There is not a precise way to define a luxury property; they encompass a wide range of style, setting, size and design. From an indulging tropical home in front of the sea to alavish condominium in the center city, luxury real estate has been hitting records across the United States in the past few decades.
Now, the process of buying a luxury home may not be that idyllic as the home itself if the buyer rushes through a purchase not having full knowledge of everything involved. There are many details totake into account as it represents a BIG long-term investment that one should undertake with full knowledge of everything involved.
Here are five essential strategies for ensuring peace of mind when buying a luxury home:
1. Right timing for your purchase
This goes simple to the fact of supply and demand drive prices. If your goal is to go high-end without going bankrupt, look to the off-season—which, in most places, is winter. Why is this? When there's less demand, you usually stand to get a reasonable good price.
2. Mortage
Try not to bite off more mortgage than you can safely chew. Do your due diligence. With mortgage interest rates as low as they are, borrowing money to purchase your luxury home while at the same time using your cash in different higher rate of return investment may make sense for you.
3. Choose the right Location
Choosing the right location is essential regarding impacting taxes, schools, drive time and more it is best to take time to research the different communities that have luxury homes available and to be sure to explore those neighborhoods both online and offline by walking/driving the neighborhoods.
4. Look for foreclosure listings
One of the ways to buy a luxury home for as much as even 15% below its actual valueis hunting for foreclosed properties. While there's a myth that foreclosed homes can be purchased only with cash, roughly 60% of foreclosed homes purchased are actually financed.
5. Find a qualified real estate agent/broker
When you buy a luxury home you have to bear in mind that not all properties go listed, this in order to protect the seller’s privacy and property. That’s why you should hire an expert. Luxury real estate agents and brokers know the luxury market and have connections. They know how to find the right homes, what prices are fair, and how to smoothly handle a luxury real estate transaction.
Meanwhile here we feature five luxury homes currently on the market that you may want to take a look at:
With 40-stories high, BristollBrickell delivers the most breathtaking views of Biscayne Bay. The building has just 147 residences so you know you’ll enjoy some of the largest floor plans around, along with expansive city and bay views.You can find units at the low $445,000.
This spectacular residential masterpiece has redefined luxury living in the vibrant South of Fifth district of Miami Beach with its gigantic condo units, upgraded residential features and spacious balconies that overlook the Atlantic and Biscayne Bay. Units star at $1 M.
One of the first luxury condominiums to be built on South Beach, South Pointe is set just a few steps from the Atlantic Ocean in the South of Fifth (SoFi) Street district of Miami Beach. This imposing tower delights with its stunning units and penthouses facing the water. Units range from $849,000 to $2.6 M.
This high-end boutique building will be located in the heart of sought-after Sunny Isles lying on the most striking beachfront line, between the coastal waterways and the Atlantic Ocean, so expect the most awe-inspiring vistas. Find units from $4.7 M.
Amazing views, stunning marble finishes handpicked by architect Carlos Ott and high-end appliances, just a couple of the details that the penthouses in the Echo Brickell building will offer. Also, a full floor infinity-edge pool with panoramic views of Biscayne Bay and Downtown Miami will amaze you. These units start at $ 4, 8 M.
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