Buying a luxury home? Here are 5 things you need to know

A luxury home can mean different things for different people - from a massive 30,000 sq ft luxury mansion with acres of greens to a 5,000 sq. ft contemporary apartment with the latest gadgets and fittings.

For most buyers looking for luxury homes, seeing is believing. However with a majority of homebuyers now relying on the Internet to find their dream home, buyers looking for luxury property can be at a disadvantage. The reason being, many sellers prefer not to list their property online for reasons ranging from privacy fears to warding off undesirable customers.

So how do you buy that luxury home that you have been saving up for? Don’t fret, here are 5 DIY pointers that can get you started in the right direction.

Do your due diligence:
Buying a luxury home is an expensive affair. Take all the time you need to inspect the property thoroughly, including all the facilities and amenities that may come with it. Given the easy access to technology these days, it’s highly desirable to initiate a search of the property and vicinity on Google Earth so you can see what’s around the home.

Get your finances in order:
Loans for high-end properties typically involve larger amounts and take that much more time. Since most sellers of luxury homes are often interested in dealing only with qualified buyers with access to ready funds, it makes sense to secure all the required financial approvals at the earliest.

Find a local realty agent:
It’s important to find a qualified agent who knows the luxury homes market and the area you are looking to buy in really well. With the right agent you stand a better chance of knowing about potential buys before they hit the market. Further they can also help you determine the correct market value of the property that you want to buy.

Plan for the future:
If the property you are interested in is under-construction, make sure you are aware of what the layout around your property is going to look like once the project is completed. There is no point in moving into a luxury condo on the 20th floor if a 30-storeyed tower is slated to be built right in front of your window. Keep an eye on the timeline of the construction so you are not trapped for cash in case of a delay.

Negotiate. Negotiate & Negotiate:
Yes, regardless of the price the seller may have quoted, there is always room to negotiate a better deal for you. A good way to get going is to get your agent to do some research and draw up the prices for comparative properties sold in that area recently prior to making a final offer.