Tips for Buying a Luxury Home

a living room with a large window

Having the ability to purchase a luxury home is a marker of personal success. While such a purchase may be within the means of a buyer, the process is still intimidating. Luxury doesn’t just mean expensive, it means the best of the best. 

The more expensive the home, the more expensive the total purchasing process and the greater the long-term financial implications. Follow these tips for buying a luxury home to shop with confidence and find a dream property. 

Enlist A Proper Agent

Enlisting the right real estate agent to facilitate the home buying process saves a lot of headaches. Find an agent with a track record of good results within the luxury property market. The right agent will have many positive testimonials from former clients. An agent should know everything about the area and any properties of interest. They should have a network of peers and luxury home sellers that they collaborate with and be able to lineup additional properties to view. 

A great example of what to look for in a luxury real estate agent in Vancouver, WA is Terrie Cox. RE/MAX Equity Group. Her website details what areas she is licensed in, a page outlining awards and credentials, available and sold listings, and pertinent information about home buying. 

Get A Grip On Your Finances

Before setting out on the home-hunting process, get a realistic view of finances. Obtain a mortgage pre-approval so that sellers understand that a buyer is serious. Consult with an accountant to decipher local tax and property law and explain the tax impact. A financial expert can advise on the best way to purchase a luxury property – in cash, by a mortgage, a combination of the two, and the size of the down payment. 

As with any significant purchase that takes financing, always shop around for the best possible loan option. Loans work with customers to secure the cheapest investment home loan with confidence. Customers experience personal service from their Australian-based lending managers who can work with any timeline. Loans offer low investment home loan rates that save customers money without ongoing fees. Their stream-lined packages and fully-featured loans can suit any investment buying need. 

Know What To Look For

A luxury home needs to be the right fit for the needs and wants of a buyer. One of the most important considerations is what type of lifestyle is the buyer accustomed to, or aspiring to. Keeping lifestyle in mind helps determine what customizations to look for in a luxury home. A property’s price should reflect the features that it does or does not have. 

Luxury properties typically feature a designer kitchen with high-end or commercial grade appliances and ample storage space. Smart technology is common with luxury homes; focus on things that are proven useful and that are practical for the home. 

Character depends on the tastes of the buyer, but in general custom woodwork, extra molding on the ceiling, chair rails, and wainscoting are markers of a luxury home. Seek out custom spaces in a home such as a library, media room, wine cellar, or home gym. 

Go Beyond Photos 

Luxury homes are professionally staged, photographed, and edited to pique as much interest as possible. Use photos to make a list of interesting properties but go for an in-person walkthrough of the properties to get an actual feel for them. 

Take the time to imagine life in a property, how it will be decorated, and what each room will function as. Get a feel for the neighborhood, find out what the area has to offer, and ask if there are any future development plans in place that can impact property value.