A luxury home is an important decision because it is a large investment in your own residence and you want it to include features and benefits that provide you with the lifestyle you want. Here are some recommendations that you can use in your upcoming purchase of a luxury home to make your search and the closing process a more successful one.
Hire an Experienced Agent
In the search for a luxury home, the real estate market and the traditional method of home listings are a bit different than traditional real estate. Many luxury home sellers may want to limit their home's exposure on the public listing site and rely more on word of mouth and professional connections through their real estate agent. This is to limit the number of non-qualified buyers or buyers who are more interested in viewing the inside of the home rather than actually purchasing it; this also helps to keep the owners' privacy.
For this reason, the real estate agent you hire to help you find the right luxury home needs to have experience within the luxury market and have professional connections where they find these listings to fulfill your home needs. Many luxury homes will not be advertised for sale and may not even have a sign in the front yard indicating as much, so you need to rely on the direction of your real estate agent to find them for you.
Protect Your Interests
Once you have found a luxury home with all the right amenities and features that you want to purchase, the closing process should still include factors that will protect your interest. A luxury home is going to look polished and pristine with all areas of the home looking perfect. However, there may still be underlying issues that you and the seller are not even aware of. For this reason, make sure you arrange for a professional home inspection to go through the home. Be sure to include a professional to inspect the pool or hot tub if there is one, and make sure they are licensed and qualified. Some pool and hot tub inspections require a specific certification from the inspector.
Also, be sure to purchase title insurance for the purchase of your home. Title insurance will protect you against any problems that may have been forgotten regarding the title and the home's ownership. It will check for any lien or title problems, including a relative who may still have ownership in the home in an estate situation. Be sure you review the title insurance's exceptions page to make sure you understand what may not be covered under the insurance protection.
For more information on luxury home purchases, contact a real estate agency like McCormick Real Estate.