6 Tips For Buying A Luxury Property
December 22, 2020 | amandasearlerealtor
Buying a luxury property is quite different compared to buying an average home. Luxury is usually defined by a sales price of $500,000 or more. A property doesn’t require a specific size, design or style to be put into the luxury category.
Jacksonville, Florida has a flourishing luxury market, which has gained plenty of popularity over the past few years. Prices within the luxury section of the real estate market have been on the rise all across the globe. Some markets have seen prices rise by as much as 38%.
If you plan to buy a luxury property in Jacksonville or any other area, you should be prepared for this type of transaction. Here are a few tips to help prepare you for buying a luxury property.
Understand the Listing Process
Since many luxury home owners want to protect their privacy, they don’t list their property as you would an average home. In order to find many of the more luxurious homes, you will need a realtor. Luxury home sellers often inform real estate agents they are looking to sell, but they don’t allow the home to be listed within the MLS database.
Choose a Local Expert
A good buyer agent will make a huge difference. Not only will they have access to luxury home not found in the MLS database, but they will also provide you with intimate knowledge of the high-end properties with the area. Your local expert will be able to get you an appointment to see a luxury property since many of these sellers don’t hold traditional open houses.
Research Future Projects
Whenever you are buying a luxury home, you want to look into the future building projects near the property. New properties within the area may affect the value of your luxury home. For example, if you buy a $1 million condo and another developer builds a larger building right next to yours, it could have an effect on the value of your property.
Get it in Writing
Luxury properties need to be put under more scrutiny than an average home. You want to get everything in writing and document everything throughout the transaction. Make sure you speak with your accountant or financial manager so they can properly prepare your finances for the transaction, as well.
Don’t Just Trust the Pictures
Often, with larger home, the exterior isn’t very photogenic. It’s hard to show the entire property in just a few pictures. When you are spending $500K or more on a home, you really need to see the property to appreciate it fully.
Buying a luxury property means you will need to negotiate. There’s always room to negotiate with high-end properties. Usually the customizations are what allow the property to command a higher price tag. However, you may not like every custom feature. Make sure your agent is capable of handling the negotiation process. When you decide it’s time to buy a luxury property in Jacksonville, Florida you need to be ready. If you’ve never purchased a property above the $500K mark, it will be a different experience. Make sure you take your time and hire a trusted luxury real estate to guide yo