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7 things to consider when buying a luxury home

Luxury homes are just as much about comfort as it is an investment. Staying informed and surrounding themselves with specialists with the network and experience is a great way for buyers to feel secure while finding the best luxury home to call their own.

The seven points below can get luxury homebuyers started on the road to their new home.

Watch property value.

Location may be important, but home value also needs consideration. Has the home’s selling price gone up throughout the years? Will the home’s value continue to appreciate in the next few years? Does the price reflect the expected

range for the neighborhood? A luxury home is a significant investment and the answers to these questions can easily determine whether to strike a deal or keep looking.

  1. Hire and consult with New York City specialists.
  2. Every state, city, and town has its own real estate law practices, and New York City is no exception. Agents, realtors, and lawyers who possess a thorough knowledge of neighborhoods with luxury listings are deep wells of resource. Local realtors and agents can tap into their network to thresh out sellers (who are often keen on privacy). Moreover, local real estate professionals can alert buyers about NYC-specific ordinances and property clauses.

  3. Make the offer fair and simple.
  4. If a buyer wants to pull away from the competition in a bidding war, being clear and fuss-free in presenting an offer is the way to go. Give the highest price
    you’re willing to part with. Pair it with a list of contingencies pared down to a few non-negotiables. The seller will appreciate the fair price and will be more inclined to take the deal over another bid that wants the lowest price possible.

  5. Note the time of year.
  6. Luxury homes sell at their best and highest during the spring and summer, the seasons when these homes look their best. Then again, searching for homes in the middle of winter, while rather unpleasant and uncomfortable, can yield a better price. The possibility of closing a deal even increases if the seller is motivated to make a sale resulting in tax savings.

  7. Make room in your schedule for appointments.
  8. Open houses are very rare occurrences. Sellers don’t want the increased visibility and safety risk. That’s why when a seller offers an exclusive open house schedule, make sure to work that visit into your calendar. It also pays to check the weather and the season when making the appointment. A property that looks glum in the winter might look stunning during summertime.

  9. Structure financing early.
  10. Most homes are usually bought with cash. But that doesn’t mean that mortgages are out of the picture. It’s important to decide early on whether the home will be bought with cash or will be financed by some other means. This way, all the necessary requirements can be prepared beforehand. This makes it easier to present an attractive offer and ensures that the deal closes quickly before anyone else comes into the picture.

    As with all financial arrangements, it’s best to consult with professionals knowledgeable about the New York City market for a fair and favorable deal.

For luxury options in highly sought-after New York neighborhoods, get in touch with Danny Nassi and his team of top-notch real estate consultants. Call 917.239.1124 or email dnassi(at)bhsusa(dotted)com so they can present you with the best options.

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