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3 Tips for Buying Luxury Real Estate [162]

The term luxury denotes property that has something that sets it apart from regular homes. It could be impressive views of the ocean, ample square footage over extensive acreage, close proximity to in-demand amenities, or something else that enhances the real estate. This type of property also tends to have a higher cost per square footage than homes that do not offer the same extras. When you shop for Los Angeles luxury real estate, you want to be sure that you not only find the perfect property for your needs, but that you also get a good deal as well. The following tips can help you in your pursuit of finding the home of your dreams.

 

Inspect Thoroughly

 

A home inspection is par for the course, but it becomes even more important to take the time to really inspect every aspect of the home when you are paying millions of dollars, which is the cost of most Los Angeles luxury real estate. Not only does the house need to have a standard inspection, but you also want to have any special features or amenities inspected, including pools, sprinkler systems, smart house set ups, heated floors, security system, outdoor lighting, fountains or any other component of the home. You might also want to have more than one inspection completed to make sure there are no surprises or added on maintenance costs once you have purchased the property.

 

Work With an Experienced Agent

 

You have many options for real estate agents when looking at Beverly Hills luxury real estate. However, it is best to work with one that has ample experience specifically in luxury real estate. Many agents in the area specialize in luxury. This not only means that they have the expertise and know how of the nuances involved in such high-dollar transactions, but they also have the connections for finding the best listings. They might even have insight into listings prior to them hitting the market. Some of the Los Angeles luxury real estate properties are hard to find because of privacy concerns. Working with an experienced agent ensures you have the largest pool of possible properties when you start shopping in earnest.

 

Prepare Your Financing In Advance

 

The high-cost of Los Angeles luxury real estate makes financing it slightly more complex than that of standard real estate. Most people do not have millions of dollars in ready funds, so they will need to have some type of mortgage or other financing. Because of the high amount, the loan application often takes longer, even for those with excellent financial standing. Therefore, it might be beneficial to discuss your plans with your mortgage broker or other financer very early in the process so that you have your loan pre-approved and ready when it comes time to make an offer. This also helps you with being able to see some properties, since some sellers will only show a home to those who have already qualified.

 

Whenever you put up a significant amount of money, such as purchasing Los Angeles luxury real estate, it pays to prepare yourself and take your time in the process. By working with a professional and doing your due diligence on the property, you have a better chance of ending up with the best property for you.

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