Living in Southern California, we are spoiled by the climate, location, and homes. Although many of the homes here would be considered mansions in other parts of the world, there is a distinct difference from a luxury home. We have compiled a list of tips from the experts to buying the right luxury home.
Learn the search process
Many luxury homes are not listed in order to protect the seller’s privacy. Many of these homes are found through the agent’s personal connections, not the traditional MLS. You may need to find more online sources as many of these homes aren’t on the large search engines.
Go beyond the photos
Many large homes are not photogenic, don’t dismiss a home simply on its front evaluation photos. It’s best if clients check out the property in person before they make any further decisions.
Work with a local expert
Working with a local expert will prove to be the most successful. Since many luxury homes are found through personal connections, many homes have to be viewed through appointments vs. open houses.
Bank your relationships
It’s best to go to the bank in which you have the strongest relationship. There you can obtain your portfolio so you can receive a pre-approval letter, faster.
There is much more scrutiny in the high-end market. It is important to keep financial documentation for the bank’s purposes.
Hire reliable advisors
Your real estate agent will make suggestions for you, it’s best to hire one that is knowledgeable and has your best interest at heart. Having an agent or financial advisor that you trust is crucial to this process.
Don’t forget about title insurance
Title insurance is important to have to protect yourself against any problems that may occur.
Look into the future
Look into the future of the area surrounding you. You never know if someone will come along and build a bigger home that blocks your view of the ocean.
Know what to expect with cooperatives and condominiums
Know the ins and outs of co-ops and condos. It is also probably a good idea to hire an attorney to represent you and to research the building on its financial viability.
There’s room to negotiate
It’s usually the unique designs and remodeling that make these homes impressive and the price even more so. Have your agent research comparable properties that have recently sold so you can get a better idea of the value of the home before you make an offer.