Purchasing luxury real estate requires the astuteness and expertise of several professionals and a solid sense of what the entire enterprise and transaction entails. The difference between buying a median-priced home and a high-profile property is vast. The more knowledge you have in your arsenal, the smoother and more satisfying your experience will unfold.
Read on for Jeff Reynolds’ list of the seven things you may not know about buying luxury real estate but absolutely should before jumping into the market.
Working with a luxury real estate agent is imperative
You may have used a listing agent who works in median-priced properties when selling your last residence. And while you might have thoroughly enjoyed your experience, buying luxury real estate necessitates the expertise of a realtor who works specifically in this highly specialized market. They possess the knowledge, relationships, connections, and finely-tuned skills to guide you throughout the process.
High-profile properties are often featured as pocket listings
Yet another reason to work with a luxury real estate agent? They have access to pocket listings or quiet listings that are outside of the general public’s ken. These are grand, extravagant estates typically owned by professionals and celebrities who want to hold onto their anonymity. This will provide you with access to estates you otherwise didn’t know were on the market and may increase your chances of finding and procuring your dream residence.
There are several different definitions of the term “luxury”
Any home seller and/or their listing agent are really at liberty to describe an estate as “luxurious.” One may characterize their piece of downtown Seattle real estate as a luxury property based on fine upgrades, but the place as a whole may lack the level of finesse, integrity, beauty, elegance, and high-tech, high-end features that render a residence truly luxurious.
Simply put, genuine luxury real estate exists in a caliber of its own. A luxury real estate agent can spot an opulent estate immediately and will separate the wheat from the chaff to show you only homes that exceed your personal standards for luxury.
Within this, you must arrive at your own definition of luxury. For you, it may be a sprawling waterfront estate complete with an infinity pool, jacuzzi, and tennis court. For others, it might be a glamorous condominium in the heart of a lively, affluent city. Outline what “luxury” means to you and review this closely with your realtor.
A luxury estate’s resale value is crucial
You may be on the hunt for a luxury estate that will serve as your and your family’s forever home and will endure through several generations. Quite possibly, you are intent on procuring a luxury estate as an investment or vacation property and plan to sell it down the line to earn a profit.
Regardless of what your situation may be, the home and neighborhood’s resale values are of utmost importance. The future of the region plays into this. Are there signs pointing to the neighborhood’s decline, even if the residence itself is impeccable? Will new construction in the coming years block the sweeping views that give the residence a large part of its appeal? Are there high-ranking schools within the area and proximity to upscale amenities and conveniences? Is there an airport, public transportation, and medical services nearby? All of these questions should be discussed with your realtor long before you put together a purchase offer.
Purchasing luxury real estate operates at a slower, more leisurely pace
Because luxury real estate exists in its own niche and is only available to a select few, you may not have to anticipate a bidding war or the need to move at a fast pace. Indeed, the overall process is slower and much more detailed than purchasing an average home, and luxury estates tend to linger on the market longer.
This enables you to take the time you need to guarantee you are making a sound financial and personal decision, from finding the residence that exceeds your expectations to negotiating the right terms in regard to repairs, upgrades, and move-in date.
Due diligence takes on next-level importance
Luxury estates epitomize impeccability and gorgeousness. And yet, as stunning, extraordinary, and well-kept as an estate may be, your need to practice due diligence is even more critical in the luxury market. Many luxury estates are constructed on the water, which means they may be prone to erosion and changing water levels that could threaten the home’s safety and integrity. A land surveyor and/or a state assessor will advise on this potential issue, while a licensed home inspector will perform a meticulous investigation of the residence’s foundation, internal systems, and more to pinpoint any immediate or future issues.
In-person tours are recommended
Purchasing a luxury estate may start with online viewing of the residence, whether that’s pursuing the estate’s website, taking a 3D tour of its interior, or viewing photographs.
Bear in mind, however, that photographs and videos intentionally capture only the most striking attributes of a home. Whenever it is viable, it is always advised to explore a home in person. This will allow you to gain a deeper understanding of how each room flows from one to the next and if the size of the estate fulfills your wishes. You will see if its views are as outstanding as they are in photographs and if its overall, ineffable energy resonates with you. Similarly, it will give you the insight you and your real estate agent need to put together an appropriate and attractive purchase offer.
If you are in the market to purchase a condo in Bellevue or downtown Seattle, Jeff Reynolds is the expert professional to have by your side. With nearly 20 years of experience in the greater Seattle area, he has a comprehensive understanding of high-end properties and serves as a guiding light to his exclusive list of clients. Schedule a consultation with him today to launch your exhilarating new life in the Pacific Northwest.