Tips for buying a luxury home

Buying a luxury home isn't something that you can do on your own, without the right real estate agency like Tyler Vincent Real Estate by your side. You should make sure to hire a real estate agent that is local and knows NYC if you want the proper advice and guidance.

Just because you have the means and opportunity to own something extravagant, like a luxury home, doesn't mean that you should be reckless. On the contrary, in order to stay successful, you should be even more cautious. Assuming you want to have smart investments, you should do thorough research before deciding on which expensive home to buy. Buying a luxury home has more variables and it's a little more complex than buying a regular home. However, with the proper help of a reliable real estate agency, you will get to your goal rather stress-free.

We talked to Imma Giocoli, located in Carroll Gardens, to help us with our top ten tips for buying a luxury home. She is a real estate broker with more than 15 years of experience in this business. So, this woman is someone who knows everything there is to know about real estate and whose mission is to make your dreams come true while maximizing your investments. Imma knows that information is priceless, and consultation is free, so she makes sure to be at clients’ disposal every step of the way. That is how she obtained a huge base of loyal and satisfied clients who recommend her whenever someone needs a good broker.

And here are the tips:

1. work with a local expert,
2. think about location,
3. drive time,
4. don't rely only on photos,
5. inspection of the home,
6. taxes and insurance,
7. utilities,
8. mortgage,
9. document everything,
10. negotiate.

Work with a local expert

Firstly, you won't be able to find those kinds of houses or apartments on the Craigslist. You need a realtor with personal connections to get in touch with sellers. Mainly because people who sell those properties don't want everyone to know that. Only the chosen ones, those with good connections, like Imma Giocoli. It is a thing of security and caution. The owners want to avoid curious people walking around their home just for entertainment. They need only serious potential buyers. That's why they rely on mouth to mouth advertising. If you are buying a luxury home, you want to be the one to get the word. And a local expert real estate broker can get you that.

Think about location

You can't see luxury homes everywhere, just in some parts of cities. However, working with a local expert will help you find out if there are some other parts of the city on the rise, says Imma. Make sure to follow your checklist with priorities to automatically exclude some neighborhoods and include other locations. It's unreasonable to expect that you can find a house with a golf course in the backyard in Manhattan or Brooklyn, right? Or, if you are moving from a big house in the suburbs to a Manhattan penthouse, can you expect the new place to fit everything you own? Even if you hire the best possible moving company, like DA Moving NYC, you have to make peace with the fact that there just isn't enough space to fit everything. No matter how well they pack it. That's why location is so important.

Drive time

This is closely connected with the location. If your work requires you to be close or you have to move fast, think twice if it's a good idea to move to the suburbs, where the big houses usually are. You will probably have to limit buying a luxury home to places closer to your work.

Don't rely only on photos

Some houses are just not photogenic enough. Others are too retouched on the photos. That's why you should trust your broker when she tells you that something is worth the visit. You should also use different sources, like Google Maps or Street View, to see what is around your potential new home.

Inspection of the home

Trust Imma Giocoli to hire unbiased inspectors before you close on the house. When they are in a hurry, people tend to skip this step. They see that the property is new, so they hire a reliable moving service to move household goods in no time and start living there as soon as possible. But not one serious real estate broker or agent will let you buy any home, let alone a luxury one, without prior inspection. 

Taxes and insurance

A pretty obvious fact that people sometimes forget about. The larger and more luxurious home you purchase, the more money you will have to set aside for taxes and insurance fees. Have in mind those additional costs when buying a luxury home, because they affect your budget directly. Also, if you are a first-time buyer of a new home, look at some real estate trends. You'll know what to expect in the near future. 

Utilities

Just as your taxes and insurance will increase, the same goes for utility bills. If you haven't lived in a big place before, you can expect an enormous rising of every cost you have to pay. Imagine what water bills look like when you suddenly obtain a pool. Not to mention the electricity and gas costs.

Mortgage

The first thing Imma advises her clients is to get the preapproval of the mortgage. Sometimes, even the owners demand to see the preapproval before they let you see the real estate. If you are buying a luxury home with cash, great! But if not, before you even start shopping, get the preapproval of the mortgage.

Document everything

Even when you are buying kitchen appliances, it's advised to save receipts. When you are buying a luxury home, you need to document every transaction, deal, and contract. Also, to make copies for backup. Don't rush things and trust your real estate broker when she or he tells you to wait for some document. 

Negotiate

A real estate agent is someone who is on your side and does things only in your best interest. They are obligated to do so by law, but Imma adds that a moral code is equally important. So, listen to her when she tells you to find a broker that you can trust and then let them do the magic with negotiations. As you can see, buying a luxury home is a pretty serious project to take on, but with the right people on your side, you will handle everything successfully.

Close and Move In:

The final step of the process is closing the deal, once we have arrived at the end of the negotiation and financing process we are cleared by the lender to close. On the closing day be prepared to spend an average of 90 minutes sometimes less sometimes more, to finally get the keys to your new home.

I always recommend to get a good night’s rest, relax and be prepared to ink a lot of paperwork,

But once the its all over you will be handed your keys and you are free to move in, renovate , change the locks and get to sending out your I just moved cards ?? or allow us to handle that for you as a closing gift.

Meta: Are you buying a luxury home? That is not an easy task. So, make sure to get some tips and the professional help of a real estate broker.

Key word: buying a luxury home