Buying a new home can be exhilarating and stressful at the same time. This is true in any price range. In the luxury market there are some unique challenges. We recommend luxury home buyers keep the following tips in mind as they’re finding their new dream home.
Luxury Home Buying Tip # 1 – Find a qualified Realtor that specializes
in luxury home sales
You’ll want someone who not only knows the area but knows the communities and homes in your price range. They should be able to tell you about each of the most exclusive communities in Atlanta.An experienced luxury agent will be able to discuss how much inventory is available in your price range. They’ll know how long homes in this price bracket are staying on the market. They’ll know which of the luxury communities have Country Club facilities, tennis courts, etc. This information will save you time in finding the right home. When it’s time to negotiate it will save you money.
Luxury Home Buying Tip # 2 – Can your agent show you “pocket listings”
It isn’t unusual for high net worth individuals to insist their home be marketed quietly. They will restrict showings to a limited number of pre-screened, qualified buyers. Some do not allow their homes put in the MLS. They don’t allow virtual tours or YouTube videos. Experienced luxury home Realtors are in contact with other luxury agents. They will be able to show you any pocket listings that suit your needs.
Luxury Home Buying Tip # 3 – Do your homework
Check out luxury homes for sale online to get an idea about the price range for the type of home you want. Find a local Realtor who has a website specializing in “luxury homes for sale”. While many websites will let you search listings, they may share your info with agents who are not luxury experts.
Today’s successful agents have their own websites. This allows their clients to search homes without sharing contact info on third party sites. It is not unusual for these third party sites to sell the “lead” to an agent who may not be familiar with the luxury market.
Using a local luxury home pro’s website will give you a quick look at what homes are available. The luxury agent’s website will have links to their blog, social media pages and YouTube Channel. Those pages can be great resources to help you explore the different neighborhoods.
Luxury Home Buying Tip # 4 – Ask your trusted advisors
When buying a luxury home, there may be tax consequences. You should discuss your plans with both your tax accountant and your estate planner. They’ll be able to determine how you should take Title to the home to best protect your interests
Luxury Home Buying Tip # 5 –Should you pay cash or secure a mortgage?
Cash is still King when buying a home. However, current low interest rates make it favorable to use a mortgage and conserve cash for other investments.
Luxury Home Buying Tip # 6 – Protect your privacy
When hiring an agent, make sure you have someone who can maintain the highest level of confidentiality. A successful agent will not go out talking to the press about your activity without having your written permission. Even if your agent doesn’t speak to the press about the fact that you’re looking to buy a new home, others may. An experienced agent will co-ordinate viewings to minimize risks of exposing your identity.
Luxury Home Buying Tip # 7 – Have fun
Buying your luxury home should be a fun and joyous occasion and not marred with stress and regrets. Surrounding yourself with experienced professionals will protect your interests each step of the way. They will give you the information you need to make an informed decision. They’ll verify that you’re paying a reasonable price for your home. They’ll make sure your home is inspected and you receive clear Title. Professionals who are luxury home experts will make it easy for you to relax and find the home of your dreams.