- Your dream team of experts is possible.
It is highly recommended to hire a professional real estate agent, trusted financial advisor, accountant, and lawyer when buying a luxury home. They will help you navigate the local tax and property laws.
A reputable real estate agent should have a track record in luxury housing. Although it’s fine to contact your trusted agent, you may need to have someone with experience in this niche for your first luxury home purchase. You will find glowing testimonials and reviews of satisfied luxury home buyers in the area you plan to buy your home.
You should look for an accountant and financial advisor who is trustworthy and will always be there to help you. It will save you time and reduce the stress of dealing with a local lawyer who is well versed in tax and property law.
You can expect to get the keys to your luxury home within a short time if you have assembled a team capable of guiding you through the luxury home-buying process.
- Your dream luxury home should be in the perfect location.
You should research the area around the house you are interested in buying. You may choose a home that is in a quiet area or offers stunning views of the surrounding city if you are looking to buy a luxurious home for retirement.
You can have a huge impact on your taxes, travel time, schooling, as well as other aspects of your lifestyle. It is worth taking the time to research which luxury home location best suits your needs. You should ensure that your house isn’t in densely populated areas if you plan to add additional features such as a pool or veranda to it. This is not to say you should rely solely on online listings. It is important to get a feel for the house and its surroundings to determine the quality of a home’s overall location.
- Get familiar with the pre-approval process.
A mortgage application to purchase a luxury home requires a different process than a traditional mortgage. Lenders might require credit scores of 680 or higher. The lower your interest rate, the better your credit score will be. This information will be available to your team of experts. Don’t hesitate to ask them questions. Knowing the difference between standard and luxury mortgages will help you better prepare for the home-buying process.
- Pay attention to “pocket listings”.
Many high-net worth people don’t market their listings. Only qualified buyers with financial capability to purchase multi-million-dollar homes will be shown their listings. Their homes won’t be listed on the MLS so it is important to ensure that your realtor has contact with luxury agents who may have pocket listings that might suit your criteria.
- Consider the resale price of the luxury home that you are looking to purchase.
Although your personal tastes will be the most important factor in your purchase of a luxury home, it is also important to consider how the home will appeal to potential buyers if you plan to sell. You should negotiate a great price if you feel you will face resale difficulties due to the uniqueness of a luxury property.
- Make a list of the top priorities.
It is important to have a clear vision of what you are looking for in a luxury home. A checklist of the features you desire in a home can help you keep track of your priorities and prevent you from falling for an emotional buy (e.g., if you are lured into purchasing a house with a huge pool you don’t use). Do you value privacy? You should ensure that your potential home is not located in an area where people can easily see inside. Are you a cook? A beautiful Tuscan-style kitchen might be what you are looking for. It will be easier to narrow down your choices if you know what you want.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for coral ridge homes for sale in Fort Lauderdale, we are the real estate team for you!