Buying your first luxury home is an incredible milestone, especially in a major metropolitan area like Los Angeles. It’s a celebration of your achievements and proof that you’re now ready to take your place among the successful elite.
A high-end home is probably one of the biggest investments you’ll make in life. As in any major transaction, it’s important to keep a clear head amid the excitement, and be extra careful in making decisions.
We offer these home buying tips to help put you on the right track.
- Understand how the home search process works
Searching for the right luxury property is a little different from searching for a more regular home. Not all high end home sellers list their properties on the MLS or any major listing site. Many advertise only on boutique or specialty websites catering to luxury buyers. Some don’t even advertise at all – they rely on their agents to find a buyer for their property.
- Work with an experienced Realtor
To make sure you don’t miss out on any opportunities, work with an experienced Realtor who specializes in the luxury market. While a professional’s services are crucial in any real estate transaction, the particular nuances in the luxury sector makes working with a qualified agent even more important.
With the right network to back them up, a Realtor who specializes in the upscale market will have access to listings that are not available publicly. In addition, there are fewer open houses for luxury homes. To view a prospect property, you’ll need a Realtor to arrange an appointment for you.
An experienced agent will also know what to watch for in buying a home. They can give you advice on crucial matters, such as which property makes the best investment, the pros and cons of different homes, future developments in the area, and so on.
- Don’t make a judgment based on photos alone
A luxury home is a huge investment, so it’s unwise to make your decisions based only on the photos you see. Some properties may look impressive on pictures but might not feel right for you in person. In addition, photos may not aptly capture a home’s best features and qualities. Don’t dismiss a property from your list of prospects simply because they don’t look appealing on pictures.
- Document your finances
In the high end market, buyers’ finances are scrutinized closely, whether by lenders or sellers. You will need to show proof that you have the financial capability to buy a multimillion dollar home. Make sure to have the proper documentation to establish your financial status. It’s recommended to work with a bank you have a relationship with, as they already have your financial records and can facilitate the mortgage process or any other financial requirement.
- Don’t skip the inspection
A luxury home, especially after staging, can be truly stunning and impressive. But you cannot assume it is without problems or defects. Luxury properties often come with more complex features so you may need to arrange not just one but several inspections. In addition to standard inspection points like the foundation, electricity, and plumbing, you might also need to have a separate inspection for the swimming pool, smart home features, wine cellar, entertainment rooms, and the like.
If you’re planning to buy luxury house in Beverly Hills or nearby LA communities, work only with a top Realtor who knows the market by heart and will ensure your interests are protected at all times.