Luxury real estate deserves its own class. These lucrative multi-million dollar homes are built with the best materials and boast high-end amenities and features that traditional real estate does not have. If you’re interested in buying luxury real estate, you should know that you are entering a completely different market with its own trends and conditions. Luxury homes are listed differently than traditional single-family homes and not just any motivated buyer can view them. Select customers with a robust financial portfolio who are working with a luxury real estate specialist should know the ins and outs of going under contract with a high-end property before conducting a home search.
Even if you’re financially stable and ready to purchase luxury real estate in Denver
, if this is your first experience navigating this premier market, there are a few things you might not know about this distinctive process. From the very beginning, you’ll notice that buying luxury real estate is a journey that can feel overwhelming if you’re not equipped with the right tools and information. To ensure you have success, we’ve created the top seven things you might not know about purchasing luxury real estate from an expert.
It’s a calmer and smaller market
Luxury real estate markets are smaller and are often defined by their tenacity to overcome traditional market dips and turns. Luxury markets maintain a steady pace of buyer interest and availability because they’re not slammed with the constant of typical markets. Because purchasing a luxury home takes a discerning customer, these impressive homes may sit on the market for longer, allowing buyers more time to make informed decisions.
Denver luxury homes are unique, and two are never the same. These homes demand attention and are often attracted by Colorado’s most successful professionals. That said, the availability of luxury homes is much smaller than the average market. Buyers may spend more time conducting their home search.
Luxury homes are different for everyone
There is no specific explanation of what makes a home luxurious. No set amount of bedrooms or amenities determines whether it’s considered luxury real estate. You can mix a modern wonder of steel and glass with an ancient 1900s Gothic mansion, and both would be regarded as a luxury. There are many spectrums to luxury real estate, and every person has a different opinion of what luxury means to them.
Luxury real estate can be large or small, new or older, in excellent condition, or in need of repairs and replenishments. For some buyers, luxury means a home rich with history, and the required maintenance is a welcoming factor. Others prefer cutting-edge designs, technology, ergonomic features, high-class amenities, and minimal maintenance.
Luxury homes are listed privately
If you’ve ever purchased a home, you’ll know that it often starts by viewing online listings. You learn a lot about a particular neighborhood, market, and what you desire in a home by searching through home listings online. However, if you’re buying luxury real estate, you may not find many properties listed on public forums. Why? Most sellers choose not to list their luxury homes online to protect their privacy.
Luxury sellers rely on private websites exclusive to the luxury market to draw motivated and financially-ready buyers ready to commit to a high-end property versus those simply looking. Sellers will typically rely on their realtors
to network and connect with buyers in the market.
Make sure you tour the property
While a picture may be worth a thousand words, physically viewing a property is worth at least twice that. Photographs rarely do luxury properties justice, and larger spaces are more challenging to capture in pictures. The larger and more complex the property, the harder it is to showcase a genuine sense of the beauty and space. This is why touring a home in person is so important.
Hire a luxury real estate team
Buying luxury real estate on your own is not an option. Before you can learn about luxury properties or tour them, you need a real estate advisor and a team who is experienced with selling and buying luxury homes, knows the ins and outs of the market, and can connect you with sellers whose luxe properties meet your lifestyle needs.
If you are buying a luxury home, you’ll want an expert agent, lawyer, inspector, and lender involved. Building an experienced team of experts allows you to find, negotiate, and purchase your dream home with the utmost care and attention.
There’s more negotiation room
In the luxury real estate market, you’ll find there is more room for negotiation than traditional home sales. Luxury home sellers will be more willing to reduce the price due to delays or other factors. They usually have the funds for any buyer concessions and repairs that typical sellers might be unable to accommodate. As a luxury buyer, you’ll have more room to negotiate.
This is also where having a team of real estate specialists is vital to your success. A luxury real estate professional with ample experience and expertise in the market will know how much you can ask for and how to maintain a solid position during negotiations. They’ll be your guide, negotiating with the seller’s agent to reach a common goal that meets your financial goals and desires.
Prepare for a lengthy process
If you plan on entering the luxury market, you must have patience. The sale of a luxury property can take longer than a standard single-family home, and you will need to account for that. Many discerning buyers like to tour a property several times before making an offer. Inspections can take a few days to ensure nothing vital is missed, and your lender will need extra time to review your financial portfolio, determine an appropriate loan, and confirm that you do, indeed, have the necessary funds to complete the transaction. Once you’ve found your dream home and secured your spot as its next homeowner, sit back and enjoy the process. With a trusted real estate advisor at your disposal, you can have peace of mind knowing you’re in good hands.
Are you ready to find your dream home?
Now that you better understand what it means to purchase luxury real estate, it’s time to begin your search. Once you’re ready to find the perfect home, contact Elise LoSasso
. As a top-ranked Denver real estate professional specializing in the luxury market, she’s more than qualified to help you navigate the tricky waters of high-end real estate.