Time to buy your next home. Maybe it’s a vacation home, or a sprawling, ocean-side mansion.
There is no clear definition of what luxury real estate is. For West Palm Beach, Palm Beach, and the rest of South Florida, we generally speak in terms of properties that are valued at $1,000,000 or more. Why look at anything else right?
Luxury properties are unique. While there are gated communities that have homes in them that average more than $1,000,000, usually luxury properties were built to reflect the unique desires of their original owners. Nowhere is that more evident than on the Island of Palm Beach.
So, now that your checkbook is ready, let’s go find the next place to park your Bentley. But first, keep the following in mind:
Not All Properties are Listed
Generally, owners of luxury real estate value their privacy. This means that not all luxury homes are listed on the MLS or sites like Zillow and Realtor.com. Also, many times, the owners of luxury properties don’t want to post photos of their homes . . . especially the interiors. Believe it or not, but not everyone who looks at homes on the internet intends to buy them; some look to find valuables and the layouts of homes for darker purposes.
All this means is that you really need to work with a local Realtor who knows what is available and how to find exactly what you’re looking for.
For years, the accepted practice was buying certain luxury properties with cash. Cash is king, right? Well, not anymore. In fact, there are a number of reasons to finance luxury homes. We can go over the tax implications and other reasons to finance in person. However, we anticipate that you have a relationship with accountants and bankers that you trust. It is important to continue to work with those people when buying a luxury property.
Luxury real estate isn’t perfect. They are homes that were built with the same materials as any other. Over time things break down. It is extremely important to make sure that you work with your Realtor to determine the condition of the property.
It may look great on the outside and the inside. You may be enamored by the breathtaking ocean view or the indoor swimming pool, but you have to look beyond that. Find good inspectors who really know what to look for. Many luxury homes may have features that are unique and you’ll need someone who knows their way around these types of homes.
Of course, we know a few very excellent inspectors!
You likely haven’t gotten to this point without the ability to negotiate. Like all real estate, there is often room for negotiations. It is important to work with Realtors who share your outlook in this regard, but it is also a must to trust their expertise. They know the market. They know what’s going on in their communities and they’ll be able to represent you in the negotiations better than anyone else.
If you’re ready to look at luxury real estate, contact us so we can help you find the perfect home in Palm Beach or West Palm Beach!