When Purchasing Luxury Real Estate, Some Important Tips
A luxury property is high-end real estate that is priced starting at $1 million dollars. However, in cities where there are numerous purchases of property by foreigners the price goes up the typical costs for luxury property goes up to around 4 million.
Some of the features that are included in high-end real estate are:
- Concierge services
- Fitness center, spas
- High-quality kitchens
- Huge accessible closets and more
And of course, at the top of the list is the location of the property. If the property is not in a prime uptown location, regardless of the amenities it will never be considered high-end real estate. For example, luxury real estate La Jolla, CA draws the attention from buyers around the globe. The reason for this is because luxury real estate La Jolla, CA is a prime location. Who is the designer of the piece of real estate? This is a question that many buyers ask. If the designer is well known it helps quite a bit when it comes to the reputation of the property. More often than not, if the property designer is popular then the property is also going to that much more popular.
How to Purchase High-End Properties?
An individual either has a knack for purchasing high-end properties or they don’t have. It’s that simple. However, for those that are new at it here are a few tips:
- Extra Networking
- Make a visit to look at the property, photos can be unreliable
- Locate a good realtor
- Obtain title Insurance
- Find out what going on around you
When it comes to purchasing high-end property it is quickly learned that things are done a little bit differently. Quite a few luxury estates are not listed because of this an individual will be better off getting to know the right people. This is done by doing extra footwork. Networking will be essential. Knowing the right people will open doors to lots of information concerning these types of properties. Never count on a photo specifically. Sometimes a photo can misrepresent the property. So it’s always a good idea for the home buyer to take a look at the property themselves. It’s better to be sure than miss out on a hidden gem.
Working with a good realtor is crucial for home buyers. Attempting to work with one that is aggressive when it comes to the needs of the client is always a good idea. A good realtor is one that takes their code of ethics seriously. Title insurance is very important. If something shady occurs the buyer will be protected.
Some unexpected things that could pop up are: fraud, unexpected heirs, errors and much more. Insurance will protect you from having to pay huge legal fees for accepting a deed from an individual who is mentally incompetent or from someone who is disputing that he/she knew what they were actually signing and more. Some popular discrepancies that could land a home buyer in court are having to deal with are forged notarization, undisclosed federal or state liens, undisclosed divorces or deeds taking place under false power of attorneys. Going into the business of purchasing high-end real estate properties can be very exciting. But a word of advice to any new buyer, be careful! You’re dealing with some pretty expensive assets and those who are new to the game often end up in court sooner or later. So make sure you obtain and keep title insurance of all of your properties at all times.
And lastly, when purchasing luxury real estate it would be in the best interest of the buyer to take notice to what’s going on in that particular area. Find out if there is another real estate property being built in that general location. Or perhaps there is a highway or a prison or even a zoo that may cause otherwise potential clients to back away from that area. Doing research is never a bad idea.