Compared to buying a conventional home, purchasing a high-end property involves more planning and research. To get the most value for your money, you want to find a home that perfectly matches your requirements and preferences, and one that will accommodate your lifestyle.
There are numerous factors to consider – most luxury properties have elements such as a prime location, high-end features and amenities, or a unique architectural style, which means you need to have a clear idea of what you want to have before you start your search.
Searching for the finest Orange County luxury homes? Here are some important things you for you to keep in mind:
Avoid Going Over Your Budget
The hunt for your dream home is always an exciting experience. However, many buyers end up purchasing more than they can afford, only realizing later on that they were too caught up in their excitement.
In addition to mortgage payments, remember to consider other relevant costs as well, such as monthly utility bills, homeowners’ association fees, and taxes. While these costs typically remain consistent annually, be prepared for any unexpected life changes such as unemployment, retirement, or disability. Making sure there’s always some leeway in your budget is always a smart move, so you can adjust accordingly.
Don’t Underestimate the Importance of Location
A dream home can quickly become a nightmare if you don’t pay close attention to its surroundings. Ask your agent if there are future developments in the area or nearby which might affect the value of your home. For example, the panoramic views might be obstructed later on by a new housing development or high-rise condominium. Even if you’re buying a home in an exclusive gated community, it’s still a good idea to check for any upcoming plans around the area.
Work with an Experienced Local Agent
Having a knowledgeable agent who has plenty of experience in the area is critical when you’re navigating the luxury real estate market. Compared to conventional properties, access to high-end homes is more controlled, which means there’s fewer open houses, and you’ll need to make appointments if you want to view available properties.
Moreover, there are some luxury properties that go unlisted due to privacy concerns. A reliable luxury real estate agent will give you better access to these listings, providing you with better options to choose from.
Create a Checklist of Your Wants and Needs
One of the best ways to prepare for a luxury home purchase is to stay organized and know exactly what you’re aiming for before you look at houses. That spacious wine cellar or that impressive game room might look incredible right now, but they might not be that appealing down the line, after you’ve paid for them and realize later on that you never use them.
Writing down all of the features you need and want to have in the home is a great way to keep your emotions in check and help you avoid making any impulsive decisions.
Look Beyond the Flashy Photos
High-definition images and well-made video walkthroughs are impressive, but they do not entirely capture the feeling of being right there inside the home.
Make sure you visit the property before you commit, as this will likely be one of the biggest purchases you’ll make. This will also give you an opportunity to accurately gauge the property’s appeal, especially if you visit on different times of the day.
Have the Home Professionally Inspected
Luxury homes often appear impressive on the surface, but do not dismiss the possibility that there might be potential problems lurking underneath. An inspection will reveal issues that are hard to detect, such as faulty plumbing, mold, pests, and appliances that do not meet current safety standards.
This is something you can’t perform on your own, so you may want to consider hiring a professional home inspector who specializes in high-end properties.
Keep a Record of Everything
Buyers in the luxury real estate market are put under a microscope by sellers, so making sure you have financial documentation required to prove you can afford a high-end property is imperative. This lets the seller know whether you will need to get a loan or pay in cash, which is typically the favored form of payment when it comes to luxury homes.
Searching for the finest Orange County luxury real estate options and the best luxury gated communities in the area? Get in touch with the Cordova Real Estate Group today at 949.858.0405, or send an email to marianncordova(at)gmail(dotted)com