Tips For Buying A Luxury Home

The luxury home market has continued to trend slightly upward for more than the last six months, according to the Institute for Luxury Home Marketing (ILHM). When looking to buy luxury real estate, it’s essential to work with professionals. For forty years, Walt Danley Realty has been recognized as one of the most successful luxury real estate firms in Arizona and the nation. Our experienced team of agents have the top tips you need for purchasing a luxury home for a residence or investment property.

Always Work With a Local Expert

A local expert, in particular an agent specializing in luxury properties, is essential. Local real estate professionals know the area, they know which upscale neighborhoods are being developed, and they can have access to homes that are not currently listed to the public. A local real estate expert who regularly shows and sells luxury homes will have the connections you need to find your perfect home.

Know What You Want

If looking for a luxury home as an investment property, it’s important to know what you want. Will you opt to stay in the home when in the area for business or vacations? If so, you’ll want to make sure the home has the amenities and features that suit your lifestyle. When searching for a luxury home as your primary residence, there are several additional factors to consider. You may desire a specific location to be close to the golf course, shops, or schools. You may want certain amenities like a home automation system, an outdoor kitchen, or guest house on the property. Talk it over with your real estate professional. It’s likely they’ll be able to offer ideas and home features you may not have considered.

Finance or Cash

When opting to finance your luxury home, be aware that the process can take about 60 days on average. However, if you work with your primary finance institution, it may move along faster because they know you and your portfolio. Purchasing a luxury home with cash can cut the timeline for buying process. Without the loan paperwork to be shuffled, it’s possible to take possession of your new home sooner.

Proper Inspection

A home inspection is always worth considering. While a home inspection isn’t required when buying a home with cash, it is recommended, and you’ll need to arrange for one if you’re financing. According to Investopedia, because luxury homes are larger and contain many amenities, the inspection may require specialized home inspectors for items like the pool and spa, high-end security or surveillance systems, heated floors/driveways, exterior fireplaces, and lawn irrigation systems.

To learn more about the luxury market in Phoenix, Scottsdale, or Paradise Valley, contact us today at Walt Danley Realty to begin your search for the luxury home of your dreams.