How To Buy A Luxury Home

     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.

Sell Your Home By Making These Minor Improvements

Appraisal Institute says Lower Your Expectations

I am sharing this article sent to me from "Real Estate Economy Watch".  Please read if you are getting ready to sell your home.

The Appraisal Institute is advising homeowners to choose upgrades instead of major remodeling projects for the greatest potential return on investment.

“In general, simpler, less expensive projects have the best cost-to-value ratio,” said Appraisal Institute President M. Lance Coyle, MAI, SRA. “With the spring home buying season around the corner, homeowners should invest in projects that are most likely to preserve the value of their homes.”

According to Remodeling magazine’s most recent Cost vs. Value report, only five projects saw their cost-to-value ratios rise in 2014: roofing replacement, garage door replacement, 20-gauge steel entry door replacement, vinyl siding replacement and fiberglass entry door replacement. Among projects with the biggest declines were two-story additions, composite deck additions, master suite and kitchen remodels.

Other minor projects with potential major payoffs, said the Cost vs. Value report, are mid-range and upscale garage door replacements, manufactured stone veneer, mid-range window replacements and minor kitchen remodels.

Before calling a contractor or heading for the home improvement store, however, Coyle advised keeping the improvement is in keeping within community norms.  “It’s possible that consumers won’t be able to recoup the cost of the upgrade when the home is sold, so it’s important to meet, not exceed, what’s standard for the neighborhood, and to also consider expected length of time in the property,” Coyle said.

He also said that making routine home repairs is essential to maintaining a home’s value. A house that has been well maintained likely will have a higher value than a similar house that is in disrepair, Coyle said. For example, replacing worn out trim boards may in certain situations not add any additional value to the home, other than to preserve the value that would be likely as evidenced by sales of similar homes in the area that do not have worn-out trim boards.

When you're ready to sell your home, call JUDY at (314) 348-4033.  Visit website at:

Buy-Sell-StCharles.com

Varied Pockets of Upscale Homes in St. Charles County

Want in on a secret?  Upscale properties in St. Charles County can be smart buys.  The elite home market segment of St. Charles County is a best-kept secret because you're getting so much more house for your dollar here.


The pockets of upper-end properties are peppered throughout St. Charles, Weldon Spring, O'Fallon, and Defiance.  Homebuyers generally can purchase a custom-built upscale property for roughly 30 percent less than in West County and the central Highway 40 corridor.


The St. Charles "luxury" segment starts at $500,000; whereas the figure is $820,000 for  \St. Louis County.  This fact often comes as a pleasant surprise to homebuyers, who may suddenly realize a luxury home is within reach.


The upper-end market has experienced steady sales in the past few months.  One reason may be that jumbo-loan rates have come down enough to entice homebuyers.


Offering quality schools, shopping, and a 30-minute commute to Lambert International Airport, the area offers a more relaxed ambience as well as an abundance of green space and available acreage.