Looking to buy a luxury property? Whether you’re in the market for a beachfront condo overlooking the ocean or you want to invest in a Brownstone in Chicago, or you have your eye on a luxury residential development and want views overlooking Central Park or call Central Park South home, investing in luxury property isn’t that different from buying lower value property. However, there are some things you need to bear in mind before splashing the cash because, despite how glamorous it looks on Selling Sunset, buying luxury property requires an expert touch.
Research The Market
The luxury property market is vastly different from the standard property market. The pool of buyers is smaller as you will likely not have as much competition as you would when looking at lower-value property. Not only do you need to understand the real estate buying process, but you also need to understand what you need to look for in luxury property. What materials should you expect to be used, what quality of finishes are you looking for, whether you want a new build or a renovation property, and what should you expect to get for the hefty price tag?
Good real estate agents are invaluable in the luxury property market. They can help you understand what to expect, avoid buyer’s remorse, and find the perfect home. Their expertise and guidance will be a reassuring presence throughout your luxury property search.
Know The Neighborhood
You need to know exactly what neighborhood you want to purchase in and why. A good real estate agent can help you find the right one. You don’t want to shell out vast sums of money only to find you hate where you live.
In addition to this, you need to understand trends in the area, the type of residents there, and whether there will be an influx of tourists at specific parts of the year from people using neighboring properties as second homes. Or is a development planned, meaning your unspoiled view of the golf course will be ruined with new properties being built?
The more you know about the current neighborhood’s future plans and those who reside within the zip code, the easier it will be to make the right decisions.
Know Your Priorities
Your luxury home will come with a range of amenities already included, but knowing what you want will help you decide what will be a good fit for you. Do you need added privacy, meaning you want walls, fences, and security gates as standard? Or are you looking for a property with an indoor or outdoor swimming pool? Maybe you need a basketball court or a movie theatre? These wants, and needs, will assist you to narrow down your search and discover more suitable properties within your search criteria.
Patience Is A Virtue
As mentioned above, there is a smaller pool of buyers for more expensive properties, and with you parting with huge amounts for a new property, either as a cash buyer or through a mortgage, you want to be sure. This is where patience comes into play. It allows you to think through your decision and ensure that you purchase the right property in the correct location.
Don’t get too hung up on buying something before someone else does; if you don’t get it, learn from it, look for something better and appreciate the lesson you learned. Remember, the right property is worth the wait.
