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The millennium produced so many first-time home buyers around the world who decided to make it big. Many younger generations are no longer dependent on the homeless of the elderly. They have now moved on to making huge investments at once. Unlike the older generations’ approach of starting small and growing incrementally, the modern first-time homebuyer has a greater willingness to take risks and makes big decisions.
Nonetheless, it is crucial to analyze the market trend, highlight the tastes and preferences of the home buyers, have an emergency budget, check the property’s location, carefully check the real estate agents and make an informed appraisal.
Also see: 4 Lessons I Learned in 10 Years Building a Luxury Real Estate Brokerage Firm
1. Analyze the market trend
All that glitters is not gold. We all like to take photos that highlight more of our strengths and less of our weaknesses. The photogenic approach to a property often doesn’t highlight everything. It is of paramount importance for the buyer to visit the property and carry out a reality check. Sometimes real estate agents change photos to show larger spaces, great interior designs, and features, which may not be the case in real-world situations. Before making this important decision, it is important to visit the website before reconfirming your decision.
Also, pricing is often used to entice the buyer to buy the property. Although it is believed that the higher the price, the more demanding the property. Nevertheless, that cannot be the case. Therefore, it is important to compare the market trend, prices, photos and do a reality check before moving.
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2. Emphasize your tastes and preferences
Buying your luxury home requires a significant investment. The amount of money to invest should correspond to your desires of how and what you want your home to look like. It’s important to emphasize to your broker which features are most important.
3. Create an emergency budget
As much as your favorite luxurious home may look, it may not have all the features you need. Therefore, it is crucial to set aside some funds for contingencies to cover what is missing. Emergency funds are also important to cover additional costs that the broker often fails to highlight at the time of purchase.
4. Check the location of the accommodation
Buying a home is a big decision and should therefore be given sufficient due diligence before making the purchase. Because of this, it is important to know your neighborhood, how safe it is and whether it is a beach house, the distance to the beach and the strategic location to all major facilities such as the market, school, hospital and leisure facilities. Infrastructure, accessibility and drainage are also some of the key features to consider.
5. Know your agent’s experience
Buying your luxury property through an experienced real estate agent guarantees efficiency in your home ownership journey. The National Association of Realtors offers certification to ensure homebuyers are dealing with highly experienced real estate agents. The agent should pay attention to fine details about the exact specification of the features that the house should have.
An experienced real estate agent would look at the standard prices for the apartment, which would help them negotiate a fair price for you. You want to buy a home that meets government housing standards. If you buy an apartment that does not comply with the housing regulations, you risk having it demolished. An inexperienced real estate agent would not be able to draft binding contracts with the seller of the building and risk losing your home.
Related: How to Improve Yourself as a Realtor
6. Conduct a thorough inspection of the home
Request an analysis to determine that the house does not have any defects that could cost you further. Electrical connection checks are of the utmost importance as deficiencies can cause a fire outbreak that can destroy your home and result in financial loss. You also need an engineer’s recommendation to understand if the building’s foundation was constructed correctly. Cracks in the foundation or walls could collapse the building and cause damage. Before you buy your luxury dream home, you should check whether the construction complied with the duty of care.
You should also evaluate the safety of the area where you intend to buy your dream home. The government’s insecurity data would help determine if the location where your luxury home is located is safe. Government crime statistics would help you identify areas prone to burglaries and muggings. Buying a home in an area with high crime prevalence would leave you living in constant fear and deny you peace of mind.
7. Your agent’s rating is important
Many real estate agents are more driven by their profits than giving their clients what they want. Therefore, the home buyer must conduct a background check of their agent and reviews.
