Luxury properties in Florida are some of the most coveted real estate in the US. That said, luxury home buying can be a high stakes affair. This comprehensive five-step checklist will help you prepare for the purchase and make sure the investment is worth it.
- Hire a real estate agent
Since luxury homes are in a different league from the average residential property, you’ll need to know how to search for luxury real estate. Note that many of the most desirable properties are not even listed online. To gain access to choice listings, get in touch with an experienced Realtor who specializes in high-end real estate. They will most likely know the perfect piece of property for you, given the network they’ve cultivated to service this most exclusive of markets.
Knowing what you want in a luxury home is also a must. Specific features such as panoramic views of the ocean, beach access, or acreage will help your Realtor narrow choices to your satisfaction.
- Make a spreadsheet to compare homes
Shopping for homes can be overwhelming, especially if you find several options with plenty of potential. To help you evaluate each property, prepare a spreadsheet and include important details, such as neighborhood, pricing, amenities, and security features. Another option is to list down these details on a notebook or your smartphone during an open house.
When it comes to home tours, take your time. Ask questions about the structure and other significant information relating to the home features you desire. These details will also help you and your realtor come up with a strong offer.
- Get approved for financing
Luxury real estate sellers require proof you can afford their property. Getting the paperwork done can take time, so make sure to get your financing in order even before you start looking for a home. It’s best if you approach a bank you already have a good relationship with because they can help you assess the bells and whistles you can afford. Obtain your pre-approval letter and ask your Realtor to shortlist properties within your lender’s assessment.
- Make the right offer
Oftentimes, luxury home sellers are in no hurry to sell their properties because they can afford to sit out offers until they get what they deem is the best. Sometimes, these sellers also look into the so-called buyer prestige, which includes the net worth of the luxury home buyer.
To make a strong offer, have your real estate agent research similar properties, including sold, active, and pending listings from the last three months. This pricing data will help you determine a starting point for your offer. Leave enough room for negotiation.
- Document every step of the process
Make sure everything is covered by documenting each step of the buying process. Although your real estate agent is expected to take care of most of the paperwork, it’s also important to stay on top of things and take accountability in other aspects, such as legal disclosures, home appraisals, and inspections. Do not hesitate to consult with other professionals in matters related to tax, financing, and other issues.
A luxury home is a worthwhile investment. To learn more about your luxury real estate opportunities in Miami Beach Real Estate, Aventura Real Estate, and Sunny Isles Real Estate, FL get in touch with Sigal Realty Group today at 786-797-9088. You can also send an email to sigaldagan(at)gmail(dotted)com or ydagan(at)onesothebysrealty(dotted)com..