Are you house shopping in the luxury home buying market? You probably have a lot of questions about how to buy the right home for you and your family. We have covered a handful of them here with our 5 tips for buying a luxury home.
5 Tips for Buying a Luxury Home
Whether you have lived in a luxury home before or this is a step up for you in your real estate journey, the overall process will be similar to buying a smaller home. However, there are some things you will want to focus on and take into account specifically when shopping the luxury home market.
- Competition. How is the competition for homes of this size and with these features in the neighborhoods where you are looking? It’s likely there will be fewer interested home buyers for homes of this size, though also fewer luxury homes. This could mean your house search takes longer.
- Understand Your Wants and Needs. You might want a certain number of bedrooms and baths, but do you want a pool with that? Guest house? Do you need a location for horses? And what do you absolutely not want? Consider all your options.
- Value. Are homes in this price range holding their value? Is the area seeing a steady increase in luxury home prices? Knowing this can help when you negotiate your offer. Understanding that it might be more difficult to find good comparables is important, too.
- Homeowners Insurance. You likely will need a high-value homeowners insurance policy which differs from a standard policy in terms of type of coverage and coverage amounts. You can expect a higher cost for this insurance, too.
- Work with a Specialized Real Estate Agent. A specialized real estate agent will be familiar with buying and selling large luxury homes in the areas you are considering. They will be able to answer questions and give you guidance that is specific to the luxury home market.
Working with an Experienced Memphis Area Real Estate Agent
When it’s time to sell your existing home or buy a great new place, turn to a highly regarded and well-informed local real estate agent. You want someone that you can trust to give you the best advice and know-how for your new home purchase or sale. Check out my other great articles to help you through your home selling and buying experience here in Memphis. Staging homes for sale is also part of my expertise. Please ask me about it when you reach out.
Take a minute to learn more about me. With over 15 years of top-notch service for my clients, I can guide you with your house sale, new home purchase, or buying a great parcel of land. As a top, licensed real estate agent in the Memphis area, showing you the best properties for you and your family is my goal!
Contact me at (901) 828-8919 or drop me a quick note at angie@angiekelley.com and we can speak in person about your plans and options. Ask me about seeing homes for sale by video or virtual tour and find the best place for you!
Angie Kelley, Crye-Leike Realtors
(901) 828-8919 or (901) 756-8900
