The price of a home is not the only way to define luxury. Location, privacy, quality, amenities are all part of the equation. A $1,000,000 home in Malibu, CA might just be a one-bedroom condominium, if you were lucky. But a $1,000,000 home in Riverside, CA would probably be one of the nicest homes in town. The right agent will help you determine exactly what it is you’re looking for and find it.
Pick an Agent
Picking an agent is the first of many steps in achieving your luxury goals. Make sure that the agent you go with has experience with luxury homes. They should know the areas that you are searching for. Check their references. A good agent will have no issue with you taking the time to verify their testimonials. They want those referrals, especially in such a small, competitive market.
They will keep your information private and do everything possible to make sure that what’s important to you is what they are searching for. Rather than going through the MLS yourself and taking your valuable time to search for homes, a qualified agent will save you time and money doing it for you. They will provide you with the correct information and professional advice that you need to make your final decision.
Get Your Finances in Order
If you don’t already have a relationship with your banker, getting documentation from your business manager or accountant will be critical. Depending on what your assets are and how they are distributed, it may be difficult for a new banker to find the information in a timely manner.
When you have an established banker, they have your portfolio. They know what you can do and will make sure to work with you to prepare pre-approval letters, pre-qualification letters, financial verification statements, etc. They can also assist you in finding reliable advisors to make sure that you know what tax laws may be relevant to your purchase.
Along with the banker, make sure that your lawyer, accountant and financial advisor are on board with your upcoming purchase. They work for you and you trust them to help you make those decisions.
Take Your Time
This is your new home. Take the time to schedule a walkthrough, have a list of questions, don’t rely on pictures and videos. These homes are exclusive, which means that there aren’t going to be hoards of people on a Saturday Open House walking through. You shouldn’t feel rushed into the decision.
Walk through the area. Familiarize yourself with what the city or county has to offer. Check on the schools, the crime statistics, the amount, and vicinity of safety personnel to your prospective home.
Know What You Want
When you are looking for a luxury home, you need to ask yourself what is most important to you. Is it privacy? Do you want to be in a gated community or at the end of a dead-end road? Is it Provenance? Do you want to live in a home that has historical significance, either from the architectural standpoint or events and people associated with it? This is where that agent comes in again, understanding that your time is valuable and making sure your ideal luxury home awaits.
It is important to pick the right real estate agent when purchasing luxury real estate. My qualifications and years of experience in the luxury real estate market make me the top choice. Get in touch with me, Kathleen O’Keefe Galigher, on 760.567.7822.