Everyone has their own unique approach, this is what makes people individual.
These are my top 4 things to consider when purchasing a luxury home:
First, I would narrow down what you are looking for and what you are willing to spend on this purchase.
If this is a second or third home, maybe you want to purchase something that alleviates your use of hotels if you find yourself spending more time in a certain area. If this is the case, I would focus on possibly a condominium or a single family home that is easier to manage. For example, maybe a smaller lot with less monthly upkeep of green spaces.
Compared to if you are looking to purchase a residence to move in full time. Yes a house is an “investment” but think to yourself, are you purchasing this to make money in a few years? Or are you purchasing this to start a family and make memories. Both very different viewpoints but both ultimately revolve around the purchasing power you have.
I like to look at these two factors and as they often tighten the needs and wants list to make a more concise path to success.
Second, ask yourself, do you want to add personal touches and possibly do some work? Or do you want to move right into a turn key home? I ask these questions for two reasons, luxury real estate can be defined more or less as desirable properties to consumers.
Often times, these homes are older or run down but the land under them is where the value is. Would you be open minded to looking at houses that will take 12-15 months to update and have work done? Or is time of the essence and the sooner you can be into a luxury home the better?
Another significant factor is carry cost. When looking at buying a 2nd home for whatever your reasons might be, always remember the monthly carry. Your taxes will be around 2%, your monthly up keep of the lawn, pool, HVAC systems, do you need to get the roof cleaned in the winter for snow fall, do you need to have the house pressure washed because of salt water erosion?
All of these expenses add up so you need to be prepared, I would suggest hiring a local property manager to ensure no major issues arise.
Lastly, do what will make you happy. You are in this position for a reason, so do what you want. Do not settle but remember you can change/update your home in the future. This is a special and important purchase, make sure you take the time and find something that is going to make you happy.
As a consumer, you should focus on what you want, your realtor is there to do his or her job and find what you are looking for. Do not be scared to say you don’t like something, or want to view a different area, put your realtor to work!