• Luxury Homes 101

    Luxury Homes 101

    Be Smart When Choosing a Luxury Neighborhood

    I would like to talk to you today about some helpful pointers in buying a luxury home! There is nothing quite like a luxury home purchase. The feeling of getting into the home you’ve always dreamed of, the overwhelming accomplishment, not to mention the satisfaction of financial stability, but please do your homework. Be sure you know what you’re getting into. To maintain their exclusivity and protect land values, many upscale neighborhoods often are controlled by strict covenants – which means that homeowners must abide by the covenant rules whether they agree with them or not. Be sure and seek home buying advice from a real estate professional familiar with the neighborhood who can assist you in making the most informed decision. Before you make the purchase, learn as much as you can about your new luxury neighborhood and the surrounding area.

    Follow these tips to help you quickly adjust to your new surroundings as you move in and become a productive member of your new community:

    • Talk to potential neighbors. Ask how they like living in the area. Find out about problems they may have encountered with various rules or covenants. Don’t forget to ask what they like most about the neighborhood.
    • Investigate the demographic makeup of the neighborhood.  An experienced real estate professional will make this much easier. Make sure the neighborhood’s demographics fit with what you are looking for in a community.
    • Be sure and put your hands on a copy of the homeowner’s association rules, regulations, and guidelines. Some associations are strict, dictating things like home color, how many cars can be parked in your driveway, and more. These rules tend to be more prevalent in upscale neighborhoods, where most luxury homes are found, but not necessarily.
    • Check into local zoning laws. This is important so you know for sure whether your home will be protected from development nearby – a new supermarket or commercial office development. Your luxury home will maintain its best value in a neighborhood that has strict regulations on commercial growth.

    How to Find an Agent Who Specializes in Luxury Home Sales

    Buying a luxury home is much different from the average purchase of a home. The home buying process, particularly for luxury houses, requires a real estate guide who is well-versed in luxury home sales. Lenders look at luxury homes as specialty properties. Therefore, it is in your best interest to work with a real estate agent who can deal with potential lenders to make your financing process a bit easier. It only makes sense to choose an agent who is well-connected in the community and in the luxury market, for the best chance at getting the home you desire.

    Ask about Utilities

    When you are purchasing your luxury home, inquire about the utility services in the area. Some regions of have opened up their utility markets, paving the way for private companies to compete with city-owned or cooperative utility companies for your business. Some consumers feel that is confusing when there are several companies to choose from.  Before committing to utility services find out where you can get the best price – and service – for your luxury home.

    So overall when taking the galactic size step in purchasing your first luxury home  keep yourself informed and knowledgeable by following these five basic steps:

    1)      Know where to look.  Take your pick when it comes to locating the perfect home. However, you should research the market like you would anywhere else. What are the best areas for property value? What are the styles of homes that appeal most to you? Are the prices and fair and easy to manage? Will the location fit your lifestyle? These are the right questions to ask yourself

    2)      Don’t get in over your head.  Calculate what you can afford. Take a good look at your finances, and how you intend to support yourself once you are moved in

    3)      Have realistic expectations. You need to have realistic expectations of what the area can offer you.Even though one area is Paradise to many, that does not mean it will be Paradise to you. That’s why visiting the area for 1-2 weeks is essential.

    4)      Pick a home suited to your lifestyle.  It might be tempting to buy the most beautiful home so if money is no object to you, you should still proceed with caution. Choose location and home model based on how you will live in it six years down the road, not based on what you would do if given a week to party with zero obligations. Don’t buy a showplace if it is not suited to your personality, expectations, and lifestyle.

    5)      Scout locations.  Are you partial to city life, or would you rather be far removed from the public? Decide before you buy?

    There are plenty of other great tips that would be helpful if not detrimental to the purchase of your first luxury home.  I hope the tips above will give you the push you need to start an informed home search.  Talk to your real estate professional, and determine the right approach for you and your family.  I am excited to hear your feedback.