What to Look for in a Luxury Real Estate Purchase
When you’re looking to make a property purchase, you’re always going to want to make sure that it’s right. You’ll want to have the right feel about a place, really love the design and space, and make sure that it meets all of your needs too. Whether it’s for yourself, the two of you, or your family, you are always going to want to be sure that it ticks all the boxes. But how do you know what they are? That may sound like a trick question, but it’s so much easier to believe that you know what you want and then feel a little confused when you’re viewing potential properties.
This is because it’s so much more complex to narrow it all down. And while it’s true that you will start to home in on your choices as you view more and more places, it’s a good idea to know what you’re looking for so that you can instruct your realtor correctly from the beginning. For this reason, it’s always a good idea to make the right steps to begin with.
So in this blog post, we’re going to take a look at how to prepare for a luxury real estate purchase, how to approach things from the very beginning, and everything that you need to be sure that you’re ticking off when it comes to your requirements. Let’s get started.
What to Do Before You Start
So to begin with, you’re going to want to make sure that you’re ready to go. Have you got funding in place? Do you know what budget you’re working towards? Do you need to sell your property in order to be ready to move? It’s okay to think that you can start looking because you feel like moving, but being proceedable is a great idea first. Speak to your financial advisor or hire a mortgage advisor and get the agreement in place first, then you’re ready to go.
Understanding Your Needs
The next step is to make sure that you are aware of what your needs are. Again, it’s so easy to think that you want more space or that you want to be in a different area or you need to have an entertaining reception area – but you have to get more specific than that. How much more space do you need and is it a square footage amount or in terms of the living areas? What locations are you willing to consider and are you flexible? How do you plan to use the space and what’s most important to you? Knowing these answers is always a great place to start.
Finding a Realtor
Then, you’re going to want to hire a realtor. And this is a relationship that you need to get right. You need to be able to trust them with your needs, so it’s important to find someone with the right luxury experience, such as Bridlewood Real Estate, that will be able to find you what you’re looking for. Reach out to someone that is well connected, tends to have great listings, and has good relationships with other agents and brokerages to be able to secure you what you’re looking for.
Creating Your List of Requirements
At this stage, you’re then going to want to make sure that you have a concrete list of requirements. It’s easy to think that you have them already. Maybe there are some things in your mind that you’re looking for, but have you really thought everything through so that you can narrow down some potential listings? Let’s take a look at six key points to ponder over.
For starters, you’re going to want to know what locations you’re looking at. This helps an agent to narrow down choices for you, along with you to get a better idea of what the prices are like. Just be sure to factor in things like schools, local amenities, and so on.
2. Design Style
This one won’t always matter to you if you’re planning on doing a full renovation, but if you’re not, you’ll want to know what kinds of design styles you’re happy to look at. Be sure to communicate your tastes to your agent so that you’re only looking at homes that will be suitable.
3. Living Space
Again, you want to know the kind of space that you want. Have you got a square footage size that you have in mind? Do you know what space you need? It’s important to know a ballpark so that, again, you can be aware of budgets and to be shown the right spaces.
4. Designated Rooms
Breaking that down a little further, you might want to provide your agent with a list of required spaces that you want. Maybe it’s a certain size of entertaining and living space? It could be that you want a gym, games room, home office, or a certain type of space? And be sure to communicate the minimum number of bedrooms too.
5. Outside Space
There’s also then the outside space to think about too. This is often the one that gets overlooked because we tend to focus on the design of the house – but the outside space you have is essential too. Think about what you need from your yard, whether you want a pool, outdoor living space, certain types of gardens, and so on. And don’t forget any outdoor storage or garage space too.
Going Ahead With Your Dream Purchase
At the point where you’ve found a property that meets your needs and you’re sure that you’ve found everything that you’re looking for, you’re going to want to proceed forward. For this, it’s all about working with your real estate agent to see the place, make an offer, and get that offer accepted. It’s all worth taking the necessary precautions beforehand so that you’re able to be in a place to go ahead when you think you’ve found the right one, rather than deliberating and losing out to another buyer.