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Looking for exclusive tips for buying a luxury home? I’ve got ya! Buying a luxury home can be intimidating. You want to get the right value for your money. Certainly, the basic “mechanics” are the same as buying a more affordable home. But truth be told, the more expensive the home, the more expensive the process can become. This purchase impacts so many other areas of your life and because of the cost, it has financial implications. Below I’ll cover questions you should ask when buying a luxury home, what you should look for, and additional things you should consider when buying a luxury home.
3 Key Questions to ask when Buying a Luxury Home
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There are certain questions that you should ask when you’re considering purchasing a luxury home. These questions will set you up for success.
- Do I have the right agent? You want an agent that understands the luxury home market in your area. Not only do you want a home that you like, but you want quality and value. Your agent should know the builder’s reputation in terms of quality and craftsmanship. The agent should also help you determine if the house you’re considering includes features valuable in your market, including lot size and location.
- What is the history of the house, neighborhood and designer/builder/architect? The history of the house or land that the house sits on can add a lot of value to a property. Understanding that the build site is where the local doctor, who has several streets named after him used to live, holds value in your local community. A distinguished neighborhood (subdivision/community) may have the same significance. Selecting a building (or designer or architect) with a good reputation will add value and distinction to your property. On the other hand, selecting a builder with a questionable reputation will only devalue your property.
- What is the quality of the house? Builders that are known for quality work typically have their name mentioned in the sales advertisement. A large builder, even though well known as building large homes, might be known for production homes with little to no customization. Whereas a smaller builder may be known for high-end finishes, detail and quality. The houses may even be smaller, but it’s the care in craftsmanship, detail and design that bring the value to the house.
What to look for in a luxury home
There are certain things you should look for in a luxury home. Sure, not everyone will want every luxury item listed below, but understand that as a buyer, the price of the home should reflect that it doesn’t have these features.
- Designer Kitchen – a designer kitchen with high-end or commercial grade appliances is one of the top features you should expect to find in a luxury home. Your kitchen would most likely include a walk-in pantry, warming drawers, wine fridge, butler’s pantry, extra-large fridge and gas range.
- Smart Technology Updates – there’s something new every year, so stick to what’s “proven” or something you know for certain you’ll use. Having the ability to lock doors, close garage doors, control climate and lighting from your phone are still up and coming conveniences. Setting and monitoring your alarm from your smart phone is one of the smart updates that many luxury home owners expect.
- Character – custom woodwork like paneled walls and ceilings are still appreciated by luxury buyers. Some builders install more traditional molding, while others are shifting to the farmhouse “plank” style. But, extra molding on the ceiling, chair rail, wainscoting or baseboards are considered luxury. Old world charm will help with the feel of the home.
- Custom spaces – custom spaces are just that, custom. So, if you’re an avid reader, your new luxury home should have dedicated space for your books and a favorite reading chair. If you practice yoga often, your luxury home should come complete with a yoga studio. What’s the point of a luxury home if you have to throw your yoga mat in the middle of the floor of your family room. Other custom spaces to look for include a theatre or media room, exercise room or wine cellar.
- Timeless architecture – An example of “trendy” architecture would be a split-level home. Some people love them, some people hate them. But they never quite made it mainstream. Timeless architecture ensures the flow and feel of the home will still feel functional and be appealing years to come. After all, quality style lasts. Similar to custom spaces, timeless architecture will allow for the socializing that many luxury home owners crave. Making it easy to entertain friends and family.
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Things to Considering when Buying a Luxury Home
There are certain things that you should consider when you’re looking at purchasing a luxury home. Remember, what you chose should be unique to you.
- What lifestyle are you accustomed to living? What lifestyle do you aspire to? Your lifestyle will help you determine the customization you want in your luxury home. It will also help you stay true to what you really need. For example, if you have a full size/large SUV, you should check and make sure it fits inside the garage before you are locked into a contract. For the lifestyle you aspire to live, you should take that into consideration while you search for your home.
- What is the designer’s portfolio? Let’s face it, all luxury homes aren’t created equal. Staring with a good foundation of quality craftsmanship and materials goes a long way. It’s the clear skin before you put on your makeup. Many interior designers (and stagers, for that matter) consult not only on resale homes but with new builds. If you’re looking at a new luxury home, the designer can offer recommendations such as window size, style and trim color. Other options include door handles, lighting, flooring choices or countertop choices. Seeing the designer’s previous work has turned out is a good step in getting a feel for how your home will turn out.
- Financial considerations – just because you can afford something doesn’t mean you should purchase it. Let’s be honest, most people don’t get to the point where they can afford a luxury home by being frivolous and over-spending. So don’t start now. It may be a smart move to check in with your financial advisor before purchasing your next home. It’s understandable that you’d want your home to represent the accomplishments you’ve achieved. But there’s no need to have this short term goal negatively impact your long terms goals. Check with your accountant to determine how the purchase will impact your taxes. You’ll also need to decide if you want to pay cash or if you want to take out a loan. Again, look at your short-term goals, cash flow and long-term goals. You’ll need to decide how much you want to put down on the house and how much of a loan you’re willing to take on.
Exclusive tips for buying a luxury home
As you can see, a lot is at stake when buying a luxury home. Hopefully these tips will have you feel like you know what to expect and what to look out for. We reviewed questions to ask, what to look for in a luxury home, and things to consider when buying a luxury home. If you have any other questions, fell free to leave a comment below. You can also sign up for my weekly newsletter where I share tips, tricks and resources so you can buy, sell and decorate with more confidence and clarity.
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