AustinTXEstates

HGTV writes to the luxury homebuyer novice and the regular who is looking for better results in their “Top 10 Expert Tips for Buying a Luxury Home.”

 

1.     Learn the search process.

The first thing pointed out by their expert panel is that many of today’s best homes go unlisted, to protect the seller’s privacy, and are found through Realtor’s connections and not websites.

A Realtor’s network is often, if not always, their strongest asset. Finding a Realtor who is established in the area and experienced with the properties you’re looking for opens up to you their rolodex of colleagues and clients with unique and new properties you might not come across with a web or MLS search.

The HGTV experts also say that not everything is on the major search engines; some online sources require some searching.

Again, a Realtor familiar with marketing these listings is going to be aware of more sources for finding great homes. Are you looking for a waterfront luxury ranch? There are databases for that. A home that you can bring horses to? There are databases for that as well, and many other specifications.

2.     Go beyond the photos.

“Make sure you don’t dismiss properties based on their front elevation photos,” the article warns, “many large homes aren’t photogenic that way and you have to see them in person to appreciate.” Indeed, a home on a stunning lot with lots of property, great views, balconies and walls of windows from the back but a simpler look from the front can be hard to capture.

Also consider that many sites have a photo limit: MLS only allows 25 photos, some sites allow as few as 4-6. While that may seem like a lot for an average home, luxury homes often have features around every corner that can’t all get captured this way. A Realtor familiar with the properties will be able to give you a better idea as to what it has to offer.

3.     Work with a local expert.

 

As was mentioned already, a good Buyer’s Agent is going to have access to properties you may not be familiar with, or that may have controlled or limited access (for safety). They can help you find your ideal property and take most of the work away from you.

 

4.     Bank on your relationships; and 5. Document everything.

 

These tips regard your finances. “I strongly recommend you go to the bank you have a relationship with. They have your portfolio already. Also, know the difference between the pre-approval letter and the prequalification letter,” the HGTV experts say. Also be aware that there is “more scrutiny today,” especially in the high-end and luxury markets, and “financial documentation is critical.”

      

6.     Hire smart, reliable advisors.

 

This refers to your financial planner, but also your Realtor. Hire a qualified, competent Realtor, that you can trust.

 

7.     Don’t forget about Title Insurance.

 

Your qualified Realtor will help with this step.

 

8.     Look into the future and 9. Know what to expect with cooperatives and condominiums.

 

“Know what’s being planned around you,” their experts say. Generally, if not always, this is public information. Also consider that in Austin, Texas, many properties sit near protected lands that legally cannot be developed – your Realtor will have information on this.

 

“Look into the future” also refers to finances. Knowing construction timelines and having a good financial planner (#6) will help you with this. With co-ops and condos, “you want to be represented by an attorney who will research the building on its financial viability.”

      

10.  There’s room to negotiate.

 

“Its individual points, its view or it’s remodeling that makes these properties one of a kind and makes them able to command a particular price. Have your agent research the comparable properties that have recently sold, getting closing prices, right before you make an offer.”

 

Buying luxury property right now is a great investment that can be made at a great price.

Tags: Buyer's Agent, Financial Planner, Investment, luxury property, MLS, Title Insurance

This entry was posted on Tuesday, July 28th, 2009 at 11:50 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.