How to Buy Luxury Property

Purchasing luxury properties is serious business. It not only entails enormous expenditure, but it can also open a lot of opportunities for monetary gain in the future. Due to the nature of this particular transaction, it is necessary to know and understand the process of buying a luxury property, specifically in terms of finding the right product and getting the best possible deal.


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    Know where to hunt the best properties. High-end homes and other types of luxury properties often go unlisted, at least not in the conventional way. Most brokers tend to keep these types of properties under Pocket Listing, which means they are not entered into the MLS or Multiple Listing System. This technique is used in order to maintain the exclusivity of the property, thus making it more appealing to prospective buyers. After all, people tend to want things that appear unattainable.
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    Work with an expert broker. Locating the best and most lucrative properties in any locale requires the help of an expert broker, preferably someone who has deep and long-standing connections with other high-end brokers. For the most part, real estate agents make it a point to only let very few people know about certain listings, as in the case of luxury homes.
    • Brokers who have the best contacts in the business would be able to help you find just the right kind of property to purchase, as per your requirements.
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    See beyond photos. While most people tend to judge properties initially based on photos they find online, it is important to consider seeing the property up close. Some beautiful homes just do not photograph well, so it becomes necessary to visit the property and decide for yourself whether it fits your needs.
    • Since exclusive (non-MLS) listings are rare, a walk-through has to be scheduled ahead of time (probably a week or more in advance) since the properties are only shown to one prospective buyer at a time. You will almost never hear of an open house for a luxury property, since owners tend to be very guarded and private.
    • A private showing is always preferable since it allows prospective buyers to really explore the property and envision the life they can have in it if they ultimately decide to purchase. While you can always send your broker to see the property, nothing beats your personal opinion, especially if you have a very distinct taste in a home.
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    Consult with a financial adviser and real-estate expert. Luxury properties cost a lot of money, hence the need for the expert opinion of a financial adviser. Whether you are buying the property for personal use, or as an investment, it is crucial to know what you can expect from such a venture.
    • There are certain economic conditions that might deter buyers from taking the plunge simply because they stand to lose money on the property in the near future. Conversely, certain market trends might prove to be favorable for luxury home buyers. Either way, you will need all the help you can get from a financial adviser, as well as a real estate expert.
    • If the property is intended to be an investment (i.e. for resale post renovation, lease property, etc), an adviser can give you a clear picture as to what you can expect within the immediate future, including how much money you can possibly earn from it.
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    Take your time. Perhaps the most important thing to remember, when buying high-end properties, is to take time to consider your options. This is especially useful if the market is filled with promising inventory (there are times when there are simply very few luxury homes for sale due to the prevailing real estate climate), since you have a wide range of choices. Do not rush into a purchase, especially when it involves a great deal of money.
    • When it comes to expensive properties, facts and figures should always be factored in, as well as the expert opinions of people who know exactly how the market works.

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Categories: Buying Property