Buying luxury real estate is different from lesser priced properties. The negotiation, property inspection, and loan approval process may be more lengthy and demand more diligence. Your first step should be finding a buyer representative to assist you in the process. Below you will find a few Florida luxury real estate buying advice.
Hiring an Agent and Formulating an Offer
Calculating home values and negotiating luxury real estate prices require experience with the luxury real estate market. Luxury properties also contain features not often found in lesser priced real estate, therefore not all Realtors will be familiar with the value related to specific amenities. Selecting a good real estate agent who specializes in luxury properties is important for price negotiations as well as other key steps in the luxury home buying process.
Using the Right Inspector
Inspection of luxury homes may require specialized skills and extended time frames. Luxury homes can contain custom features and systems that not all inspectors are familiar with. If you do not know a home inspector qualified to evaluate such features, ask your real estate agent for a referral. Also allow more time for the inspection to be completed, particularly when purchasing large estates. Inspections are a means to better understand the condition of your investment. It is important not to skip or rush through this critical step.
Obtaining a Loan for Luxury Real Estate
Most luxury properties are bought with some type of loan. Higher price ranges often require jumbo mortgages. This type of financing can take a little longer for approval. They sometimes also require additional financial paperwork or market value verification. Keeping sufficient personal financial records will help facilitate underwriting review. Although this can require more time than cash transactions, most buyers needing mortgages can effectively compete with cash buyers when presenting attractive terms. Your buyer agent can advise you on the best way to present your offer in bidding scenarios.
More Florida Luxury Real Estate Buying Advice
The Florida luxury real estate buying advice above are merely a few important items. A real estate agent can provide more extensive information and support. The right Realtor can also facilitate a smooth and successful home buying experience. If you are looking to build a luxury home in Florida, give us a call. We can provide you with information on available lots and floor plans to meet your needs.