Luxury home purchases have some distinct differences that set them apart from the purchase of a more generic residential home in a lower price range. In part, these differences may be influenced by the fact that luxury home owners often guard their privacy fiercely, making the best luxury home listings harder to locate than other homes for sale. This is especially true when the luxury home owner declines the use of standard marketing, such as a publicly distributed advertising and photos. If you are searching for just the right luxury home to purchase and encountering some difficulties, the following information can speed your search and help you succeed.
Start by partnering with an agent who specializes in the local luxury home market
The first step in locating the luxury home that will best fit your buying criteria is to begin your search by partnering with an agent who offers vetted experience in listing and selling luxury homes in the area in which you are located. Since luxury homes make up a small segment of the total market, agents who specialize in listing and selling luxury homes will have a good knowledge base of all the available ones in their area, including those will be coming onto the market in the near future.
Rely on video tour footage, instead of still photography during the initial search
Many luxury homes are difficult to photograph effectively due to their sheer size. This can lead to marketing photos that appear odd or unattractive. In order to make sure that you do not ignore a great possibility because of a less than photogenic initial photo, ask your agent to help you obtain a video tour of each home that you can review before deciding if you want to arrange a personal showing. Plain or awkward facade photos may be hiding exciting features that may be just what you are hoping to find in your new luxury home.
Make sure your financial preparations are ready at a moment's notice
Because the actual number of luxury homes is such a small segment of the real estate market, competition for the best ones can be fierce. Prospective buyers who want to succeed in purchasing the best luxury home will need to make sure that all their financial preparations are ready so they can move ahead with a purchase offer at a moment's notice. To do this, prospective buyers should work closely with their agent, legal representative, and financial adviser to make sure that all pertinent details, conditions, and preparations are handled properly.