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Top Three Things You Need to Know When Buying a Luxury Home

With the age of the Internet and Google, we live in a world where it is now easier than ever to research and look up information yourself. Through the web we can also buy everything from giant gummy bears to clothes irons--and houses. However, despite the online MLS and all the listings you can find on the internet, there are a few things you should know before trying to find your dream house through the web.

 

Many Luxury Houses aren’t Listed Online.

 

One of the first issues you may come across when searching for the perfect luxury home online is that many luxury houses aren’t online to begin with. Many luxury homeowners are invested in protecting their privacy and simply do not list their house in the MLS. In order to to find these luxury homes, you must have a Realtor in the business who knows where to find luxury home listings and is well enough connected to hear about the homes that are being sold.

 

Another important difference is that luxury homes rarely have open houses. Your luxury home Realtor is your local expert at tracking down which homes are available and booking you an appointment to see the property.

 

Financing May be Trickier

 

Another thing to keep in mind is that financing will likely be more difficult. Around 31% of buyers in the luxury home market pay for their homes with cash, but you shouldn’t let that intimidate you since the majority do get financing of some sort. That said, you should expect to make a larger down payment. The average down payment for a luxury home starts around 30%. You may also find that banks are slow at securing your loan. I find the process often take 45 to 60 days, so I suggest starting the process early in your luxury house buying journey.

 

Pictures Don’t Say Everything

 

My last tip for this blog is to always go see a property in person. Often pictures don’t do a home justice. While searching the estate on Google Earth can give you a better idea of how it sits within the environment, I always suggest booking an appointment and going to take a look. It’s easy for bad lighting or a rushed photo to not give the correct impression of a house.

 

Another thing to keep in mind is that if a house has many of the features you want, but not quite the right look, it’s worth seeing if the price is low enough to justify renovating to create your dream space. Older, out-of-date luxury homes especially are often almost fifty thousand dollars less than a brand new space. That’s a lot of money you can use to renovate and perfect your new house!

 

Looking to dive into the market of luxury homes? Contact Patrick today at patrickmurrayluxuryhomes.com.