Buying a luxury home is an important step in securing your future, because it’s one of the biggest investments most people make in their lifetime. Whether you’re a first time home buyer or you’re purchasing a second home, it’s important to understand the process of finding your dream home because there are specific steps buyers should take to ensure they get the best deal. Most buyers expect to live in their homes for about 12 years after they move in, so this is a long term investment that determines the next stage of your life.
In many ways, buying a luxury home is different than buying a more inexpensive property. Many luxury homes go unlisted to protect the seller’s privacy, and these properties can only be found by well-connected Realtors who know the market. High end luxury homes are a small niche in the real estate market — only 13% of respondents who were looking to buy a home stated that they were interested in luxury properties. Before you begin the search for your dream home, it’s important to know how to find a real estate agent because an experienced Realtor can help you find the best locations that fit your criteria for a new property. Here are a few things you should ask any real estate company before you decide on a real estate agent.
- What markets does your company handle?
The luxury market is unique in the real estate world because the clients are among the most elite people in the country. A company that handles the sales of luxury real estate will have insider knowledge on the listing prices and final sale prices of homes, and they will be able to advise you about the best deals. Luxury homes often contain expensive features, like big yards and outdoor areas, large garages, extra bathrooms and bedrooms, and high end appliances. The value of these features can probably be assessed by most Realtors, but there are some special features of luxury homes that require an expert — some homes have high quality floors or woodworking, special architectural features or rare materials that were used to construct them. These aspects of luxury homes can only be evaluated by people who have a solid understanding of luxury real estate.
- How long have you been in business?
Working with a Realtor who is experienced with the luxury home market is important, because as stated above, some listings are not made available to the public. Not all Realtors have the connections to know about the latest luxury homes on the market, so you should find someone who has been working for several years and who has built up a strong network of buyers and sellers.
- What locations are you familiar with?
Because the real estate market in the United States is so large, you should find a real estate agent who specializes in your desired location. Working with a Realtor who has connections in one area is important because they will have an understanding of the local market. Each neighborhood has homes with a unique value and you need to find someone who can accurately estimate the cost of real estate in that area. Finding a local, experienced real estate agent is your best bet.
Do you have any tips for working with a Realtor while searching for the perfect home? If you have any thoughts or want to share your experience with others who haven’t worked with a real estate agent before, please leave a comment below. Good references here.