6 Expert Tips for Buying a Luxury Home
Buying luxury homes is very different from buying a regular home for many reasons. Luxury properties vary greatly in price, and it can be very hard to know if a home is actually worth its price just by looking at it. It’s also easy to get overwhelmed by the look of a house and overlook possible underlying issues with it. That’s why you need to plan your purchase carefully and work with the right people. Let’s take a look at a few expert tips you should follow when buying luxury homes in Florida.
Understand the Search Process
You have to know that the search process is a bit different when it comes to luxury homes. Many luxury properties go unlisted and having connections will be very important if you want to get access to a larger pool of properties or are looking for something very specific.
This is why you’ll need to find a real estate agent with a large network. They are the people who’ll be able to unlock some hidden gems for you and help you find exactly the type of property you need.
You should still look at a few home directories, however, as you could find tons of great opportunities there as well. Especially when you start looking at local directories that have properties from a very specific area.
If you’re looking for real estate in the Carolinas, for instance, then you should check out ezhomesearch.com. This is the place to be if you’re looking for luxury homes for sales either in North or South Carolina. Listings are provided both by real estate agents and independent sellers, and they have over 1900 properties of all sorts in there, so give it a look today and see what they have to offer.
Photos will give you a general idea of what a house looks like, but they will never tell the full story. While you can use pictures to build a shortlist of properties that meet your criteria, don’t get too excited until you actually get to see the property in person.
Another thing with photos is that some properties simply don’t look as great on photos. So you can’t base your opinion on a picture you saw on a website. Maybe the photographer didn’t do a good job or the house was photographed in bad conditions.
If you can’t take yourself physically to the property, we would suggest that you look it up on Google Earth. This will not only give you a better idea of what the house looks like but also get a glimpse at the neighborhood.
Always Think About Resale Value
Another thing you have to do when looking at luxury properties is to think about how sellable the house will be if you ever decide to sell it. This is very important, as some home features might seem great for you, but could be seen as major headaches for the next buyer.
One of the things that you have to be very careful with is how the backyard is set up. This is one of the most important parts for luxury home buyers and one they like to personalize. Having a large tiki-inspired waterpark in your backyard might seem like a dream but may be way too niche for the market.
This is why you should privilege homes with a classic look and layout as they will be much easier to sell later on. It doesn’t have to be boring, but it can’t be too personalized either. Be careful with things like large water features, special rooms, and trendy design choices.
Look at the State of Important Components
You also have to do your due diligence and have the property inspected thoroughly. It’s advised that you work with inspectors who specialize in high-end properties as they will usually have more moving parts and advanced systems. You should also have the property inspected by many different people. You could have specialists inspect things like the electrical system, ventilation, or landscape, for instance.
The last one is very important. A lot of people neglect landscape inspections not realizing how expensive and damaging landscaping issues can be on a luxury property. Things like draining issues can turn into small disasters and start to affect your home’s structural integrity. Water accumulation near the foundation is one of the surest fire ways to damage it, and there are no worse issues that you can experience in a home, a luxury one at that, than foundation damage.
You also need to get paperwork on some of the major components of the house. One of the most important things to know is when the roof was installed and if it’s still under warranty. You should only go with a property with a fairly new roof to avoid major repairs or have to replace it too soon. You should also check the age of your HVAC system and hard landscaping.
Be Prepared for Additional Costs
It’s very important that you understand the selling process in your area and what kind of taxes and special fees you’ll be subject to. Since you’ll be buying a high-value home, the taxes you’ll have to pay will be significant. You should also know that certain states will have even higher taxes for luxury home purchases.
States like New Jersey, for instance, will take an additional one percent in taxes on any property over one million dollars. This might seem minuscule, but that would be $10,000 on a $10,000,000 property, which is nothing to sneeze at. So, look at the taxes in the state you want to buy the property in and add them to your total costs.
People also tend to overlook maintenance costs when looking at a luxury property. If it has things like a pool, an extensive landscape, or special smart features, then you will have to spend a lot more to maintain it.
You might also want to consider things like future renovations. You may find a house that you like but notice that the kitchen or bathroom is starting to look outdated. You’ll need to factor in how much you’ll spend to make these renovations a few years from now.
It’s also very important that you pick a home in the right neighborhood. You not only have to look at the state of the neighborhood now but where it is heading as well.
Are people coming to the area or leaving? What kind of developments are in the works? Are they planning to develop commercial property nearby?
Commercial development might sound good to some people, but having commercial property close to luxury properties could drive their price down. So, make sure that you look at how the markets are trending for that particular neighborhood, city, or state before you make your decision.
These are all things you will need to pay very close attention to when looking for a luxury home. This is a very important decision, and, if you feel like this is too much for you, don’t hesitate to speak with a professional with a long track record who’ll be willing to guide you through every step of the process.