Looking for High-End Real Estate? How to Find the Luxury Property You Desire.
Date: July 11, 2014
Many Americans are returning to the reality of the work week after celebrating Independence Day with fun and fireworks. Of course, those celebrations call to mind many of the great freedoms that our nation provides, including the freedom to chase after the American Dream. If your definition of “life, liberty and the pursuit of happiness” includes that big home in the hills or a hidden escape in a private community, now may be the time to go after your dream and buy a luxury property.
In many areas of the nation, the job and housing markets have made upward turns; plus, there is an influx of international buyers who are entering the luxury home market. So, the demand for luxury real estate is on the rise.
If you’re in the market for a high-end home, navigating the search and sales process for luxury can be a bit more difficult than the rest of the real estate market. To protect their privacy, high-end sellers often avoid putting their home information or photos online. They may not even list their luxury properties on MLS or other search engines.
With the precautions that many high-end home sellers put in place, how can you even find luxury real estate for sale? One way is to enlist the help of a qualified real estate agent who knows the luxury home market.
Here are just a few things that an experienced luxury real estate agent can do for you:
- Because they may not be advertised online, agents may have the first tip on available high-end homes before they even hit the market.
- With few available comparable homes, an agent can help you determine a luxury home’s market value.
- In luxury real estate, open houses may be few and far between. So, an agent can schedule your appointments to see high-end properties.
Once you’ve surpassed the first hurdle in luxury home searching by arming yourself with a real estate agent, it is important to put a magnifying glass to your finances. During any home search, the loan process can be long and it is even longer when it comes to luxury real estate, unless, of course, you intend to pay cash for a high-end home.
Here are a few tips for handling your finances during your luxury home search:
- With no exceptions, have all of your financial information in order and ready to submit before you even begin to consider purchasing a high end home. Lenders certainly will scrutinize your income, so make certain that everything is well-documented.
- As soon as all of your financial information is in order, get preapproved for a loan. This tip is two-fold, because you’ll be ready to make a move on a luxury home as soon as you find the one you want. Plus, many high-end sellers may demand preapproval before they entertain the thought of you walking through their home or decide to take their home off the market to enter a contract with you.
With a qualified luxury real estate agent and loan preapproval in hand, you’ll be ready to take the next step toward the new high-end home of your dreams. When you find a home you desire, don’t be hasty. Remember, just because a home is considered a “luxury home” does not mean that you should skip the inspection process. In fact, luxury homes are often full of “extras” that require special inspections… pools or spas, outdoor fireplaces, high-tech security systems… the list can go on and on.
Another thing to keep in mind when you find a luxury home is the development plan for the area where the home is located. The last thing you may want is someone to build something larger or, on the other hand, less desirable near your new luxury home. So, help to keep the value up on your investment by checking out development plans for the area that surrounds your potential property purchase.
Finally, when it comes to luxury real estate, don’t be afraid to negotiate. Yes, you are shopping in a market that carries a higher price tag, but that is no reason to overpay. If you’re ready to search for the high-end home of your dreams, contact a qualified agent at Berkshire Hathaway HomeServices The Preferred Realty today.