3 Tips for Buying Luxury Homes That You Need to Know

Posted on: 13 October 2016

Are you ready to purchase your first luxury home? If you've never purchased a luxury home, you might be surprised to discover that the process isn't quite the same as it is when you are purchasing average-priced properties. For example, when you're buying a luxury home, you need to have your entire financial portfolio available for lenders to review—not just your income statements and you credit reports. So before you start looking at the luxury homes for sale, check out these tips.

Hire a Qualified Real-Estate Agent

One of the biggest differences between shopping for an average-priced home and a luxury home is that many luxury homes for sale aren't listed on the Multiple Listing Service (MLS) or the Internet. Sellers of high-end properties often want to protect their privacy, so they avoid posting the listing and property photos online. A qualified real-estate agent will know the ins and outs of the high-end housing market in your area and be able to show you luxury homes for sale that aren't listed publicly. Additionally, it can be difficult to determine the value of some luxury properties because they are unique, and an experienced real-estate agent who specializes in the luxury market will be able to help you determine the fair market value of the properties you tour.

Look Past the Photos

Don't dismiss a property solely on the photos that you see, especially photos of the front of the house. Large homes are typically as photogenic as smaller houses; it's more difficult to capture the entire house when you're taking the picture from the ground. So instead of relying on photographs of the house to determine whether or not you want to tour it, drive by the house or look at satellite images on the Internet to assess the home's actual appearance.

Have Specialized Inspections Completed

Luxury homes typically come with several amenities that average-priced homes don't offer. Because of this, you may need to have several specialized inspections completed before you finalize your purchase. Some things that you should consider having inspected individually include:

  • Swimming pool and/or hot tub
  • Lawn irrigation systems
  • Central vacuum systems
  • Heated flooring and/or driveway
  • Exterior features such as landscape lighting, ponds, fountains, and automatic awnings
  • Surveillance system

While buying a luxury home is slightly different than buying a house in a middle-class neighborhood, doing so isn't difficult. Take the time to find a real-estate agent who specializes in selling luxury homes, and you'll be amazed at how quickly the process goes.