February 7, 2022
Avoid These 5 Mistakes When Buying Luxury Homes
Buying a luxury home has several differences than most residential real estate purchases.
The approach to home searching, financing and your agent navigating you through the process is significantly different with luxury homes.
At any rate, it is of no surprise that many first-time luxury home buyers often fall victim to at least one of these five mistakes:
Choosing the Wrong Agent
Beware of newer agents trying to figure out how to become a luxury real estate agent.
Specialty homes require a higher skill set acquired by agents that mostly transact in that particular specialty.
An unqualified agent won’t have the necessary expertise to not only help you find the home best suited for you but to also help you successfully negotiate for the best terms.
Hiring an agent who specializes in luxury home purchases, you have an experienced and skilled resource who knows the market and how to navigate these transactions in your best interests.
Not Clearly Defining Your Goals
Many people have aspirations of owning a luxury estate but few can actually articulate what specific features they desire in a luxury home.
Before beginning your home search, it is imperative to be clear about your homebuying goals.
This includes (but not limited to) details from amenities to customized floor plans and designs and other details about the community and where the house is positioned within that community.
Shopping with Your Eyes and Not Your Head
Let’s face it, it's very easy to get overwhelmed by a luxury listing’s features, and these details can easily leave impressions that could deter you from something that could become costly in the future.
To be sure that you can determine if the home will suit your needs, look at each listing objectively.
Keep in mind, remodeling a kitchen is a lot easier than altering the original floorplan.
Buying Outside of Your Budget
This is a rule with ALL residential real estate purchases.
Don’t fall victim to becoming house poor after such a huge financial commitment.
What is house poor? A person that doesn't have adequate money left after home expenses.
The purchasing and upkeep of a luxury home can be a consistently expensive feat.
Aside from the various costs and fees, these lavish homes require significant capital for décor furnishing and upkeep.
Many sellers won't even consider offers from buyers who cannot show that they can handle the financial responsibilities necessary to upkeep the home.
Real estate is a free market. A property is only worth what a buyer is willing to pay for it.
It is not what the seller think its worth (i.e. List Price). This also applies in a seller’s market.
The listing could be over-listed and if you or your agent is unfamiliar with current market values, it may result in overpaying for the home.
Many first-time luxury buyers associate list price with purchase price and assume that there isn’t a negotiated price.
Owning a luxury home is definitely obtainable, but being aware of the pitfalls is paramount.
Avoid these mistakes by hiring a skilled and experienced luxury real estate agent.
July 20, 2022
What is Due Diligence in North Carolina?
The purpose of the due diligence fee and date is loosely defined as a block of time purchased by the buyer.
December 30, 2021
5 Ways to Make Your Home Offer Stand Out
Being realistic and aggressive will get you the house that most likely took some time to find. If you like the house enough to write an offer, don’t hold back any punches. As long as housing demand trumps housing supply, houses won’t lose value.
December 27, 2021
How To Find A Custom Home Builder Near Me
What usually sets one builder apart from another is the floor plan. Pay attention to the flow of the floorplan.
December 23, 2021
Pros & Cons of Buying a Luxury Home
Consult with a professional who knows how to sell luxury real estate to determine if buying a luxury home is the right decision for your family and lifestyle.
December 23, 2021
Buying a House During a Pandemic
Buying a house in a pandemic is definitely a different experience, but that doesn't mean it can't be a great experience. Many buyers will find their dream homes despite the dynamics of the pandemic.
December 20, 2021
5 Times When It's Okay To Offer Above List Price
There are several loopholes and angles that could be exercised with using the right agent in situations like these.
December 8, 2021
How Work from Home has Changed Homebuyer Needs
Some buyers may find it beneficial to move to parts of the country where the cost of living is much lower than the are in which their employment lies.
November 30, 2021
The New Normal: Houses Available to Buy Reach All Time Lows
Housing inventory has fallen to all-time lows in the United States. The Triangle is not exempt from these effects, let's dive into the reasons why real estate prices are being driven up due to low availability.
November 26, 2021
First-Time Buyer? 10 Things Nobody Tells You
Learn as much as you can about the process before interviewing agents to help you.
October 13, 2021
Understand Due Diligence and Home Inspections
It is up to the skills of both buying agent and listing agent to properly inform their clients so that realistic measures are taken and all of the necessary options are explored objectively.
September 15, 2021
First-Time Home Buyer? Mistakes to Avoid
Be careful, do your homework and surround yourself with individuals who have your best interests at heart. If you follow these steps carefully and correctly, your first home purchase won’t be your last.
June 20, 2021
Are Land Values Increasing In The Triangle?
Developers are rushing in to build in areas like Clayton, Garner, Knightdale, Creedmoor, Wendell, Louisburg, Pittsboro, New Hill, among others.
Speak to an actual person.
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