Purchasing Luxury Real Estate? Top Tips from the Experts
Investing in luxury real estate can be a tricky business, whether you’re considering a property on the Big Island of Hawaii or a southern plantation in South Carolina. At Mauna Kea Realty, we know there are many considerations for those who want to invest in property, or purchase a luxury home for themselves. Here are a few tips from the experts to help make your decisions easier and less stressful.
First, learn how to search. Many sellers desire privacy, so the luxury homes they have on the market are unlisted. You may need to research a large number of sources on the Internet, as not all properties are on large search engines. Additionally, many realtors have personal connections regarding properties you may not find on the MLS.
Photos don’t always tell the entire story. Based on front elevation photos, many investors or buyers dismiss great properties. The fact is, most homes should be seen in person in order to fully appreciate their beauty and value. Searching Google Earth is a great way to learn what surrounds the home and property, so don’t judge based on photos alone.
Financial documentation is crucial. In the high-end luxury real estate market, there is more scrutiny today than ever before. If you earn a lucrative income, chances are you have an accountant or financial adviser who shelters your money. Document all financial dealings so that the bank has no concerns regarding your income.
Negotiation is always a possibility. There are very specific points that make an individual property able to command a high price, even millions of dollars. Perhaps a property offers an amazing view, or has great remodeling potential. By having your real estate agent research properties that are comparable and have sold recently, you have the ability to negotiate. The price of a particular property is rarely set in concrete.
Work with a local expert. When you’re looking to buy luxury real estate on the Big Island or anywhere else, it’s vital to have an experienced and knowledgeable buyer agent who is thoroughly familiar with the area you want to buy in. In terms of access to luxury or high-end properties, local buyer’s agents have a bit more control when it comes to fewer open houses; additionally, potential buyers must make appointments to see the property, so there are less buyers who have access to the real estate you’re interested in.
At Mauna Kea Realty, luxury real estate is our business. Because we deal in high-end properties and luxurious homes in Hawaii, we know how to help buyers achieve their goals and dreams. Contact us today, and rest assured you are getting the best guidance, advice, and expertise.