If You’re Buying Luxury Real Estate, You Need to Know These 6 Things

 

Buying a new property is exciting, especially when that property has the potential to be everything you've ever dreamed of. But, in the process of finding and securing that property, how do you make sure that your purchase goes in a manner that is in line with your needs and expectations? If you have purchased a home before, will buying a luxury home be different from a standard home purchase?

Like any other big investment, knowing as much as you can prior to closing the deal is a great route to go and will benefit you in the long run. Here are things to know prior to finding and buying your luxury property.

 

Before you even begin the process of searching for a luxury home, it is extremely important to pinpoint how much you are willing to pay and how you’ll cover the expenses. This is a great chance to have a talk with your agent and financial advisors about your possible budget and what that budget is able to get you in the luxury Tarrytown real estate market.

Depending on your budget and wish list for your home, it is possible you may have to be flexible with your budget or desired features in order to keep in line with what the market is currently offering at that price point. Sellers are often willing to negotiate to a certain extent, but it is best not to rely on negotiation alone, especially once additional costs, such as home inspections, are factored in. Searching for homes within your budget from the get-go will help you focus on homes that meet your needs while not stretching your wallet farther than you feel comfortable with.

 

When it comes to luxury properties, the optics of the home can make or break a listing. It is important to remember that even when searching for a luxury property, the luxury of a luxury property should be an overall theme. Quality building materials, stunning exterior features, added amenities, and unique architectural elements should all play into the luxury aspect.

When viewing listings offered to you by your agent, keep an open mind and remember to look past just the exterior of the home. A home with an amazing exterior design is great, yes. However, other factors make up the overall value of that property as well. Taking the time to survey other factors of the home, such as structural integrity, square footage, interior space, exterior amenities, location, and price, will ensure that you are ranking homes as a package deal and not just based upon what appeals to your eye most.

Even in a booming market, it is still likely that your search will need to be a patient one, especially if you have an extensive wish list for your new property. When you first begin working with your agent to find your new home, you will have the opportunity to list your requirements and wish list items in order to allow your agent to find the best possible homes for you to tour. The more specific your list is, the longer it could take for that specific property to become available on the market.

 

 

It's a good idea to specify in your wish list which features are absolute necessities versus which features would just be nice to have. Having an idea of what you are willing to compromise on will help your agent navigate the process of finding an array of property options for you to view. As such, there is no definite amount of time it will take to find a home you're in love with. But being prepared to be patient until you find it will keep the home search enjoyable.

When picking your luxury Tarrytown property, it is likely the exterior and interior touches will be largely what draws you in. Though the bones of the home itself will likely be very attractive, it is important to ensure that the home itself matches the way that you would like to decorate the home. For instance, a classic estate-style home with antique crown molding and a wrap-around porch will give different design possibilities than a contemporary mansion with floor-to-ceiling windows, marble countertops, and geometric architecture.

If you are uncertain about the specifics of the interior design plan you wish to execute in your new luxury property, connect with your agent to get assistance from an interior designer that can help you decide what type of home will best coincide with the interior decor you wish to have.

 

When mulling over what you would like in your luxury Tarrytown property, it is key to make sure that it fits your lifestyle. If you frequently have guests over, a large open space or bar for entertaining is ideal. If you are very into fitness, maybe you are interested in a home that has a fitness area or the space available for adding at-home gym equipment. If you have a large family with children or plan to have them in the future, having a home with child-friendly spaces is extremely important. Not all luxury homes are created to fit the same lifestyle.

Certain properties may harbor more of an upscale “bachelor pad” vibe, while others may feel more like a spacious family estate. Taking the time to pinpoint your ideal lifestyle will help you pick a property that fits you the best so you’ll be able to live in your luxury home for as long as you desire.

 

The most important part of making your home search as smooth and stress-free as possible is making sure that you have the right support along the way. Diving into the luxury market is an exciting but significant investment, so it’s key to make sure that you have an expert on your side to help you find the right properties and make competitive offers.

Tarrytown luxury homes exist in a different market than what is considered standard real estate. Michael Reisor specializes in buying and selling luxury homes within Austin, Texas, and surrounding affluent neighborhoods. Browse Michael’s featured properties page today to begin curating your luxury property wishlist, and reach out to him when you’re ready to get started.