5 Secrets You Should Know Before Buying a Luxury Property

It’s easy to imagine how beautiful luxury property is going to look in the gleam of summer sunshine. The buyer knows it, the agent knows it and the price tag shows it – so think about shopping the market in the off-season. Listing prices won’t reach ludicrous heights during the snow, cloud cover and low temperatures of the fall and winter.

Making sure a luxury property pops off the page of a real-estate magazine or stands out amidst the online listings is big business. Professional photographers can create the illusion of space and light, turning a study into a ballroom and a basement into a solarium. Always visit a property of interest in person (preferably at different times of the day) to see where the light truly hits.

A luxury home with all the high-end bells and whistles won’t be listed for a song – it will cost you. Having all your finances in order before you even step through the door will put you in the right position. Some sellers won’t even allow you to view the property until you’ve proven you can afford the purchase price. Having your current financial statements or portfolio in hand – with your address and account numbers redacted- shows you’re a serious buyer.

Just because a luxury property is equipped with top-of-the-line appliances, thermostats, electrical and plumbing doesn’t mean they can’t go haywire. Don’t be swept away by the high-end brands and assume a high price means everything is in working order. Do your due diligence and have a home inspection done by a company that has deep knowledge of luxury homes and their systems.

While it’s easy to get swept up into thinking of a luxury property as your forever home, that would be a mistake. Chances are you or your family will be selling it again in the future, so invest intelligently and look beyond the walls. Think about the neighbourhood and what it might look like down the road, and if this property will still be in high demand. Since it doesn’t take much to move the profit margins significantly, the resale value is just as important as the purchase price.

If you’re thinking about getting into high-end real estate, make sure you know what to look for. From proper home inspections to managing your future financial portfolio, when you’re spending multiple millions, things can get a little more complicated. But having these five tips tucked under your belt will help make the house-hunting and buying process that much smoother.