The time has come. You're ready to sell your home and move into something bigger and more luxurious. You might assume the process for buying luxury homes for sale will be the same as when you bought your current home, and for the most part, you're correct. However, there are some intricacies of buying luxury homes that don't come up as often when you're buying less-expensive homes. Follow these tips to ensure you end up with a luxury home you love at a fair price.
1. Ask your realtor about "quiet" listings.
Hopefully, you are working with a realtor who regularly sells and buys luxurious homes. They will know the ins and outs of the market in your area -- and more importantly, they will know about "quiet" listings. These are homes that are for sale, but are not widely advertised as the owners may not want it publicly known that they are selling. By considering these homes, you will have a lot more options than if you were to look only at formally listed homes.
2. Look at comparable homes throughout the state.
One challenge of buying luxury homes is that there are fewer homes to compare them to. This makes it harder to know if you are getting a fair price. But, you can hone in on a fair price more easily by looking at other similar homes throughout the entire state and then taking an average of their prices. Averaging the prices will account for differences in locales. Make sure the home you buy is not priced much higher than that average price.
3. Make a sizable down payment.
If you are able to make a large down payment, the sellers are more likely to accept your offer over other offers that come with a lower down payment. Many sellers of luxury homes are cash-poor, so the down payment will give them the influx of money that they're after. If coming up with a large down payment means selling off some stocks, doing so may be worthwhile.
4. Keep your financial information as private as possible.
When you buy a luxury home, it's pretty obvious to others that you are fairly well off. So, to avoid being taken advantage of, make sure you keep your financial information as private as possible. Choose a realtor who knows how to be discreet. Keep paperwork in a locked briefcase when you are touring homes, and make sure you send emails to banks through a secure server.