TOP 10 EXPERT TIPS FOR BUYING A LUXURY HOME
From a brand new Mayfair penthouse to a six bedroom mansion in the Surrey Hills, there’s a plethora of choices in high-end, luxury homes. The team here at Lusso Homes offer some tips to take into consideration before buying your dream home.
1 – UNDERSTAND THE SEARCH PROCESS
Don’t always trust the big search engines. A large number of luxury homes are unlisted to protect the seller’s privacy. These properties are often found through the agent’s personal connections as opposed to the traditional online or official listing. Finding your dream home may not be as simple as running a routine filtered search online so make sure you are open to alternative means.
2 – LOOK BEYOND THE PHOTOS
Make sure you aren’t dismissing properties based on their ‘profile’ photo. Many luxury homes aren’t particularly photogenic, so the importance of viewing them in person is paramount.
3 – CHOOSE A LOCAL AGENT
As obvious as it may sound, it is imperative to consult an agent who is an expert on the area in which you are looking. There is more control over high-end properties with regards to access to viewings etc. and a local agent will be more clued up on the ins and outs.
4 – RESEARCH THE AREA
Before you decide on a property, research the area. What are the amenities like? Does it have good transport links? Are there good schools nearby? What are crime levels like? All this information is now freely available online.
5 – KEEP A PAPER TRAIL
Due to the nature of the Luxury market, the scrutiny on paperwork is high. Keeping track of all Financial documentation is critical. Transparency with regards to all things monetary will make the whole process slick and stress free.
6. GET A GOOD SOLICITOR
Getting a good solicitor will help to ensure the buying process goes as smoothly and quickly as possible. Ask friends and family members for any recommendations or use the Law Society to search for a reputable firm. Get at least three quotes to compare prices but remember that cheap doesn't always mean best.
7 - DON’T FORGET ABOUT STAMP DUTY!
Stamp duty is paid on properties worth more than £125,000. On homes worth £500,001 and £1million you will pay 4%. Anything over the million mark attracts stamp duty of between 5% and 15%. A rather large sting in the tail if overlooked!
8 – LOOK INTO THE FUTURE
Do some research into the planned works in the surrounding area. You don’t want to buy a house or some land to then have a block of flats or an industrial estate built next door!
9 – QUALITY COMES AT A PREMIUM
Especially when buying a brand new home in a top location. Be sure to research the level of specification and understand the construction methods employed. You can never pay too much for a first class property!
10 – CHOOSE THE RIGHT SURVEY
Your mortgage lender will require you to have at least a basic valuation survey but remember this won't assess the state of the property. If your property is less than 100 years old and in reasonable condition, it's worth getting a homebuyer's report which will highlight any serious problems.
Written by Sam Dennis.