Tips for Buying Luxury Property

    For those looking to buy a luxury home, know that the process can be different in many aspects than purchasing an average property. Here are five tips for buying luxury property that you may want to consider before you start your search.

    Pixabay
    Pixabay

    Luxury Home Realtors Are A Must

    It is always recommended for a buyer to work with a realtor, as realtors know the realities of the market in every neighborhood. However, most realtors work with mid-range priced homes, and may not be familiar with luxury properties. A realtor that specializes in those high end homes will be able to guide you to an appropriate price (so you don’t pay too much, or offer too low and lose to competition). Some luxury properties have no easy comparables to determine an average offer price, so the knowledge and experience of a luxury home realtor can aid immeasurably in your search and offer process.

    Fewer Open Houses

    Many luxury homes won’t have open houses and will only be available by appointment, which a realtor arranges. Some won’t be on the market at all at first, but luxury realtors will have contacts among other luxury realtors and so can learn of available properties and get you in to see them before someone not working with a realtor.

    Don’t Rush

    Bigger homes means more time needed to look through them. Often they will have certain amenities that may inquire a specialized inspector. Since the price you offered depended on the viability and working order of the entire property, spend the time and money to investigate it thoroughly.

    The Photos Don’t Tell The Whole Story

    Truly high end properties will have lots of privacy, as they can often belong to important people who want to be hidden from plain view from the street. Because of this, even the most talented photographer may not be able to capture a good angle of the outside of what could be a gorgeous house. If it is the right neighborhood for you and the square footage is what you wanted, have your realtor make an appointment to see the place anyway. You may discover it is exactly what you wanted.

    Cash Vs. Financing

    Only about 31 percent of home buyers pay cash for a luxury home, and it’s a myth that paying cash always gives you a leg up in negotiating. As long as your price is fair and you have pre-approval documents from your mortgage lender, a luxury seller may want your offer instead of a lower one by a cash buyer. Also be aware that down payments for luxury homes tend to be around 30 percent.

     

    Are you interested in a luxury property in the Nashville area? We’re here to help. Give us a call at 615.550.5565!


    4 Responses to “Tips for Buying Luxury Property”

    • Frank Delaware

      Written on

      A friend of mine has dreamed of owning a luxury home, but he wasn’t sure how to find the right one for his needs. I love that you say to make sure that it has the amenities that you want. It would be nice to know that you are going to get exactly what you want in the house you bought.

      Reply
    • Larry Weaver

      Written on

      I found it interesting that only 31 percent of home buyers pay cash for a luxury home. In looking for some luxury homes for sale, it feels good to know that a seller may go for a deal that has pre-approval documents from a mortgage lender rather than cash. Not rushing to buy a house, I’ll be sure to investigate properties thoroughly to get a sense of the layout of the luxury homes.

      Reply
    • Ashley Maxwell

      Written on

      Thanks for your comment about how you should buy a luxury home that is available to visit and also look at pictures of so you that you can know for sure if you like it or not. I like how you said that you should take your time as you look so that you don’t rush and make the wrong decision. My husband and I want to start our search for a luxury home by looking at pictures so that we can get a feel for the type of place that we want.

      Reply
    • Aleshire Mueller

      Written on

      It sure was good to know that in terms of looking for a luxury home, it is better not to rush because there are certain things that need to be inspected thoroughly and bigger properties take more time to be checked. I guess you are right about that, so I will mention this to a friend who intends to buy a luxury home. He seems to be in a rush to get a new house, so I thought it is best that he knows this. Thanks!

      Reply

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