5 tips from the experts to keep in mind when buying luxury homes
If you are in the market for a new residential property, you will know that it is both exciting and stressful at the same time. This is often even more pertinent to those in the market for luxury homes. Acquiring property at the top end of the spectrum requires even more vigilance and care, as there are additional potential risks and challenges, and larger amounts of money in play.
However, just because there are more things to consider, it does not mean that the process should be an unpleasant one. If you approach it logically and with care, you can eliminate any unnecessary risks and revel in your excitement about acquiring a new property. Here are some tips on how to ensure the process of buying luxury homes is as smooth and stress-free as possible:
1. Always start by doing your research
It is tempting to simply jump in and start looking at properties. However, this could lead to hasty and bad decisions when you see something you like at the wrong price. Find a reputable property agent who deals in luxury homes and browse their website to get a feel for the price range of the type of properties you are interested in. This will help to provide you with context when viewing homes, so that you know whether a property is well-priced, or whether you can negotiate on the selling price.
2. Partner with a trusted real estate agent
While doing your research, also pay attention to the real estate agents whose websites you visit. Choose one with a great track record of dealing in luxury homes, like the internationally affiliated Fine & Country South Africa, and get in touch with them. You want an agent who understands the premium residential market, but who also knows the area in which you are looking really well. A good relationship with your agent will assist in communication, which is vital when you want someone to understand your needs and help you find something that meets all your requirements.
3. Remember that the financial side includes so much more than simply the asking price
This might seem obvious, but it is easy to get carried away when looking at luxury homes. Remember to keep things in mind like property rates and taxes, as well as insurance costs. This is not about whether you can afford it, but rather whether the purchase is still a good investment. Also, decide whether you want to buy the property cash or by using a mortgage. Even if you can afford a cash purchase, you may want to use the available funds for a different investment.
4. Consider the resale value of the property
Even when you love a property, consider whether this purchase will deliver any returns in the long run. Generally, property is a good and stable investment, but some luxury homes can be overpriced, situated in areas that are subject to change in nature, or the house is built according to specifications that might get dated very quickly.
5. Look deeper than just the photos
Sometimes, a luxury home is purchased as a holiday home, or as a secondary residence in another city. Make sure that you view the house in person before you commit to a sale. Something might look great in photos, but does not feel right in person. Trust your gut instinct.
Fine & Country South Africa is an established and respected estate agency who specifically deals in luxury homes. Our specialist knowledge of this specific market makes us a sought-after partner when it comes to buying luxury homes, and ensures that we have an extensive portfolio of exclusive properties to offer the discerning buyer. Contact us today for more information and let us help you find the perfect property for you.