People who buy luxury property usually fall into two categories – those who are looking to make it their home for a few years, and others who are looking for a good investment, store of value, or asset that can give them leverage. In both cases, making a mistake is not an option. Issues on luxury homes are multiplied by their value and one small mistake could cost you millions. It could also make your home virtually unsalable. Here are some tips you should follow if you’re in the market for a luxury property.
Get Pre-Approved First
If you’re serious about buying the property, the first thing you should do is get pre-approved by a mortgage lender. This will establish you as a serious buyer and will also give you more negotiation power. We also suggest you work with a broker and one that is used to big mortgages.
A company like Enness Global, for instance, is used to finding high-value mortgages for their clients. They can not only help you find a million-pound mortgage or better, but you’ll get tons of benefits from having access to such a large network of lenders. Not only will you get a better deal, but you’re also more likely to find a lender that can accommodate your situation. You’ll also be able to get approved more quickly.
Work with the Right Agent
You can’t go with just any estate agent when buying a luxury property. You have to go with one that has experience with these types of properties and a solid track record to prove it.
A good agent will give you access to better listings. They will know a good deal when they see it and will be honest when one could be problematic. They will help you with negotiation and will be ready for any potential issues. They will also be able to identify difficult sellers and time wasters.
Focus on Location First
One major mistake is buying a property based on its perceived value. There’s always a cap on how much a house can sell for in a specific area. So, you need to look at the state of the area first.
You also want to make sure that the house doesn’t clash with the other ones in the neighbourhood. You want to check trends in the area too. You want to choose somewhere that is improving and make sure you get a thorough market analysis to see what the reasonable price should be for this type of house in that area.
Take Your Time
One of the things you should realise about the luxury property market is that competition is very low, meaning that you will be competing with only a handful of potential buyers. So, use this to your advantage. Not rushing for fear of missing out will give you more negotiation power as sellers will eventually want to reach a deal and will be more open.
These are all essential tips that people who want to invest in luxury property should follow. The most important thing to remember is to take your time and make sure that you inspect the property and market thoroughly before you make a decision.