Shopping For A Luxury Home: Three Things To Know
Posted on: 27 February 2017
Luxury homes offer a wide range of amenities and give you the feeling of being surrounded in comfort. If you are considering the purchase of a luxury home, however, there are some things you'll need to know before purchasing your dream home. Here are just some of the things you should know when you shop for luxury homes for sale.
The Best Houses May Not Be Listed
People living in luxury homes don't always list their houses on the open market. These owners may be concerned about privacy, and sometimes work directly with real estate agents to sell the homes discreetly. Working with an agent who specializes in luxury home sales can help you to find those hidden gems that you can't find in traditional MLS listings.
There May Be Tax Implications
When you purchase a luxury home, you should consider talking to your accountant or financial planner about the potential tax implications for your purchase. You'll want to consider the estimated cost of property taxes, which can be significant for luxury homes or homes located in affluent areas. There may also be an additional tax on the purchase of a luxury home. For example, in New York, there is a separate tax levied on the purchase of homes costing $1 million or more. Your financial advisors can help you to navigate the tax issues that might arise from the purchase of a luxury home.
Look For Resale Value
Some luxury homes come with some unique perks or amenities, which may be charming to you but not necessarily charming to the next buyer of the property. If the home has any unique characteristics, such as an indoor racquetball court, talk to your real estate agent about the potential for reselling the property. After all, the purchase of a luxury home is an investment, and you'll want to make sure that your investment has the potential to grow. For this reason, you should also consider the different amenities that can make the home more attractive to potential buyers, such as an in-ground pool for a home situated in Southern California or Texas.
Begin your luxury home-buying journey by finding an experienced real estate agent who understands the luxury market. Talk about what you are looking for in a home, what your budget is, and where you want to begin your search. Once you are both on the same page, you can begin to look for the luxury home that fits your needs.
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