Buying property at any level is an exciting and nerve-wracking experience. But when you decide to buy a luxury property, the game changes completely. That rule stands true for Vancouver especially. Whether they’re interested in West Vancouver real estate, North Vancouver homes for sale, or otherwise, luxury home buyers need support whenever they decide to buy. Follow along with us as we outline the top tips for buying a luxury home.
Dig deeper than listing photos
According to The Washington Post, 84% of home buyers say that seeing digital photos of the listing are essential to their process. That may be true for the majority of potential buyers, but people interested in luxury properties need to be a little more discriminating when it comes to searching for homes online.
High-quality listing photos can be deceiving. Many large homes aren’t photogenic in the same way that smaller homes are. The best advice here is to meet the homeowners in person to get a sense of the space and measure interior rooms so that you’re not surprised by pictures that may accentuate the floor plan in ways you don’t expect. At the very least, do a cursory tour of the surrounding area to gauge the landscape and get an idea of how the property fits into the neighborhood.
Engage a local real estate expert
A knowledgeable real estate agent can be an invaluable asset when it comes to buying luxury properties. You’re dealing with a large investment and committing to a substantial mortgage, so it’s worthwhile to meet with a realtor early on in the process who will have insights into the neighborhood that may escape you.
A good buyer’s agent is a must-have when you’re working with properties that stand out among the rest. They’ll be able to gather information from competing agents, answer questions about local housing regulations, and serve as a helpful back-pocket advisor when comparing properties or negotiating deals with principled homeowners.
Know the neighborhood
Speaking of local knowledge, luxury home buying is all about gathering as much insider information as possible, as early as possible. If you’re moving into a city you’ve never lived in before, it’s vital to take the temperature of the area in person long before you make any big decisions.
Search for the areas of the city that are amenable to luxury lifestyles, encourage future investment, and give homebuyers space to expand and redefine housing zones. Ask questions like:
- What are the past trends in housing values in the area?
- Is future development expected?
- What happens if a neighbor plans to build closer or taller next to me?
- Who else is buying luxury properties in the area?
Understand how luxury homes are marketed
The world of luxury real estate can sometimes be exclusive and more word-of-mouth than occurs in the rest of the housing market. The MLS (Multiple Listing Service) in your area may be useful for most home buyers, but the majority of luxury homeowners will eschew public listings and “For Sale” signs, instead turning to more exclusive channels to advertise.
This tendency to restrict access to luxury homes is to be expected. Homeowners don’t want to publicize high-end properties to the general public. Instead, you should trust in the insights of a real estate agent who knows the area and understands the needs of a more exclusive stream of home sellers.
Be diligent with documents
Buyers in the high-end real estate market are scrutinized to a higher degree than their fellow buyers. This means that it’s even more important than usual to document all your transactions and messages between peers in the buying process.
Your relationship with agents and sellers should be treated methodically, and an accountant should have access to each step of the way. Make sure your banker, agent, and managers are interconnected and know each other.
Title insurance is a must
It may be a matter of course, but it’s important to get title insurance for your new property in advance of the sale. This document will insure you against any issues that the seller may have forgotten about in the course of the sale.
Prestige homes that carry a rich lineage or a celebrity back history are especially applicable in this case. Luxury properties planned by a renowned designer may have passed inspection in their day, but you should always go through the proper channels to ensure that the current condition of the home is up to par.
Outline exactly what you’re looking for
A big tip that luxury real estate agents continue to provide for buyers: make an early battle plan for what you’re shopping for. This step can help you minimize later open house viewings, time-costly interviews, and more. Ask yourself:
- What amenities am I looking for?
- What kind of floor plan is ideal for me?
- How many bedrooms and baths do I need?
- How much privacy do I want?
- How much am I willing to spend on maintenance and repairs?
- What does my ideal location look like?
- How will the location change over time?
Asking these questions early on in the buying process is a good way to ensure that you rule out properties that fall outside your demands, pointing you to homes that better suit your standards now and further into the future.
Keep negotiations in mind
High-end luxury residences command top prices for a reason. The sellers, their agents and intermediaries, lenders, and managers all combine to be quite a large mass of people interested in the sale.
That means that there’s space to negotiate when it comes time to decide the selling price. Communicate with your agent early about your budget and talk about comparable properties sold in the area that you can use as a baseline for negotiations later on.
Contact a local real estate agent today
If you have any questions or comments about Anmore real estate, Yaletown condos for sale, or West Vancouver real estate, get in touch with Amir Miri today! Amir is an expert negotiator and specializes in luxury properties in Vancouver. He cares deeply about each individual client and works hard to ensure each of them sees success at the end of their real estate journeys. Reach out today to learn more and work with Amir.