The phenomenal world of luxury real estate is a highly coveted world, filled with the hopes and dreams of every homeowner, but is only attainable by the lucky few who can afford such extravagance. Many high-end buyers are seeking out much more than just a home, they’re seeking out the best of the best when it comes to features and amenities.
Purchasing such a grand piece of real estate is a daunting task and will take up a lot of time, effort, and money. However, for those who are willing to stick it out and find that beautiful oasis, the rewards are incredible! To ensure you get the most out of your home buying experience, read on to discover the top ten tips for buying a luxury home! REP Calgary Homes helped to buy a new home.
1. Understand what makes a luxury property.
Although luxury white brick house are valued within the top 10 percent of properties on the real estate market, high-end homes are so much more than just a large price tag. To get the full benefit of a luxury home, you should be looking for size, location, quality of construction, and unique architectural features.
Location, Location, Location:
This is a saying that holds true for all forms of real estate. You can have the top-of-the-line house with state-of-the-art features, but if you’re stuck between dozens of other homes, located near a landfill, or stuck beside a busy highway, the luxurious bubble can burst.
Higher Price Tag:
There’s always a neighborhood or two in a city that are the envy of all the other neighborhoods. If an area is deemed the next hotspot in town, prices will skyrocket. Using top brand names for appliances and building materials also add up to a grand price tag.
Greater Square Footage:
The size says it all. The more square footage a property has, the grander the home appears. Unique architectural designs also play a factor in the luxury scale. Typically, the larger a house, the more unique the layout, the more luxurious it’s considered.
Among many luxury home listings are properties that have been a historical staple, passed down from generation to generation. If celebrities have owned a home or a famous movie has been filmed on location, that prestige factor also gets driven up. The same goes for well-known architects; if their name is associated with a home, people will pay top dollar for the property.
2. Be aware of the various search options.
When it comes to traditional residential real estate, potential homeowners will seek out listing online to find what they’re looking for. High-end, luxury real estate can be a little more difficult to find as many luxury homes don’t end up among the standard listings. Current owners of these properties tend to choose to sell privately and work exclusively with respected realtors who specialize in this type of real estate. To access these exclusive listings, you’ll need to speak with your real estate agent and use their many connections in the luxury real estate world.
3. Hire the best of the best.
Finding the right real estate agent is key to a smooth and successful homebuying experience. Realtors who have dipped their toes into the luxury market tend to specialize in this form of real estate and network with other high-end realtors, creating connections that they’ll be able to share with you during your search for the perfect property.
An experienced real estate agent will be able to advise you on which properties are offering the real deal and which are just trying to look the part. They will ensure that your experience is not only smooth, but enjoyable and be able to get you everything that you envision in a luxury property. There are plenty of real estate companies out there, so take your time, interview a variety of potential realtors, and find the one that’s going to work best with you to make your high-end dream come true.
4. Keep in mind: looks can be deceiving.
Sellers will do all that they can to make their home look as exceptional as possible. This includes hiring professional photographers and interior designers to come and stage their home in order to present potential buyers with gorgeous photos hoping to tempt them into making the purchase. These photographers know exactly how to use the space and lighting to make a room appear precisely how they want it to look, which can be misleading as to the actual size and flexibility of the room.
During a competitive sellers market, some buyers are jumping at the chance to buy a home without thoroughly inspecting the property. But photos can lie. A seemingly shiny, new appliance can be buffed up to appear in better condition than it actually is. On the other hand, it can be tricky to capture how spacious a room is in a picture, and when you see it in real life, you may be surprised by how much space you’ll need to fill. Always tour a home in person, especially when it comes to luxury real estate. This will help you not only truly get a look at the home, but let you picture yourself living there.
5. Look into title insurance.
Before your loan closes, your mortgage lender will have a title search ordered. This is a search through public records to find any title defects that didn’t show up during the initial real estate closings, which could potentially affect your rights to the property.
Some unfamiliar terms that may come up during the title search include:
These can be placed on a property by a developer, tax authority, or a lender who has yet to be paid. Without title insurance, the previous owner’s unpaid bills could be passed on to you as the new homeowner.
An easement is when someone else owns the right to use your property, even if you are the official owner. In some cases, utility companies have an easement if there are utility lines running through your backyard. This allows the company to have access to your property in order to work on those lines and could also prevent you from any landscaping or renovations you have in mind for your yard.
Encumbrances include both liens and easements. They also include zoning laws, restrictions imposed by a homeowners association, and leaseholder rights.
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