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If You're Buying Luxury Real Estate, You Need to Know These 8 Things

09/25/23  |  McKinley Navaroli

Tips and tricks for buying luxury real estate.

Buying a home is one of the most exciting ventures that a person can embark on. From making a list of wants and needs to stepping inside a property that captures your heart, there's nothing quite like buying a dream home to excite the imagination and stimulate the senses. Luxury property is a category all its own, and if you are on the hunt for a property with premium amenities and exquisite touches, you'll need to come prepared. From the importance of working with a local realtor to ensuring that you have plenty of time for showings, buying a luxury home requires some additional preparation and insight. With these tips and tricks, you'll be well-prepared to find Jupiter luxury homes that fulfill your needs.

A local realtor is the key


It's always important to work with an experienced realtor like McKinley Navaroli when buying a home. Not only can a realtor help find properties that best suit your needs, but they can also act as your advocate throughout the home-buying process. With luxury homes, however, it's even more vital to work with someone who understands the local market. A local realtor can give you hyper-focused insights into the neighborhood or community you are considering and might have additional control over access to high-end properties than a realtor working out of state.

Many luxury properties are listed privately


Many sellers count on real estate websites as the primary method for showcasing their listings. However, when it comes to luxury properties, things work a little differently. A number of luxury properties go unlisted to protect the owner's privacy. These properties can be found directly through your realtor, highlighting another reason why working with a local realtor is so important. A realtor from a different city or state likely won't have access to these upscale listings.

Always see luxury properties in person


Very large homes might be incredible to see in person, but they don't always translate perfectly in photographs. While luxury homeowners usually hire the best real estate photographers to showcase their properties, seeing the home in person is vital. This gives you a better idea of the home's size and scale and allows you to appreciate the beauty and majesty of the property fully. If you're waiting for a showing and want to see the surrounding area, try checking the property out on Google Maps.

Relationships are important in luxury real estate


Your relationship with your real estate agent is likely the most important one in any real estate transaction. However, in luxury real estate, all your relationships count. When it comes to financing, for example, having an existing relationship with a bank or lender can make it easier to secure funds quickly. If you know great contractors who have worked on previous properties you've purchased, consider working with them for upgrades or renovations on a new home. In general, having a history with institutions or professionals makes the process that much easier.

Allow additional time for showings


It can seem like you must rush through a home showing, especially if you're in a time crunch to find a home or if the market is highly competitive. It's important to take your time when doing a luxury home showing. Luxury properties often come complete with outbuildings, additional amenities, or spacious grounds that you'll undoubtedly want to explore before committing to an offer.
You should fully expect (and plan for) your showing to take several hours. After all, not only will you want to explore the home and grounds, but you could also get a rundown of how the security system works and any other applicable details that could factor into your overall decision to make an offer.

Document everything


In any home-buying journey, keeping track of paperwork is extremely important. Sensitive financial and personal details are involved in real estate transactions. In the world of luxury home-buying, documenting everything (and keeping track of those documents) is even more critical. There tends to be more scrutiny in the high-end market, with large amounts of money on the table and multiple parties involved.

If you work with an accountant or business manager, ensure that they keep all sensitive documents filed away appropriately and that your assets are always protected. Don't hesitate to ask for additional copies of any paperwork you want on hand, putting it away as you go.

There's usually extra room to negotiate


Even though you'll pay significantly more for high-end homes, there are a lot of excellent perks to consider. For one, you usually have more room to negotiate. Not only do luxury home sellers anticipate some negotiations, but they often look forward to it and tend to agree to your requests, assuming they are reasonable.

Look at the negotiation stage as a collaborative process where the buyer and the seller can come together and design a mutually beneficial deal. Your realtor will act as the go-between during the negotiation stage, communicating effortlessly and saving you and the seller time.

Don't rush the process


It isn't always possible, but try to allow as much time as possible to find the perfect property. Buying a luxury property is a major investment, and you want to be sure you truly love the home before committing to such a significant expense. If you are on a tight timeline and can't take the time you want, you should still try not to rush through the process. Get as many objective opinions as you can, consulting with your realtor along the way.

An experienced agent in Jupiter


A lifelong resident of the Jupiter-Tequesta area, McKinley Navaroli is passionate about helping her clients find the perfect homes to suit their needs and lifestyles. She utilizes the latest real estate technology and has deep local insights about the surrounding area, making her an excellent resource for home-buyers who need guidance and support. McKinley also has several off-market luxury listings currently available! These exclusive homes offer the best of the best, from stunning architecture and design to prime locations and amenities.

Whether you're looking for a stunning investment property, a dream home to build a legacy for your family, or exclusive luxury properties, McKinley can help. Contact McKinley Navaroli today to start your home search and to learn more about her real estate services!

*Header photo courtesy of Shutterstock