6 Things You Should Know Before Buying a Luxury Home

6 Things You Should Know Before Buying a Luxury Home

There are a lot of high-end homes for sale in today’s market. However, finding and buying a luxury home is a slightly different experience than your normal tract home purchase. If you are in the market for a luxury home in the Bay area, here are some tips you should know before buying your dream home.

The Search Process

Most of the time, you can easily find an excellent multi-million dollar home listing on websites like Zillow.com or Realtor®.com or even on a luxury Realtor®’s website. There are many ways to search for a luxury home, but the most popular is probably browsing through listings.
In some cases, you will find yourself frantically clicking from listing to listing, looking for your dream property. However, this method of searching can become exhausting and time-consuming very quickly, mainly if there’s a high level of competition in that particular market or neighborhood.
One of the best and little know ways luxury homes are marketed for sale is…privately. Many luxury residences go unlisted to protect the seller’s privacy. These properties are frequently discovered via personal connections rather than through the MLS. If you want to know where some of the best luxury deals are, look for a top luxury real estate Realtor®.

Photos and Video

You can find beautiful photos of luxury homes online. However, it would be best if you did everything you could to see the house in person. A video tour can be helpful, but you also need to visit the home. Take a friend with you who is familiar with luxury homes so they can help point out specific features of interest.

Price Range

It’s always important for buyers looking at luxury real estate to know what price range they want and what kind of property they are interested in. The typical home value of homes in Fremont is $1,399,412. This value is seasonally adjusted and only includes the middle price tier of dwellings. Fremont home values have gone up 23.8% over the past year. However, the average home price of a luxury home in Fremont is significantly higher, starting at $2,000,000 and $13,000,000. It’s important to know what you are willing to pay and remember to factor in maintenance, taxes, and insurance.
Doing some research online is an excellent way to start getting familiar with what homes in your price range look like and how much maintenance they typically need.
When looking at different neighborhoods, it’s important to remember that prices can vary significantly from one location to another. Depending on school district, crime rate, etc., the price of a luxury home could differ from one street to street. So be sure to do plenty of research before deciding where exactly you want to live!

Work With a Local Luxury Realtor®

It is critically important that you enlist the help of an experienced luxury Realtor® who will be able to work with you and guide you through the process of buying a luxury home. Your Realtor® must have access to all available properties on the market, including those not yet listed. The qualities you are looking for in a great Realtor® include someone easy to work with, has your best interests at heart and will negotiate the terms of the agreement for you to land a great deal.
Once you find what it is that you are looking for, make sure that you act quickly! The luxury homes which are listed on the market tend not to stay there too long, so once one comes up which matches all of your criteria, take action fast before someone else beats you to it! Unfortunately, many people often spend months browsing through listings online without writing an offer… don’t let this happen to you since many properties never even reach the market because they get sold off-market or expire due to poor marketing.

Solidify a Strong Relationship With Your Banker

I strongly recommend you go to the bank you have a relationship with because they already have your banking history and portfolio. There is more scrutiny today in the high-end market; therefore, financial documentation is critical when buying a multi-million dollar home. Anyone making a lot of money has a manager or an accountant and tries hard to shelter their money, so it can be challenging to show the bank you have the income. Also, cultivate a strong relationship with an accountant and an attorney. This person needs to have a lot of experience working on high-end transactions and explain this process clearly.

Consider the Location of the Luxury Home

Location is critical when determining what luxury home is right for you. Of course, you want access to great restaurants, shopping districts, and entertainment venues; however, you may not want these amenities too close to your home. It should also be close enough not to take too long to get to town but far away from being overcrowded by tourists, traffic or noise.
If you are looking to buy or sell a luxury home, contact the Joseph Sabeh Group today to work together to accomplish your goal.
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