How to Buy a Luxury Home

 

Whether buying a home for $500,000 or $5 million, the process starts with the expertise of a local realtor. With the help of an expert agent, you can easily navigate every part of the home-buying process, from finding your new home and viewing it to closing the sale.

When you decide on the agent you wish to accompany you throughout this journey, you can move on to different aspects of the process — namely, those we’ve listed below. Position yourself for success by mastering the critical components of how to buy a luxury home.

Even with the help of your agent, having a concrete level of understanding of the homebuying process is a must. You should feel confident in your agent's ability to guide and inform you on what to expect. When you and your agent agree on your next steps, you can more easily accommodate surprises, reduce stress, and buy a great house.

Asking around within your network can be a great way to find properties you may not see listed on the MLS. “Pocket listings” are properties for sale by word-of-mouth (instead of being listed publicly). Pocket listings are more common in the luxury market, so ask if you know someone who lives in your desired area.

Perhaps the best way to uncover pocket listings is by working with a local real estate agent. They are privy to off-market listings and can leverage their networks for your benefit.

The location of your new home is its most permanent characteristic — something you can’t change with renovations or improve with upgrades. With that in mind, research different neighborhoods according to your preferences. With your agent, separate your preferences into must-haves and nice-to-haves.

If you’re interested in a reserved and quiet neighborhood, you’ll want to ensure it will stay that way. Your agent can help you research the location and uncover any plans the city may have to urbanize the area. Moreover, when evaluating neighborhoods, there is no way to monitor the streets 24/7. Your agent can fill you in on elusive details like daily traffic patterns and ambient noise levels. No fact is too small when unfamiliar with a neighborhood, and the best agents will keep you fully informed.

Once you have a few neighborhoods in mind, you and your agent can move toward individual listings. You will find many options if you’re searching for luxury homes in northern California. A knowledgeable agent like Amanda Nardo can save you tons of time by filtering homes that meet your criteria.

When envisioning your ideal home, consider attributes like square footage, design style, and outdoor space. Narrowing down your search results by your specific requirements will allow you to view listings tailored to your particular needs (instead of just what falls in your price or location range). When you prioritize luxury home characteristics, you and your agent can stay focused on houses that fulfill your needs.

When planning your home purchase, allow yourself enough time to handle the financial aspects of your purchase. At a minimum, you will need to consider your preferred method of purchase, average local prices, home inspection fees, and closing costs in your budget. These all are essential in the final amount spent when everything is said and done. If you plan to purchase with a mortgage, you should work with a reputable bank and a financial advisor. Among all the nuances of a home purchase, your down payment and interest rate significantly impact your finances.

If you are purchasing a home and plan to make upgrades or renovations, remember to get estimates for those costs and include them in your financial plan. With a ballpark estimate of expenses, you can proceed through your home purchase with confidence. The best realtors know how vital it is for buyers to have sound finances. As your advocate, your agent will keep you on budget throughout your purchase.

Even the most favorable luxury home market requires a certain amount of patience. It takes time to narrow down the specifics of your search, compare notes with your chosen realtor, and view promising homes. And once you have found a home you are interested in, you will encounter further steps: getting an inspection, negotiating the offer, and eventually closing the sale. To that end, the best luxury real estate agents are honest when setting expectations and making plans. They will keep you apprised at all times in your buying process.

Every luxury homebuying process varies depending on individual wants, needs, and the corresponding real estate market. Best practices and constraints often differ between the luxury home market and the standard real estate market. To get the best and most customized experience, choose a realtor vetted and accredited by the NAR.

When you work with the right agent, they and their team are more apt to meet your needs. Heightened capability and customization are the defining characteristics of luxury real estate. The best agents will save you time, money, and effort throughout your home search. When you work with the right person from the start, your home purchase will likely go your way.

Amanda Nardo of Seasons Real Estate is ideally positioned to help you buy luxury real estate in northern California. Clients find her an invaluable resource for all phases of luxury real estate. Contact Amanda today to learn more about purchasing a luxury home for sale in Redding!