Due to their prime location, larger spaces, and high-end features and amenities, luxury homes are a worthwhile investment that provides the highest quality of life to their homeowners.
Here are my top tips when buying a luxury home:
- Get your finances in order
Just like buying any other real estate property, you must be financially ready to purchase a luxury home. Establish your credit worthiness before obtaining a mortgage pre-approval – your aim is to get the highest possible dollar estimate on what you can spend on a home. You can only do this with a strong credit score, which is dependent on your income to debt ratio, and your spending habits.
- Know your home buying needs and wants
One common mistake that buyers make is being unclear about what they want. If you’re having trouble pinpointing your needs and wants, think about the home features and amenities that are the most important to you and your family.
- Look at the home in person
It’s easy to get swept away or turned off by the look and feel of a luxury home through its listing photos or video walkthroughs. But first impressions of the home—whether good or bad—could be proven wrong. That’s why it’s best to check out the home in person; you’ll also get a feel of the neighborhood you’re going to move into.
- Do your research
Aside from checking out the home in person, you must also dig deeper. When was the home built? Are there any nearby developments under construction? Will these affect your privacy or block the stunning views offered by the potential luxury home? You can also look at similar homes in the neighborhood and compare prices, size, and features.
- Get a home inspection
Because of their high-end features, luxury homes require a more specialized home inspection. If your potential luxury home has a swimming pool, for example, you’ll need to have a thorough pool to inspection to check for any problems with the pumps, filters, and heaters.
- Enlist the help of a local real estate agent
When it comes to buying real estate in general, it’s always best to work with an experienced local expert. They can tell you about the ins and outs of your chosen area, along with current market trends, and comparable sales of similar homes.
A local real estate agent can also introduce you to luxury properties that are not listed in the MLS. To protect the privacy of the seller, these listings can only be accessed with the help of a well-connected real estate agent.
- Don’t rush
Buying a luxury home is a huge investment. That’s why it’s important for you to take your time before making a decision. To avoid buyer’s remorse, work with your real estate agent and research the home, neighborhood, and real estate market well.
No one knows the Denver luxury real estate market like I do. Let me, Anne Dresser Kocur, help you find the home of your dreams. As the #1 home seller in Denver, Colorado, I make it a point to truly understand my home buying clients’ real estate needs and match it with the right property.
Feel free to reach out to me at (303) 229-6464 or adresser(at)livsir(dotted)com. I look forward to working with you!