7 Tips for Buying a Luxury Home

ISLAMORADA, Fla. - Sept. 19, 2017 - PRLog -- Per Jan Keller, Top Producing Real Estate Agent for Coldwell Banker Schmitt Real estate and owner of Kellerporterteam.com-Everything about Real Estate in Islamorada and the Upper Keys,Buying a luxury home isn't the same as purchasing a traditional residence. It contains more space, more amenities, creature comforts, and it's in a prime location. All of this means a higher price but it's worthwhile because it's a terrific long term investment. However, you should understand that when you buy a luxury home, you need to make a smart and informed decision.

7 Tips for Buying a Luxury Home

Buying a luxury home, whether it's a downtown highrise penthouse, on a beach or lake, or on a private golf course, is quite different from purchasing a normal house. Because it comes with a higher entry price, you need to ensure it's money well invested. Here are eight tips for buying a luxury home:

1.Learn the buying process. When you enter the luxury home market, you'll step into a smaller pool of competitor buyers and fewer sellers. This inherently means you won't easily find a deal as this type of market experiences less inventory. Since there are fewer listings, set prices are likely to be what you'll pay. But, that doesn't mean there's no such thing as negotiation -- you just need to know when it's warranted.

2.Get to know the neighborhood. Views are particularly important to luxury home buyers. So, you want an established neighborhood and one that's not going to change in the near or even distant future. In other words, you don't want to buy a luxury home with a great view only to learn future development will ruin that view.

3.Set your priorities. By knowing what amenities you need, you know which are less important. This is critical because it means being able to discern which properties are in play and which don't make your list.

4.Look into financing options. You should know your financing options, as well as your carry costs. Plan on a downpayment of at least 20 percent and go with a 20 or 15 year fixed rate mortgage.

5.Work with an experienced real estate professional. Someone who knows the luxury home market is an invaluable asset. He or she should have plenty of luxury home sales in their record so they can best advise you.

6.Be patient, take your time. Do not rush into a house. By the same token, don't waste time wringing your hands over losing out to another buyer. Patience will go a long way and will pay off.

7.Choose a home with solid resale potential. When you are down to just a few choices, go with the house that will deliver a strong ROI.

Don't get overextended. No matter the amount you qualify for, don't get overextended.

For more information about Luxury Homes for sale in the Upper Florida Keys, please contact Jan at http://www.islamoradajan.com