We’ve all seen Lifestyles of the Rich and Famous or MTV Cribs—but what happens when it’s time to shop for your own luxury home?
Whether you’re eyeing up a mansion or a gorgeous penthouse, luxury properties come at a high cost, which means more financial risk. How will you spend your money smartly?
If you’re about to start looking for a new home, it helps to be aware of the most common luxury home shopping mistakes. Here’s four to look out for—plus, how you can avoid them.
1. Paying More Than You Should
When buying a luxury home, you have plenty of options—and a decent budget to go along with it! However, just because you’re spending serious money on a home doesn’t mean you should overpay.
It’s easy to get caught up in thinking a certain home is ‘the one’, but don’t make an offer that’s unreasonably high! Instead, first spend time comparing home prices in the neighborhood where you want to buy.
This will help you learn more about the going prices, helping you make a fair offer. Market research is essential before buying any property.
2. Working With an Inexperienced Real Estate Agent
Can any real estate agent sell a luxury home? Technically, yes, but we recommend against working with just anyone!
Be smart by working with an experienced realtor who only works in the luxury market, like the Wemert group. They know the market inside and out and are used to working with high-end buyers and sellers, like yourself.
Find someone who also lives and works in the area where you want to buy, so they can give suggestions on schools, facilities, and dining options.
3. Neglecting to Focus on Your Needs
Don’t get starry-eyed at the first beautiful home you see! You need to first work out your needs—how much space do you need, how many bedrooms, and what amenities are essential?
You can save yourself time by knowing exactly what you need and only viewing properties that meet your qualifications. A realtor can be a great help with this.
4. Forgetting to Account for Ongoing Expenses
In addition to budgeting for your home itself, don’t neglect ongoing expenses. For example, an in-ground swimming pool can be lots of fun, but they cost about $3,000-$5,000 per year in maintenance.
Are you prepared to pay that much for having a pool? Also, think about other costs including homeowner’s association fees, landscaping, housecleaning, and yearly taxes.
Watch Out for These Common Luxury Home Shopping Mistakes
Buying your dream home is an incredible experience, but you need to shop wisely! Use this guide to learn more about some of the most common luxury home shopping mistakes you can make.
However, with some planning, research, and the help of a talented realtor, you’re sure to find the best luxury home for you and your family!
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