Top Tips When Buying a Luxury Home | Part 2

Introduction

Last time, we talked about the first three top tips when buying a luxury home.

We talked about the importance of finding the right real estate agent. For example – you may have found a competent real estate agent in the mid-to-high range of property sale, but that same real estate agent may not demonstrate the same level of competence in the Las Vegas luxury home market.

Second, we emphasized the value of getting your finances in order. You must think about financial verification. If you haven’t thought about it, the seller is certainly likely to. You may also need to acquire pre-approval from your bank. Sellers may also ask for bank statements to confirm that you have the requisite funds.

Third, we stressed the need to know what you want. By knowing what you want – and what you don’t want / are willing to compromise on – it focusses the search not only for you but also for your real estate agent, too. It also means you don’t fork out for more than you need to; helping you find the perfect luxury home that meets both your current needs and future expectations.

With these luxury home buying tips in mind, let’s move on and talk about some more great tips to help you buy your next luxury home.

Tip #4 – Do Your Homework

Buying a luxury home is not an everyday purchase; a decision you should not take lightly.

You need to consider the magnitude of the purchase and, for that reason, must do your homework. Remember – buying a luxury home is not the same as buying a home on the lower tiers. There are fewer offers for luxury homes compared to your standard home.

Of course, this works to your advantage. You, or your real estate agent, have more power to negotiate a better price.
Rushing into purchase only increases the risk of buyer’s remorse. And with luxury homes costing millions, that’s the very last thing you need.

Moreover, don’t rely on photos. You need to physically visit the property.

Whilst you could purchase the home from afar, you are likely to be basing that decision on professional, staged photographs that, though they present the property in the best light, they also hide any negative features / aspects that that property has.

Tip #5 – Get to Know the Area

Following on from tip #4: try to get to know your neighbourhood in detail – preferably great detail.

After all, you’ll be living in the area for many, many years. If you aren’t comfortable with the area now, you are unlikely to enjoy it in 5 years from now. Also, think about any prospective future changes to the neighborhood.

  • Are there any new construction works?
  • Are new amenities being developed?
  • Are new companies or businesses moving to your neighborhood?

All these factors should be considered and, if possible, try to talk to current residents and harvest their feedback toward your final decision.

The more informed you are, the better your decision-making potential.

Tip #6 – Conduct a Home Inspection

Luxury homes come with the very best features, appliances and technology.

Your standard home inspector is unlikely to comb through a luxury property in the same way he would an average property.

Thorough home inspections are important. Inspections reveal what costs you are likely to bear – both from maintenance and any upgrades you need to perform. These factors can work in your favor to negotiate a better price, too.

As well as the home inspection, think about the impact of your upgrades on the future resale price of the property. Whilst these changes may appeal to you, they may be sufficiently unique to deter future buyers and may even substantially reduce the resale price of your home.

Final Thoughts

So that’s it – our top 6 luxury home buying tips to help you on your home buying journey.

To summarize, then, you need to:

  1. Find the right real estate agent
  2. Get your finances in order
  3. Know what you want / and what you don’t want
  4. Do your homework
  5. Get to know the area
  6. Conduct a thorough home inspection

By implementing each of these 6 luxury home buying tips, you make that home buying journey much, much easier!

Triumph is the leading provider of Las Vegas luxury homes. Take a few minutes to review all our latest luxury properties and, if you have any questions about any property, please get in touch today at your convenience!

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