Buying your first-ever luxury property can be exciting, but you need to know how to carefully negotiate the various steps to get a good deal and not make mistakes that can prove costly in the long run. Some of the top mistakes you need to take note of to ensure you buy a property that you would love to live in and would be a good investment:
Not Appointing an Experienced Luxury Property Agent
Purchasing a luxury property is not the easiest of things. With so many variables to contend with, including your preferences, the fact that you will not find the most exclusive properties on the MLS can make it hard to identify good deals. By going through a real estate agent with experience in luxury properties, you will know of property owners who may be looking discreetly for buyers. A competent real estate agent will also help you to identify what represents good value and assist you to negotiate the purchase price.
Not Questioning the Affordability
While you may have the money to buy the property, you need to calculate how much it will cost in the long run. In addition to the substantial closing costs, you will need to pay brokerage and bear the significant cost of maintenance and upkeep. It is easy to let the property run down and then become overwhelmed with the effort and cost of bringing it up to speed. Keeping all the fancy facilities updated and buying adequate insurance coverage can drain your resources. If the property is large, you may like to appoint a property management company experienced in maintaining San Antonio, TX custom homes to look after it, however, the cost can be steep.
Getting Swayed by Appearances
While you will want your luxury property to look good, you need to restrain yourself and not go by appearances alone. Savvy real estate agents usually make elaborate arrangements to stage the property to create a good first impression. They are not averse to spending thousands of dollars to add fancy furniture, artwork, chandeliers, etc., but in all likelihood, they will not be part of the deal, and all you will get for your money is the empty shell. You must make it a point not to let superficial things distract you and instead focus on the important elements like the architecture, layout, size, materials, state of the upkeep, facilities, location, and more to make a rational decision.
According to Forbes, one of the prime considerations for choosing a luxury property is its location. While some people may prefer the wild beauty of the mountains, others may prefer an ocean view or even an upmarket location in a city of their choice. Whatever your preference, you need to be confident what appeals to you today will remain unchanged tomorrow. You must invariably consult real estate professionals familiar with the location about the development plans in the locality that could seriously impact the charm of your property. You must never buy blind, looking at only the photos. Take the trouble of visiting the location, carefully inspecting the property, and making sure it is somewhere you will love to live.