Buying A Luxury Home In Maryland
Updated: Dec 30, 2019
There are a number of things to consider when you are looking to buy a luxury home. Here are a few tips to help your search!
Be Prepared to Show Proof of Finances. Many luxury transactions are all cash, however, you may find this is not the best way to spend your money. If the interest rates are good, it may make more sense to take out a mortgage. Either way, be prepared to show a pre-approval letter or current bank statements. Some sellers will require proof of finances before even showing the property to a prospective buyer.
Work With A Realtor. Luxury properties are not always listed on the MLS. A realtor who is familiar with the area will be able to help you find the right property for you, even if it is unlisted.
Visit. It is not altogether uncommon for luxury homes to be purchased sight unseen, but if you plan on living there then you should really make a point of visiting the property to be certain it suits your needs. You may find that there are ambient noises that will drive you crazy or neighbors that are letting their home fall apart.
Research The Area. Aside from keeping abreast of the best restaurants and entertainment, you will want to research the market and think about potential resale value. If your home is the nicest house on the block, then you likely have too much home for the neighborhood (see above). This will lower your property value and make resale more difficult. Find out if there are any future building projects that will affect your home and community.
Find The Right Home Inspector. Even if the house is relatively new or has had top-notch renovations, you should get a home inspection. Believe me, there is always something. A good inspector will catch things that a contractor missed, including potential hazards and poorly installed items. You will almost certainly find newer technologies in a luxury home and it is important to find a home inspector that is familiar with these technologies. Outbuildings are generally not included in the home inspection, so you may want additional addenda in the contract to allow for extra inspections (i.e. barns, arenas, workshops, and garages).
Take Your Time. Real estate is a large investment and should be treated with care. It can take some time to sell a luxury property so you don’t want to decide your new home isn’t for you.
If you plan to buy a luxury home in Maryland, check out this article!