When it comes to buying a luxury home, there's more than just a high price and somewhat unique architecture. Purchasing a high-end property is a completely different process than buying a middle-priced home.
Here are a few tips if you are thinking of buying a luxury home.
Learn Where To Search
Unlike homes in lower price ranges, luxury properties often go unlisted to protect the seller's privacy. That's why it is important to use your Realtor's personal connections, as she or her office mates, may have off-market luxury listings. You won't find these listings in the Internet. Check with us to find out inside information about higher-end properties before they hit the market.
Proper Expertise
As a real estate agent, I will not only find the property, but, as an expert, will be able to determine the market value of the high-end property. Typically, the price of a home is relatively easy to evaluate by comparing it to similar properties in the area. However, many times there will be no similar properties in the area. Moreover, since luxury homes are more or less unique, they can't be compared to anything at all. That's why you need an expert to carefully inspect the property, as it will have special amenities such as a pool, ponds, fountains, outdoor fireplaces, landscape lighting, professional surveillance and security systems, and so much more.
Financing
According to a Coldwell Banker study 10 years ago, only 31% of luxury home buyers paid cash for their high-end property. It's normal to use a loan for the purchase, but there are a few things you should know. The loan approval process will take longer...45-60 days to secure...and you will be required to provide a lot of detailed documentation.
Understanding the Market
There will always be a market for luxury property and some local areas are experiencing significant growth. Considering the fact we are still experiencing the financial whirlwind going on due to the pandemic, luxury markets have heated up. One reason for this, of course, is the rule of supply and demand and, in general, the supply of higher priced homes is limited.
If a luxury home is in your future, you may want to start planning now. To search for luxury homes for sale at your leisure, just go to: PoshSTLHomes.com
If you would be interested in knowing of any off-market luxury homes, just contact me.
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