5 Tips for Buying a Luxury Home

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5 Tips for Buying a Luxury Home by Petrocelli Homes Realty Group in the Bay Area, CA and Treasure Valley, ID

Luxury homes are generally described as those in the top 10% of their market and are usually located in the most optimal areas, are large in size, and built with high-end materials. Luxury homes often have unique design elements and amenities not found in most homes. Want a chef’s kitchen, an indoor movie theatre, a rock-climbing wall, or a bowling alley? A luxury home might have one of these– or all of them!

If you have not purchased in the luxury market before, you should be aware that the process can be very different from buying a standard single-family home. Here are some tips for buying a luxury home:

1) Be patient

Shopping for a luxury home may take longer than average. For one, there are not as many of them, which, of course, is what makes them special. Since many luxury homes have décor or features that are distinctive, quirky or eccentric, finding one that fits your style may take a little while. The closing process may also take longer as there is more to inspect, more to negotiate on, and often special circumstances to be worked out. Make sure you are getting what you want. When you are investing millions of dollars in a home, you want to make sure you don’t settle.

2) Know where to look

Luxury homeowners, particularly if they are high-profile people in their area, often don’t want their home pictured on sites like Zillow. You may need to network with people in your desired area to find out what homes are being offered on and off-market. Start by talking with an experienced agent who has connections and knows what luxury homes are coming soon or available. Next, look online for luxury home sales through our customizable home search linked directly to the local MLS in both the Bay Area, CA and Treasure Valley, ID.

3) Check for possible planned development

Don’t assume that the lovely pond or wooded park behind the property will always be there. Make sure you know of any development plans that may affect your view, the amenities around the property, and the future resale value- a skilled agent can find this information out on your behalf. You don’t want to buy a home for its beautiful ocean or mountain views only to find out another property will be built in the way.

4) Consult with your financial advisors

Make sure you qualify for the purchase amount you are thinking about. Luxury home sellers will often want to see proof that you qualify to purchase their home before they even allow a showing. If you do get a showing, you will certainly need to have your financial preparations done before you contemplate an offer. Everything is scrutinized more closely in the luxury price range. You should also make yourself aware of all the financing options available to you.

5) Work with an experienced luxury home agent

The right agent knows all of these tips and more. We are knowledgeable in the high-end neighborhoods in our market area, and understand the intricacies of negotiating and closing on luxury homes. Are you ready to purchase a luxury home? We’re available and ready to help you in your search!

Thinking of buying a luxury home?

Head to our home search in the Bay Area, CA or Greater Boise, ID to find what your looking for today!

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