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.
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!
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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.
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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.
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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.
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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!
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A friend of mine is thinking about buying a nice home, and we were curious about how he would do that. I really like that you say to make sure that you don’t just look at the pictures. It would be nice to know that you will be seeing the full home in the end.
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I found your article very interesting. I enjoyed reading your article it gives me a lot of insight. Thanks a lot for sharing this valuable information.
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I found your article very interesting. I enjoyed reading your article it gives me a lot of insight. Thanks a lot for sharing this valuable information. Looking forward to your next article soon.
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Owning a new house is a huge milestone for everyone. It should be planned thoroughly to avoid problems. Articles like this will help future homeowners plan.
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I like your tip about taking your time when looking through the home and possibly even using a home inspector. My husband and I are ready for a newer, nicer place. I think we should look into luxury homes for sale near us that have the features we would like.
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My cousin is thinking about getting a luxury home so that he can see more and live better in more comfort. He would really like to make sure that he can find the right home with the help of a professional. I liked what you said about how they should spend more time investigating the home because it is bigger and may need a specialized inspector.
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It’s good to know that most luxury homes will only be open to see by appointment. I really want to buy a luxury home but now I have to plan days that I can go look at one. I bet I can find one near me but I’ll have to see if they are open for appointments this week or next.
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You make a great point about how bigger homes require more time for inspection. I need to get a realtor to find a new house in Texas. I’ll have to get someone that can start and finish the process in 5 months.
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Thank you for explaining how you should consider viewing luxury homes in-person since the pictures online may not allow you to see the exterior clearly. My wife and I are thinking about moving to a luxury home this summer, but we want to find a property with a spacious backyard so that our grandchildren can play outside when they visit us on weekends. We’ll make sure that we visit some of the properties that we’re interested in purchasing.
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I like your tip on how photos might not be able to capture the entirety of a beautiful house so it might be best to make an appointment to see it in person. My sister-in-law just came into a lot of money recently and she told me she wanted to invest it in luxury real estate. I’ll mention this article to her and I suggest that she hires a realtor that specializes in luxury properties so he can guide her better.
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I like that you pointed out that we shouldn’t rush when buying a luxury home. As you said, the property should be investigated thoroughly to ensure that each part of the huge home will be checked. I will keep that in mind now that my husband and I have enough savings to buy our first home this year. We really aimed for a luxury home that is why we saved up for this for almost ten years.
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It’s awesome that this article talked about the importance of seeing the property personally to prevent misunderstandings. My best friend told me that he is looking for a luxury home for his family, and he asked if I have any idea where is the best option to find one. Thanks to this informative article and I’ll be sure to tell him that it will be much better if they consult real estate services as they can answer all their inquiries and for him to be able to choose his ideal luxury home.