From penthouses with spectacular city views to a prime estate in the country, options for luxury living vary widely by market. Generally, luxury homes start at approximately $1 million in secondary markets and $5 million for top markets like Los Angeles, New York and Chicago.
If you’re in the market for a luxury home, here are the steps to guide you through the process:
Evaluating a luxury home is more complicated than a typical home. According to Realtors, elements such as the home’s distinctive features and recent remodeling bear a larger weight than lower-end homes.
Consider these tips as you work with your agent:
Schedule detailed property tours. Expect to take a couple of hours to see a larger home to review things like construction methods, architectural highlights, the neighborhood and how the security works, Veissi says. “It’s a much more detailed process and the Realtor is much more involved in the nuances of the property.”
Address required disclosures. “Each city and county may have its own special requirements for disclosures. While it’s easy to be an agent today, it’s very important they know the local market,” says Fanny Chu of Prudential California Realty in San Francisco. For instance, some municipalities require disclosure on sewer lines, while others, underground oil tanks.
Examine comparable properties. Obtain pricing information on comparable properties. Financing and making an appropriate offer on the home can hinge on having good data on comparables. See Step 4 for more information on comparables.
