Is luxury in the eye of the beholder? Not necessarily. Just because the home has a luxury price tag doesn’t necessarily mean it’s a true luxury home. A smaller house may be considered luxury if it’s in a densely populated area where there are similar properties and this home stands out as one of the nicest in the area. Luxury homes are usually located were other luxury homes are situated and as a result, the price can put them into a class all their own.
Bedrooms are usually larger, the master bedroom could have extra space for a sitting or reading area, master bathrooms can be as large as a typical size bedroom and there’s usually a lot of additional pictures and premium materials. Luxury homes typically have three or more car garages, separate outbuildings for guest quarters, recreation, or pool house and they usually have the latest and greatest and home features like smart home technology, eco-friendly materials, high-efficiency heating and cooling system, and lush landscaping.
If you’re looking for you the home of your dreams in Hidden Hills and Calabasas there are five tips I want all of my buyers to know.
#1. Start with the right process.
Finding the home of your dreams can be a little bit of a challenge. There are a lot of other features to consider including taxes, schools, commute time, and custom features that might appeal to you. Find out what you’re really looking for in a home and make a checklist. Write down what you don’t as well so you can rule out properties that just won’t work.
#2. Consider if financing will be an issue.
Many buyers throughout Calabasas pay cash while others choose a jumbo home loan and luxury financing. If your home will be purchased with a mortgage, then you’ll need to get preapproval before you can start shopping. A preapproval letter may be required by many home sellers is a condition to even viewing the property. You want to work with a loan officer ahead of time so you understand the different types of mortgages and will work best for your budget both now and in the future.
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#3. Use an agent that is familiar with high-end properties.
I can’t stress this one enough. There are too many amateur, part-time agents out there that have no idea what they are doing when it comes to purchasing a luxury home. You can waste money, time, and your energy by going with an agent that is unfamiliar with all of the details that come along with buying a high-end property. There are a lot of different nuances and details to consider, luxury home sellers and listing agents that can really affect how you purchase the property. It’s essential to go with an agent that is well-versed in high-end property sales.
#4. Don’t neglect the home inspection.
Just because it’s a luxury home doesn’t mean that it’s free of any errors. Luxury homeowners may have the budget for repairs but can still cut corners. Don’t neglect that home inspection and make sure YOU accompany the inspector through the home. Just because someone else may be doing the repairs for you doesn’t mean you shouldn’t understand all you can about the property before you finalize the sale.
Read More: How to Buy and Sell Simultaneously
#5. Luxury home purchases may take longer.
Buying a luxury home may take longer than an average home because of the seller, the outbuildings, and the property. If the home sits on a larger lot, feasibility and boundary line surveys may be necessary, which can push out the closing date farther than the typical 30-45 days. Be patient and verify you understand the process through every step.
Always ask questions. I’m here to keep you informed along the way. I value communication and want you to be well aware and fully informed throughout the process. If you’d like more information or would like to connect with a jumbo loan officer or view any property, feel free to contact me.