Buying a Luxury Home? 3 Tips for Choosing a Great Property
Luxury homes are equal parts function, form, and pleasure, which is why it is vital to keep your wits about you as you tour beautiful properties. While many people can be drawn to a luxury home because of the location or the upgrades, choosing the right property is important, since the luxury market can shift more than other varieties of real estate. Here are three simple tips for choosing a beautiful property.
1. Look for Potential
While many people are trained to pay attention to the details of a home, you should look for a place with the potential for success if you want to choose a property that will appreciate in value over the long haul—even if it doesn't necessarily include everything you want. For instance, a nice home that needs a few cosmetic upgrades that are situated on a great street may be a great investment, while a luxury property with all the bells and whistles may not be worth as much if it is located in a bad part of town. As you tour properties, think about the potential of a home instead of its current state.
2. Consider the Vantage Point
One of the most valuable elements of a home is the views from the property, so take the time to tour the home to look through all of the windows. Check out the views from entrances, exits, porches, decks, and overlooks at various times during the day so you can decide whether or not the property offers the kind of views you are looking for. Remember that views are calculated in the valuation of a home, so try to stick with a home that offers excellent views of the surrounding landscape.
3. Talk With Neighbors
If possible, chat with neighbors or other people walking the sidewalks to find out as much as you can about a potential property. Ask why the home is for sale, what they know about the property, and whether or not their home was built by the same developer. Oftentimes, knowing the inside scoop could give you the upper hand when it comes to negotiations. For instance, if you find out that the developer went bankrupt and didn't install the foundations correctly, you could request repairs before investing in the property or just pass on the home.
Choosing a luxury home is always an exciting venture, so do what you can to enjoy the process. Talk with your real estate agent about the area, the opportunities, and the history of the property. By knowing as much as possible home, you can make a more informed decision.