sanctuary is out there, and now it’s time to go find it! For more information on luxury homes for sale in the Houston area, contact me today!