Tips For Buying Atlanta Luxury Real Estate

Posted by on Sunday, October 21st, 2012 at 8:18am.

Buying an Atlanta luxury home is a bit more complicated and time consuming than buying a more modest home. Following a few tips to help you navigate through the process of purchasing a luxury estate can make the experience more pleasant.

Financing
Because of the cost and time-consuming procedures involved, making the decision to purchase a new luxury home is not something most people take lightly. With market trends showing that real estate investments are more long term in the current environment, luxury home purchasers should really consider what their lifestyles will be like five, 10 and 20 years from now. If a new luxury estate fits into that long-term life plan, then take that as a green light to proceed on the purchase.

While about a third of luxury home buyers pay cash for a property, more than two-thirds finance the purchase. To streamline the lending process as much as possible, luxury home buyers should plan their financing well ahead of making an offer on an estate. Plan to put as much as 30 percent of the purchase price as a down payment on the home. Also plan to provide extensive documentation on income, investments and the like since luxury mortgage lenders have a great deal of money at stake, too.

Find Expert Representation
The process of purchasing a luxury home is much more involved than buying a smaller, less costly home. Find a real estate agent or broker who specializes in Atlanta luxury properties so that all the hoops, documentation and regulations can be addressed easily and knowledgeably. With the significant investment involved and to comply with some state laws, it's best to also obtain the services of a good local real estate attorney. Be sure to consult a trusted financial planner and accountant prior to your home search so that everyone involved is prepared to provide the paperwork and documentation needed.

Patience is a Virtue
Settle in, many of the steps involved in finding, offering for and purchasing a luxury estate take time. Finding available luxury homes requires some networking with others who own luxury properties. Many estates aren't listed on the Multiple Listing Service so most luxury homes are found through word of mouth. Talk to business colleagues and have your Tina Fountain Realtors real estate agent tap into his or her resources to find estates that may be on the market soon.

Because of the size and highly-technical systems involved in most luxury estates, even home inspections can take much longer than ordinary homes, so build time in accordingly.

Making a luxury home purchase can be a satisfying endeavor, just remember to enlist experts to smooth the way, conduct extensive due diligence and practice some patience to make it happen.

2 Responses to "Tips For Buying Atlanta Luxury Real Estate"

Dinsmore Team wrote: You could write a whole other article on pricing for luxury homes. Getting an accurate and fair appraisal is also often difficult. There is a wide range of pricing variations at the top of the market due to large homes being in foreclosure or short sale status. The differences in regular listings and distressed properties is only heightened with luxury real estate, which also adds difficulty and a need for patience. Your second point of needing expert representation becomes even more important in this kind of real estate market.

Posted on Tuesday, October 30th, 2012 at 4:02pm.

James Schiller wrote: Good work. Very important points in your article. Luxury property is completely different than buying traditional real estate. One because many times the buyers have the money to pay cash so they don't have to worry about financing when looking at luxury homes. Two, if they do need , rates are usually a little higher and the money has to come from less traditional places. Lastly, we all know client buyers that are in this kind of market are usually very finicky and need lots of attention. Keep up the good writing.

James Schiller - <a href="http://jamesschiller.com/purchase-realestate-charleston-sc">Charleston SC real estate</a> agent

Posted on Friday, January 25th, 2013 at 9:35am.

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