The top 4 mistakes to avoid while seeking your first luxury home
Buying a luxury home takes careful consideration and preparation. Unlike a traditional property, a luxury home is generally a far greater investment – so finding the right residence is essential in avoiding costly mistakes. Being aware of potential pitfalls can save you a ton of money and ensure that you are not stuck with any hassles down the line. Here at Fine & Country South Africa, our specialist knowledge of the upscale property market in the country means that we can help you avoid common issues that first-time property buyers face.
- Not considering your own future goals
Not everyone purchases a luxury home to keep it long-term. Before even doing your homework on what the market has to offer, it is best to assess your future goals. For some, buying a property is done to flip and resell it later – which means factors that affect its resale value must be considered. For example, it is far more cost-effective to renovate features such as countertops than it is to replace an entire floorplan.
Some buyers may desire a vacation home, or even a property to rent out to high-end seasonal crowds in holiday hotspots such as the coast. Such a residence will need to appeal to tourists and holiday goers and will boast a different aesthetic to typical suburban homes. If you plan on investing in a legacy property to pass on to family, however, this also takes special consideration. Think about amenities such as security, spaces of recreation and entertainment and the ability the property has of meeting your personal lifestyle needs before you go shopping. In this way, you can ensure that any prospective homes you consider already meet your minimum requirements.
- Relying on marketing for all your information
Staged, professionally produced photographs and videos are designed to accentuate the best a property has to offer. This is where partnering with a reputable agency becomes important. Not only will they assist you with homes within your budget, but they can advise you on which listings have the most to offer you.
- Buying a luxury home on impulse
It is all too easy to get swept up in emotion when viewing a luxury home of grandeur. The general ambience and available features may be so remarkable that some prospective buyers turn a blind eye to red flags on the property. It may also include a few easily fixable faults that leave buyers with a lasting negative impression. No matter the property you view, try to maintain an objective eye as you thoroughly inspect all it has on offer. Objective decision-making means that you will keep a clear head about what the future implications of your purchase entail.
- Neglecting the assistance of industry experts
You will not always find a huge selection of luxury homes listed on the websites of agencies that do not specialise in the upper quartile of the market. Often, such properties are unlisted for several reasons, such as protecting the seller’s privacy. Access to these exclusive residences is therefore only possible with the assistance of independent real estate agencies such as Fine & Country South Africa. We also understand market trends and how to help you get the most for your current budget.
The best method of avoiding mistakes and small snags during the buying process is to partner with an agency that can offer you expertise, professionalism and a commitment to your satisfaction. Here at Fine & Country South Africa, you can expect all three. For more information on finding your dream luxury home, be sure to contact us today.