Whether you’re looking at a historic Newport estate or a golf course community in the South, there’s a variety of choices available when it comes to luxury real estate. Consider these tips from luxury home market professionals before venturing out into the field to buy your dream home.
Understand the Search Process
It’s quite common for a luxury home to go unlisted, so as to protect the seller’s privacy. These properties are often found through the Realtor’s personal connections, as opposed to the MLS, so be sure to utilize your agent’s network to its full capacity.
Don’t Stop at Photos
Dismissing properties based on their front elevation photos is a surefire way to avoid great deals. Many would-be buyers focus solely on what homes look like from the front, and as many large homes aren’t photogenic that way, you’ll find less competition if you look at a range of homes, including those that don’t necessarily appeal to you in their front elevation photos. Doing a search of the property and vicinity on Google Earth will help quite a bit.
Document Everything
There’s much more scrutiny in today’s high-end market than there used to be, and as a result, financial documentation is critical. Anyone making a lot of money has a manager or accountant and tries hard to shelter their money, so it can be tough to show the bank that you have the needed income to purchase the property. Go the extra mile and document everything to make sure you’ll be able to purchase the home you want in a timely fashion.
Work With a Local Expert
Having a good buyer agent who’s familiar with the area you want to buy in will make all the difference in the world. Having more control over access to high-end properties generally allows for a wider range of opportunities, which is important when considering luxury real estate. Furthermore, you’ll be able to avoid a good number of open houses, which is preferable to most buyers.
Bank on your Relationships
By going to a bank you have a relationship with to secure your pre-approval and pre-qualification letters, you’ll be more likely to obtain the documentation you need in a timely fashion. This would be due not only to your personal relationships with those at the bank, but also given they’d already have access to your financial portfolio.
Source: HGTV