Are you in the process of buying a luxury home? Here are six expert tips that can help you out:
- Decide on your payment method
- Know what you want in a luxury home
- Visit the property
- Get a home inspection
- Go for a property with a strong resale value
- Work with a luxury real estate expert
Paying cash is a popular option for luxury homebuyers. It’s simple, straightforward, and it increases the buyer’s negotiating power.
However, homebuyers can also finance their purchase by taking out a luxury home mortgage. Also known as a jumbo loan, this type of financing is offered to buyers who plan to purchase a home that exceeds the $484,350 conforming loan limit. Just make sure that you obtain a pre-approval from your lender.
Luxury homes offer a wide array of features and amenities that regular homes don’t have. Before you start shopping, it always helps to determine your wants and needs.
What are the features you absolutely must have in a luxury home? What can you compromise on? Being clear about what you want and don’t want in a luxury house narrows your search and makes the process much easier for everyone.
It’s easy to get blown away by spectacular online photos or descriptions of top-end features. In fact, 20% of homebuyers at the end of 2018 made an offer on a home without having to personally set foot on the property.
However, nothing beats seeing the home in person. You’ll get a feel of the neighborhood, assess the possibilities of expanding in the future, and determine if your expectations match the reality of the property.
Due to its size and high-end features, luxury homes require a different kind of home inspection. Swimming pools, multiple fireplaces, smart home technology, and high-end appliances are just a few of the features that a luxury home inspector must examine.
Before hiring a luxury home inspector, make sure that they are qualified and certified to inspect luxury properties. Your chosen inspector must also have a specialized knowledge of luxury homes.
Luxury properties with a strong resale value are a huge advantage should you decide to sell the home in the future. While the actual resale value can’t be guaranteed, some of the promising signs to watch out for are fully functional home systems, well-lit homes, great schools, and developing neighborhoods.
Luxury homes often boast of custom features and amenities that agents who specialize in these unique properties understand. And unlike traditional homes, not all luxury properties are listed online. To protect the privacy of the seller, many of these properties are bought and sold through exclusive channels. A well-connected real estate agent can access these exclusive properties and arrange a viewing for you.
Find luxury homes for sale in Manhattan Beach, CA by calling me, Marco de Longeville, at 213-675-0197. You may also leave a note here. I give my clients the most up-to-date real estate information and real estate expertise to make buying a home a positive, stress-free experience.