Luxury Home Buying Tips

Luxury Home Buying Tips

Looking into buying your first luxury home can be a daunting and stressful task to those who haven’t done it before. This is above and beyond your typical cookie-cutter neighborhoods where the square-footage is the typical indication of how much the house will cost. The learning curve can be quite the hill to climb, but luckily, we have compiled a list of ten great tips to buying a luxury home.  

10 Best Tips for Buying a Luxury House

1. Build Your Team 

Like we said before, there is a big learning curve to buying luxury homes in Las Vegas – or anywhere else in the country. While you will want to learn as much as you can, it’s always helpful to have a trusted realtor or real estate agent by your side to help you through the process. Research them and be sure to go with one that has a lot of connections, this will be useful in the searching process. They can make it both easier and less time consuming for you.

2. Find Your Definition of Luxury 

The term “luxury” can mean many things to many people. To some that may mean space, to others, land. It is important to define what luxury means to you so when you start searching you can focus on the factors that you care most about. A small house made out of high-end materials can cost just as much as a house that is double the size depending on where you look. Make sure you and everyone you are working with know exactly the type of “luxury” you are looking for.

3. Learn and Understand the Money Side

Looking for houses is the fun part, but first you need to understand your financial options. What price range are you looking into? Are you going to, or able to, put down 20% right off the bat? Paying cash? What other loan options are available to you? Doing your work to understand your options here can make a big difference in the amount of money you are spending in the long run.

4. Don’t Get in Over Your Head

More often than not, you are looking at houses that you will not be able to pay in full. Along the same lines as the last tip, make sure you know your options and know how they affect your finances as a whole. Set a budget that won’t take over your entire savings and income. Just because you can afford a house doesn't mean you are actually able to pay that much relative to other expenses.

5. Narrow Your Location

With buying a house, luxury or not, comes other factors to consider as well. Location, local resources, school districts, and many more factors in and around your house are something to consider when buying a house. This is a part of the process that your real estate agent may have to stay away from as Fair Housing laws prohibit them from pushing or pulling you to any specific neighborhood or community. Reviewing different areas is easy by just looking at a zip code map and researching the areas you are considering.

6. Start Searching

Here’s the fun part! Start looking for houses in your higher-end price range to see what's out there. Now it is also the time to rely on your agent. Many times, luxurious homes are unlisted as the seller may want to remain more anonymous. A lot of the time, realtors have a lot of personal connections that are the best pathways to finding more luxurious properties and listings. 

7. Photos Aren’t Everything

We all know that professionally taken photos of a home can make a big difference in how the home looks online compared to in person. Unfortunately, many times photos of bigger houses can have a negative effect. Being able to walk through a large home is much more beneficial as you can get the full experience of being in the space.

It doesn't hurt to take a look at aerial pictures of the property on Google Earth or Apple Maps as well. Getting the full picture of a property is essential to making sure you don’t dismiss anything you might later regret.

8. Location Future

Up until now, you will be looking at houses and locations based on how they look right now. Make sure to also research what the area around you is going to look like in the coming future as well. You never know when a large building is going to be built close by that increases traffic. A house can change a whole lot when a road or highway is built right behind the back yard. 

On the opposite note, a new park or school could be built in your community. New business that may be of interest could be looking to move into the area as well. Learning about the potential or planned infrastructure changes around the community can have a big effect, both positive and negative, on the home you may be looking to buy.

9. You Can Still Negotiate 

Just because the houses are high-end doesn't mean you are expected to spend full price. Just like any other home, you can negotiate the price. More often than not, these homes are going to be very unique and one of a kind. Look into the prices of houses for sale in The Ridges Las Vegas that are the most comparable to see if you are getting a good deal or not. More often than not there is going to be some wiggle room on the final price.

10. Patience is Key

Even when buying a lower priced home, making quick and uninformed decisions is something you can’t afford to do. This is even more important with highly priced houses. These are big commitments and you want to be sure you have all your ducks in place before going through with anything. Don’t be discouraged if someone beats you to a house one or twice. Learn from these experiences and look towards what other properties may be of interest.

Summary - Luxury Home Buying Tips

So, what have we learned? Simply put, surrounding yourself with a good team, understanding your finances, doing your homework in aspects both in and outside the properties you look at, and being patient are the main things you want to focus on when buying a luxury home. If you can do all these things, you will be able to choose and buy a house that you aren’t only able to live in, but enjoy living in.

Discussion

#1 By Si Vales Valeo Real Estate at 3/24/2022 6:22 PM

Great tips! Thank you for sharing an informative post about luxury house hunting, it's really helpful.

#2 By Luxury Residence Honolulu at 6/8/2022 8:51 AM

Knowing the value of a home is important when purchasing. This article has some great tips. Thanks for sharing!

#3 By Mortgage Broker in Lane Cove at 6/13/2022 2:34 AM

Great tips provided. Thanks a lot.

#4 By Mortgage Broker Australia at 7/27/2022 5:59 PM

Nice post so far. Thanks for sharing your amazing blog.

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