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Real Estate Tips

5 Tips for Buying a Luxury Home

Posted on Thursday, August 31, 2017
Know what you really want before you go home shopping.

The dream has come true. You have decided to buy a luxury home. Whether you are moving to a more rural area where your dollar can stretch further or you are at a time in your life when you are better able to afford the luxury home you have always wanted, upgrading your home comes with questions. What do you need to know before you purchase a luxury home?

1. Know What Really Matters

What does luxury mean to you? Like any home, your luxury home comes with amenities. Which ones are most important to you?

Do not pay for luxuries that are not important to you and that need to be maintained. If a home has a pool but you do not enjoy swimming, that may not be the right home for you. If your home has a huge space for entertaining but your parties are small and intimate, could you convert that space into another use?

Look for the luxuries that are really important. For example, if you adore listening to music, look for a home with a sound system that is able to support your enjoyment. If you love to watch movies, find a home with a home theater.

Luxury does not need to be big. For you, luxury could mean that you have the opportunity to live in a well-appointed apartment in the middle of the city, where you can access cultural opportunities just by walking out your front door. In a rural area, luxury could mean having a separate space for your horses or your ATV. By finding a home with the amenities that are important to you, you will find that you get more enjoyment out of those luxuries.

Will your luxury home interest others if you need to sell?

2. Consider the Resale Value

Whether it is a small house or a larger luxury home, think about the value of your home in the market.

  • What community amenities exist, and are these valuable to others?
  • Is the home small enough for others to maintain easily?
  • Do the amenities in and around your home appeal to others in the housing market?

You do not need to buy your home with an eye to selling it right away, and it needs to be a fit for you. However, it is also prudent to ensure that your home could be sold if you wanted to sell it in the future.

3. Think About Your Home Budget

You do not have to spend your entire budget on a luxury home. Consider a home that is slightly under your budget, and you will be delighted when everything goes according to plan, you have the home that you want, and it is easily within your means.

4. Understand Extra Costs

Your home is beautiful, and you want it to stay that way. However, to do that, you need to maintain the home. Before you buy a luxury home, understand what it will really take to maintain the home and its grounds. If your home is part of a gated community, there could be specific maintenance expectations about which you need to know before you buy as well.

In addition to maintenance, there are even more additional costs to home ownership. If you are living in a community that is run by a homeowners' association or another corporation, you could be expected to contribute financially to community amenities as well. There are property taxes too, and all of these extras can add up. If you will be pushing your budget when you buy your home, make sure that you tally up the total cost of home ownership before you buy.

5. Look Beyond the Surface

When you are looking for homes, you are probably looking online at first. When you are considering a luxury home, however, you should know that sometimes luxury homes have to be seen in person to be truly appreciated. Finding your luxury dream home is a process of detective work, piecing together what you want and finding the neighborhood and household amenities that suit your budget and your vision. Talk to a realtor or visit a home in person if it looks like it could fit your plans.

When you want to buy a luxury home, you need guidance from the professionals. Check out the blog at Open For Homes and learn from experts who can help you understand the homes in your area and the factors to consider regarding your luxury home purchase.