Tips on Buying Luxury Real Estate

When you are on the market for luxury real estate, you should not expect the same process as when you are shopping for general real estate. The exclusivity, price, and location of the most affluent properties bring special challenges when seeking this type of real estate. Moreover, today’s luxury properties are not limited to mansions in a city’s best neighbourhoods; indeed, from vacation homes and condos to penthouses and secluded properties, there are a wide variety of luxury properties and it takes a bit of extra effort to find such a property that fits your needs. The following tips on buying luxury real estate will help you get the property of your dreams.

Search

Unlike general properties, many luxury homes are not advertised. In fact, many of these homes are unlisted in order to protect the seller’s privacy, so you will need to have connections with realtors that specialize in luxury properties.

Marketing

You should try not to judge a property just on the photos you see. It is much more difficult to capture the beauty of a luxury home in a photo purely because of the size and scope of these properties. Always request to personally view properties in which you have an interest; you will get a much clearer picture of the property.

Expertise

When it comes to luxury properties, a good buyer agent can make all the difference. Try to work with a local expert who can give you more information about the property, the neighbourhood, and the market.

Documentation

Whether you are shopping for a high-end sports car or the luxury home of your dreams, when you get to the upper end of a market there will be a lot more financial scrutiny. Make sure you or your accountant carefully documents your finances making sure that you can prove your income.

Needs and Wants

With respect to luxury homes, your needs and wants lists can almost always be met. Indeed, the most exclusive real estate properties often offer special features that you will not find in general properties. Nevertheless, your investment on a luxury home is substantial so you should make sure the home has all the features you need and want before you make a purchase. These types of properties tend to take much longer to sell because only a very exclusive clientele can afford them. You don’t want to be stuck with a home in which you are not comfortable.

Selecting a Luxury Real Estate Agent – More Info

With luxury home buying becoming an exceptional element of the real estate market, it is crucial that upscale home buyers find themselves astute professionals that specialize in the high end market place. Knowledge, expertise, and skill are just a few characteristics of a connoisseur in the luxury real estate market. The needs and expectations of affluent home buyers are overwhelming and should be familiarized by a trained and seasoned expert. As all agents perform and conduct business differently, it is vital to search for recognized exceptional customer service, impressive standards and a proficient savant in the field.

Below are recommendations for determining a quality agent in the search for a luxury home:

Market Savvy – As simple as it seems, it is crucial in selecting an agent that is sharp, astute, skillful and highly knowledgeable in the luxury real estate market. It is too common to see people just randomly selecting agents without knowing their track record or credentials. With knowledge comes power, and having a luxury home expert helping will inevitably increase your command of the real estate market and their service will become an essential asset.

Communication – Working with any sales agent requires communication, but when working with an expert luxury home agent, be ensured that a buyer’s goals, needs, and expectations are clearly expressed and exchanged, with ample details. The ultimate purpose of communication is to develop a relationship between the buyer and agent in which time or money isn’t wasted as they both comprehend the wants and needs of the buyer.

Experience – Recognizing and comprehending value in an opulent home market demands notable experience. Recommendations and a proven track record of closed sales are solid evidences of a connoisseur in the luxury real estate market. As any sales agent can get the job done, it is critical that luxury home buyers select experienced and specialized professionals to optimize the sale and handle a job with sheer finesse.

Contacts – Within the luxury home market, a myriad of indulgent resources have become available for those who lead a posh and opulent lifestyle. Through experience, knowledge and networking, expert agents have been able to develop relationships with these resources for future benefits and needs of their clients. Accommodating and convenient are just two examples of how specialized luxury home agents can be of benefit in the home buying process. A few resource examples may include: Real Estate Attorneys, Financial Advisors. Bankers, Jumbo Mortgage Loans, Craftsmen, Interior Designers, Architects, Artists and many more.

Education and Professional Designations – With sales being a highly competitive field, it is the choice of top agents to seek additional education and certifications to enhance their credentials and increase their knowledge of this dynamic real estate market. As the market is always changing, it is vital that top agents keep up with current information and continually attend seminars and classes throughout their career. Designations or recognitions may include, “Certified Luxury Home Marketing Specialist,” and is a perfect guide to a specialist in the area.

Negotiation Skills – A strong and luxury real estate agent is experienced and competent in the art of negotiation. As transactions can become complicated, a skilled expert can be an asset in resolving issues such as price, conditions, terms, dates, etc. Just like a powerful attorney, a successful luxury real estate agent with savvy negotiation skills is truly a beneficial advantage.