If you are looking to purchase a very specific high-end luxury home in a particular area, you might have to go about it in a completely different manner from a regular home purchase. The high-end real estate market is very unique, so you might have to use a different approach. Even if you have high expectations of finding your dream home quickly, the reality is that you may have to temper this with a touch of realism if you don’t find what you’re looking for on the MLS.
Many luxury homes can go unlisted on the local MLS system because ultra-affluent homeowners that are very rich or famous want to protect their privacy even if it means selling their homes off-market with an alternate method. They may not, for example, want their private residences to become the subject of tabloid gossip. As a consequence, with confidentiality being paramount, these homes may be either marketed on exclusive luxury real estate websites or promoted privately by Realtors as pocket listings.
Finding the Perfect Luxury Home
Here are four steps to help you with your search and decision-making:
1. Identifying where you want to live.
The first thing you have to decide, of course, is where you want to live. From a beachfront condo in La Jolla, California’s affluent scenic seaside to a picturesque historic home in Greenville, South Carolina, you have plenty of luxury choices across the United States to choose from. If you have a few places in mind, do some Google searches to find pictures of the area, then make a short list to plan visits to those selected places. Although La Jolla, for example, looks great in pictures, you can’t really get a visceral feel for the lifestyle unless you explore its coves, walk along its shores, dine at its best restaurants, and drive through its locations.
2. Find a local Realtor.
For luxury homes that aren’t listed on the MLS finding local luxury real estate agent with established personal connections to affluent owners can be essential. Working with someone who is familiar with the area can allow you to view high-end off market properties as it is very rare for these off-market luxury homeowners to ever have public open houses.
3. Arrange a private viewing.
Since you can’t be everywhere, you have to narrow down your selections by looking through images on a luxury real estate website however be aware that a property truly has to be seen in person to be appreciated. So if you find a property that attracts your attention and suites you criteria, take the time to visit it for a private viewing before making any purchase decision.
Finalizing the Deal
Once you’ve found the property, here are some simple steps to make sure that everything goes smoothly:
1. Build a team of trusted advisers.
This might, for example, consist of your Realtor, real estate attorney, an accountant or financial planner and related professionals. Be prepared to deal with any financing options through institutions or individuals that you already have an established relationship with, as this can greatly facilitate any purchase decision you make.
2. Research the property.
Like with any normal real estate transaction, do your homework before moving forward. Spend a deliberate amount of time reviewing all the important aspects of the property before you make an offer. Ask your real estate agent to research comparable properties that have recently sold, as this may be the key to your price negotiations.
3. Understand the paperwork and documents.
The high-end market requires an extensive amount of financial documentation. It’s important that you have a clear understanding of the documents and work with managers, accountants, and lawyers to make sure everything is done properly. It’s also crucial to not forget about title insurance so that you’re covered in case you discover problems after you’ve made the purchase.
In closing, it’s important to be aware of the fact that buying your perfect luxury home can require a different buying approach. It’s easy to be dazzled by the idea of waking up every morning to a breathtaking view of the blue Pacific Ocean, and toss caution to the wind because you have the financial resources to make a quick decision. But with what maybe a significant luxury home purchase at a premium price, the fact is, taking the time to make the right decisions can contribute immensely to a successful and rewarding buying experience.