Buying a luxury home isn't merely about buying an expensive house, it's about buying the most elegant home in the most exclusive and expensive neighborhoods. In addition to that, you are purchasing the architecture, landscaping, finishing, and fittings that come with the house. That’s why you have to do it the right way to avoid regrets in the future.
Here are a few tips you should be aware of before you decide to go through with that luxury purchase.
- Get the right realtor The right realtor is an agent with a lot of experience making high-end sales happen. They know the right places to get you what you need within your budget. It's not enough to get an agent because buying and selling luxury homes is a niche market in itself.
- Get familiar with the area Remember that you’re not just buying a home, you’re buying the exclusivity of the neighborhood. There is a direct correlation between the value of the house and its location, so get as much information as you can about it. Ask questions about prospects for the area’s future to be sure that new property development doesn’t reduce the value of the neighborhood in the future.
- Think of the resale value It’s very likely that you will end up selling your house someday, so resale should be at the back of your mind even as you make your decision about your purchase. That means if your personal tastes are somewhat eccentric—and it reflects in what you buy now—it might be more difficult to sell later until you find another buyer equally attracted by what you like. That’s not to say you shouldn’t spend your money as you please, it’s just a cautionary note to consider the future when you buy now.
- Check the home out The first rule of home buying is never to buy a house without inspecting it, and that holds true for luxury homes too. Go beyond the photographs and look closely at the house. If this is your initial luxury home purchase, the property might likely be different than the previous home you bought, so you should get a home inspector familiar with the ins and outs of luxury homes to give it a clean bill of health for you. For help on finding a good home inspector, ask your realtor for suggestions and recommendations.