Important Facts To Know Before Shopping For A Luxury Home
You want a luxury home for a lot of reasons, and you are more than willing to give it some time to track down just the right place. If you have never gotten the opportunity to buy a luxury residential home, you should know that there are a few things that can be different about the process. There are also a few things to know about luxury residential homes before you get started on your search.
The term "luxury" can mean something different according to certain factors.
When you set out looking for a luxury home, you have in mind what that designation means to you for sure. However, everyone else you speak to may have their own idea of "luxury." Luxury designations can also be determined by your geographic location. For instance, a home in an urban area in the north may be considered luxury if it is priced over $2 million and home in the south in a rural area may have a lower price point. Just make sure you clarify what you mean by luxury when you initially begin talking to a real estate agent.
Luxury homes are harder to sell than a regular home with a typical price point.
If you find what you believe to be the perfect luxury home and then find out that it has been sitting empty for a really long time, this does not mean the home is flawed, haunted, or otherwise undesirable. Luxury homes are simply harder to sell than traditional houses because the buyer population is going to be much slimmer. It is not at all uncommon for a nice luxury home to sit on the market for months or even years before the right buyer comes along and makes an offer. Therefore, don't be afraid of a home that's been empty for a while.
A luxury home seller may be more willing to negotiate a price.
It is not all uncommon for the owner of a luxury home to list the house at a higher price point simply because they are not really in a hurry to sell. However, this also means that the sticker price on a luxury listing may not be exactly what you will be expected to pay. In fact, if you make a reasonable lower offer, it may be a little more likely to be accepted by a luxury home seller than if you were making a lower offer for a regular home.