Buying A Luxury Home: Four Things To Consider

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Buying A Luxury Home: Four Things To Consider

26 April 2017
 Categories: Real Estate, Blog

Luxury homes offer the height of convenience and comfort, but finding the right property to meet your needs may take a little bit of hard work on your part. Here are just some of the many things you'll need to take into consideration as you begin your search for luxury homes for sale.

Go Beyond Online

Online real estate websites have made the process of shopping for a home easier, but you may find it difficult to locate luxury homes through these sites. This is because some sellers keep their listings as private as possible to avoid people who are just looking for a reason to tour a luxury home. Instead of searching online, work with a real estate agent who has experience buying and selling luxury properties. These specialists often have connections with private buyers and can provide you with access to listings you might not find anywhere else.

Consider The Neighborhood

When looking for a luxury home, it's a good idea to consider both the present state of the neighborhood and any future developments that are being planned. For example, you may want a home in a quiet area that doesn't get a lot of vehicle traffic. The homes you look at today may fit this requirement, but a planned shopping mall or concert venue in the neighborhood could impact the traffic and noise near your home. Do a little bit of research about the community, and work with your real estate agent to determine if there are any major developments in the works near the home you might be interested in purchasing.

Look For Privacy Features

Luxury homes can attract the attention of people who want to see grand properties up close, and they can also be targets for potential burglars as well. As you shop for a new home, be sure to look for privacy features that will keep people from having a direct view into your home. Gated communities can offer the privacy you need, or you can look for a home situated on a private drive. Trees, privacy fences, and other landscaping techniques that shield the home from view are also good options to look for in a luxury home.

Beware Of Hidden Costs

You can get a great deal on a luxury home if you look around and negotiate with the seller. However, there are often hidden costs of owning a luxury home you might not think of right away. In addition to your mortgage, homeowner's insurance, and title insurance, you'll have to pay property taxes. These taxes can be quite high on a luxury home. For example, a luxury home in Illinois comes with a property tax of around 2.6 percent, while Hawaii has an estimated tax of approximately 0.31 percent. If you were to purchase a $2 million luxury home, you would pay approximately $47,200 less in taxes if you purchase in Hawaii. If you are purchasing in a gated or planned community, or if you are purchasing a condominium, you'll also need to consider the cost of HOA fees when figuring out your monthly house payment expenses.

Talk to your real estate agent about what you are looking for in a luxury home, and use this guide to help find the right house to suit your needs.