Buying Luxury Real Estate
BUYING

Tips for Buying Luxury Real Estate

Whether it’s a beachfront condo in Miami or a luxury home for sale mchenry county illinois, buying high end properties has its own set of rules and challenges. These tips will help you successfully navigate them.

  • Work with a local realtor. It’s important to choose a real estate agent who is familiar with the market in the area you’re planning on buying in. That way, your agent will have the inside scoop both on which properties are for sale and what current local market value really is. Because many properties that are available – or about to become available – often aren’t listed online, the relationships your local agent has become even more valuable.
  • Make it a team effort. Buying luxury real estate doesn’t just involve you and your agent. You’re also going to need the cooperation and help of your bank, your accountant and possibly your lawyer, depending on the type of property you’re buying. Choose a bank you already have a relationship with and make sure your accountant can easily produce necessary proof of income for said bank, if need be.
  • Don’t judge a property by its photo. Just as the most gorgeous people can look terrible in a poorly lit and composed snapshot, so can a gorgeous property. Don’t be put off by a less than stellar listing photo. If the property fits your criteria in every other way (location, price, amenities, etc.), it’s well worth it to visit the property in person.
  • Look ahead. There’s nothing like buying your dream home on what you think is going to remain undeveloped land only to discover a high rise condo, shopping mall or some other building is going up and will be completely obstructing your view. Make sure to check what the zoning around you is and if any future development is – or can be – planned.
  • Remember – you can always negotiate. This is where having a local agent is invaluable. Before making your offer, have your agent research what other similar properties recently closed for and adjust your offer accordingly.
  • Don’t buy without title insurance. Protect your investment from defects in the title such as improperly recorded documents, liens, fraud or other people claiming an interest in ownership. Make sure to look at the exceptions page before closing on the property.

Keep these tips in mind and the buying process is sure to go more smoothly.

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