Deciding to purchase a luxury home is an exciting journey. While buying luxury real estate may appear the same as purchasing any other home, there are significant differences to consider when beginning the home-buying process. Exploring the distinctions between luxury properties and typical homes will ensure the process is seamless and successful.
Increased resale value
When purchasing a luxury home
, you support a lifestyle attractive to numerous potential buyers. Since the home's location is already desirable, the house's value is well-established. Typically, homes of this caliber include high-end appliances, larger lot sizes, luxury upgrades, and an overall character that is appealing and distinctive.
All of these factors make for a solid investment and should increase your resale value if you decide to sell. Although the buying cycle can be longer for luxury properties, you will reap greater financial rewards for you and your family if favorable market conditions exist and you maintain your home well.
Unlike standard home purchases, searching for Carmel luxury homes for sale generally have attractive amenities that make the price tag worth it. If there is a home association, the fees you pay usually provide for additional amenities you would not normally be able to take advantage of, such as in-home maintenance, elevated community pool access with well-maintained landscaping, snow removal, and more.
Additionally, homes of this quality generally have special features such as expansive garages, spacious mother-in-law suites, sprawling lot sizes, generous outdoor entertaining areas, and more.
Go beyond the online photos
While online photos undoubtedly provide the best option initially, it is essential to remember that luxury properties are much more than online photos. To get a sense of what is around the home and its positioning with neighbors, water features or views, and wooded acreage, look at the house using Google Earth. This view will allow you to see the overall positioning of the home and give you a sense of its size. If the listing includes aerial footage, drone footage, or a virtual tour of both the inside and outside, take in all the vantage points to get a true sense of the property.
Luxury real estate agents have a unique skill set
While you may think all real estate agents are the same, this is not true in the luxury home-buying market. The unique skill set that a luxury REALTOR® like Carrie Holle
brings to the table cannot be underestimated. For example, they are generally well-connected within the community and know of properties coming onto the market before they are listed. Such knowledge can be highly advantageous to buyers and allow you to receive priority on seeing the home.
Additionally, real estate agents specializing in luxury properties are well-educated about the specific neighborhoods, homes, and new construction occurring in the areas you are considering. Please use their knowledge and expertise when searching for properties to find the right home for you and your family.
Luxury properties demand close attention to detail. Because of their complexity, your agent must have a solid understanding of and experience buying luxury properties. Plus, their negotiation skills need to be top-notch as they diligently work to close a deal for you that meets your budget expectations.
Calculate the total cost of ownership
When purchasing a luxury property, it is vital to calculate more than just the mortgage payment. You will need to include all the items that make up the total cost of ownership
. For example, factor in home insurance, home association fees, property taxes, maintenance, and more when determining how much the home will cost. Remember to account for appraisals, closing costs, and inspections when closing on a luxury property.
Additionally, be prepared for other costs, such as emergency upkeep. Be sure your financial situation allows you to take care of unexpected maintenance. While inspections and appraisals should uncover necessary repairs prior to closing, things happen over time, and it is best to be prepared just in case.
Do your due diligence
Be sure to do your due diligence and find out what, if any, building improvements or developments may be in the works near the home you are considering in the future. An excellent real estate agent may already know of plans or have the connections to discover important details for you. If there is future development in the planning stages, determine how this could affect your property and its value. It could be a great asset to your luxury home or deflate its value. Either way, knowing any potential issues before purchasing the property is best.
Everything is negotiable
With the higher listing prices of luxury homes, it is tempting to think the price is not negotiable. Keep in mind that everything, even high-end properties, is negotiable. Use the power of negotiation and your real estate agent's expertise to close on a home with a price you are willing to pay. With your agent's assistance, you will not overpay for your home, and you can confidently head to the closing knowing you are purchasing a luxury property at a fair price.
Consider hiring an attorney
Although mortgage companies and real estate agents are beneficial when purchasing luxury property, it may be best to hire an attorney to ensure the complex documents involved in a high-end transaction get the attention they need. Their legal expertise will ensure your closing goes smoothly and there are no surprises that might delay the transaction.
Finance through a bank that knows you
While there are numerous banks and mortgage companies to choose from, selecting a company you already have a relationship with may be most beneficial. They already have access to your financial information, portfolios, and other pertinent information, making the pre-approval and approval processes straightforward.
is a real estate leader dedicated to providing a premier experience. Her exceptional negotiating experience and substantial market knowledge make her the ideal partner when searching
for your next luxury property. Contact Carrie today and see how she can make buying an upscale home a reality for you and your family.*Header photo courtesy of Shutterstock