10 helpful tips for choosing the perfect luxury homeMichelle McQuade | August 15, 2016
Buying a high-end property is certainly no easy task. There are many things to consider, and tons of different options to choose from. How do you find a luxury property that meets all your needs and preferences? Below are 10 helpful tips to keep in mind:
1. Narrow down your options
Considering specific amenities or features will help you narrow gown your search. Think about what you’d like to have – features such as sweeping ocean views, access to nature trails, or a private dock can be fulfilled just by choosing the right location.
2. Know more about the search process
While searching the web can be very useful, keep in mind that there are many luxury homes that aren’t listed on the MLS or in major search engines. It’s a smart move to expand your search.
Look for a realtor or broker who specializes in high-end homes. An agent who’s an expert on the local market can give you helpful advice on schools, neighborhoods, and other specifics. Hiring a good realtor won’t always guarantee that you’ll end up making all the right decisions, but they’ll give you suggestions that will be very helpful during your search.
3. Review loan options early
Since you’re dealing with properties that are more expensive than the average home, there’s a good chance your loan will fall into the jumbo loan category. These can take a longer time to process, so it’s a good idea to start looking into it before you begin your property search.
4. See the homes for yourself
Once you have a selection of potential homes, it’s a good idea to see the properties in person, as many high-end sellers often refrain from posting photos of the homes on websites.
5. Look at comparable homes
Take a look at similar properties, and ask your agent for pricing information. The key to making a solid offer often depends on having comparable pricing data.
6. Get title insurance
Getting title insurance protects you from any potential problems you may encounter regarding the property. Remember to take a look at the exceptions page of the title insurance before you reach closing.
7. Keep an eye on the future
Know whether there are plans for building other homes surrounding the property. It may look perfect right now, but what if there are plans for building a taller home right beside the property?
8. Be sure to document everything
In the high-end market, financial documentation is very important. It can sometimes be difficult to prove to banks that you have the income, so having financial documentation will definitely make the process easier.
9. Talk to potential neighbors
Learn about the neighborhood by asking potential neighbors if they enjoy living in the area. This is a great way to find out if there are any issues about the neighborhood that you need to look out for, before you consider buying the property.
10. Don’t skip the inspection process
You want to be absolutely sure the home you’re about to buy is free from potential problems, structural or otherwise. Be sure that inspections and required repairs are made before you close the deal.
Cleveland Luxury Homes – Luxury Housing Market in Greater Cleveland
For more helpful information on buying a luxury home in Ohio, take a look at this page.