8 Tips For Buying A Luxury Home In Las Vegas
Whether you're shopping for a luxury mansion with brilliant views of the world famous Las Vegas strip, or a home overlooking the green on the 17th hole at one of the Las Vegas Valley's exclusive golf clubs, or a home with breathtaking mountain views, or a penthouse loft in the heart of downtown, the luxury home buying process is one that it is critical to do your homework on. As a buyer shopping for high end real estate there are certain tips and strategies that are both similar and different from your typical home buying process. This article will give you eight tips that will help you purchase a magnificent home at a great price, avoiding common mistakes buyers make along the way.
In this article you will learn:
How to buy a luxury home
Tips to help with the luxury buying process
Common mistakes buyers make
How high end real estate purchases are different
Ways to avoid buyer's remorse
What to expect once your offer is accepted
How to find the perfect luxury home for sale
8 Great Luxury Home Buying Tips to Know!
Understand the Real Estate Buying Process
If you're buying a luxury home it's certain to come with a high price, and all the amenities one would expect to find in an expensive home. By understanding the buying process you'll gain a better understanding of what to expect throughout the process, as well as certain techniques that will help you find the perfect home. Keep in mind that when you're shopping for a luxury home that the pool of buyers you're competing against is much smaller which should help lead you to a great home if you can be patient.
Educating yourself before jumping in to the home buying process will save you a lot of time, money, and unnecessary headaches. It will also help you find an excellent home vs. making a hasty decision and later feeling a case of buyers remorse.
You'll want to ensure you have a clear understanding of what you're looking for in a top end home. Discussing your priorities with your life partner will be important as you look for the best location and amenities for your new house. One of the most important things you can do before you begin searching is figuring out the things you want in a luxury home. Do you prefer buying new build or an existing home?
Your Realtor® can help set the upfront expectation that having a plan before looking at all the luxury homes for sale will help you become a more successful buyer when it comes time to purchase. They can also help you find great neighborhoods!
Knowing what neighborhoods you want to purchase a house in will be a part of the plan your Realtor® will help you put together. Location is the most important factor when searching for a home, and certainly an important one when you plan to spend a large amount of money on it. What type of amenities are you looking for in your property? Whether you are shopping for large properties on the golf course, lakefront, or in the heart of downtown, you'll want to have an excellent understanding of area trends and future plans. There are certain neighborhood factors you'll want to consider before purchasing your house.
If you're buying an excellent waterfront property you don't want to buy the home only to learn that they are building another house next door that will end up blocking your view. This is something you need to be careful about when searching for luxury homes because it would impact your resale opportunity. You want to play far more defense than offense when looking at luxury homes for sale, and what I mean by defense is protecting your investment.
Here in Las Vegas when we work with affluent buyers searching luxury homes for sale we first find great neighborhoods. Neighborhoods in Summerlin, Anthem, and other areas offer great top of the line real estate options.
By understanding the local trends in the neighborhood, the future plans for that location, and the type of local amenities you're searching for, you will have a much better understanding of what location is best for your luxury home.
It's common for luxury homes to include top of the line amenities such as:
Movie Theaters/Entertainment rooms
Land and privacy
Great entertaining features
Top of the line safety and security
'Intelligent' home appliances
The best quality homes
Knowing your priorities in a luxury home will help you find an estate you will love! There are often different interests for luxury buyers that lead to different sets of priorities. If I was buying luxury real estate here in Las Vegas I would want a great home gym, a basketball court, and awesome backyard with a great patio and pool. Maybe someone else wants a movie theatre or a wine cellar. What would you want in yours? Surely there will be differences.
There are some amenities buyers will splurge on. This is why it's important to have a clear list of amenities that are priorities for you and your family. By understanding exactly what you're looking for in terms of amenities and what you'd be willing to give up will make the process a lot easier. You also won’t be confused when it comes time to buy. You want to be 100% confident when you find the perfect place that matches your top priorities.
If you don't know what your favorite amenities are or don't have a good understanding of what your significant other likes it will lead to confusion. Confusion leads to a higher chance of poor decision making. So do emotions. When buying luxury real estate make sure you have a clear understanding of what you're looking for. Try your best to keep your emotions at bay as you don't want them to cloud your decision-making process.
This is the same in real estate. Confusion leads to cloudy decision making. By knowing the amenities you want in a home and having a proper plan ahead of time you will avoid this confusion. In our market here in Las Vegas there are plenty of nice homes at affordable prices. A lot of people moving here see these prices and don't even realize they're buying high end real estate.
Knowing what you qualify for is a big part of buying any home. Don't assume that you qualify for a million dollar home because a high percentage of people do not. As we will discuss later on is the need to be frugal as well. Are you going to put down 20% on your home when there are so many other types of loans available to you? Find out what you're comfortable with in terms of financing.
Your mortgage lender will go over with you the best options for financing your luxury home. Doing your homework on lenders and shopping around for the best deals makes a lot of sense especially when a fraction of a point will equal tens of thousands of dollars over the course of a mortgage loan.
When you're ready to begin your search for a luxury home you'll want to find a Realtor® who has experience with high priced real estate and a good understanding of the neighborhood you're interested in specifically. Here at Team Emanuele Real Estate at Simply Vegas we strive to provide the finest customer service in the real estate industry. Our experience will provide you with the most recent trends and help you through the entire luxury home buying process. We will help you find problems with the house you may not have otherwise discovered and since we are seeing homes all the time we will have a great understanding of what a good deal looks like.
As a great Realtor® we will ensure you stay within your budget and you execute according to the plan you developed. Should you start looking outside your budget into a higher price range you want the type of Real Estate Agent who will bring you back to your initial goals. Working with Real Estate Agents is always something you want to do when buying expensive real estate, whether it be an existing home or a new build.
When you're buying a high-end luxury home it is important you exercise patience. You don't want to make a hasty decision especially when you are assuming a large financial obligation. You want to make sure you've done your homework, executed the plan you developed and that you find the perfect spot. Don't be afraid to miss on one or two good ones because that allows you to understand exactly what is selling and what isn't. It also provides you with the opportunity to learn what you truly want.
A lot of times buyers can get caught up with wanting the property that someone else bought before they did and dwell on it. Don't do this. Learn from it. What is it about that home you liked? Is it possible you can find a better one? There is always another home available!
When you're shopping for luxury real estate you'll want to be certain what you buy will have strong resale value. This goes with any home you purchase not just luxury real estate. You want to ensure that what you pay for the home is something you can easily recover should you have the need to sell the home. Location and condition are two factors that help determine what will make for strong value. Buying a home in a great location is key to ensuring your home retains it's value.
As your Real Estate Agent, we will be able to help you determine what is a strong option in terms of resale value by analyzing the neighborhood numbers with you.
If you qualify for up to a 2.5 million dollar house, we don't advise you go shop for a home worth that same amount. You will want to have a plan in case something goes wrong. Maybe your company goes under and you lose income, will you be ok in that scenario? Remember, the pool of buyers in the high end real estate market is a lot smaller than a home most people can afford.
Ensuring you stay within a budget that makes sense is something your real estate agent should be able to help you with. The expectation was set from the beginning that you were looking for a home within a certain price range. Here at Team Emanuele Real Estate our goal is to earn your business and that means that we will look out for your best interests and to help you follow through on the plan you developed early on.
Final Thoughts on Buying Luxury Real Estate:
Luxury Homes in Las Vegas, Nevada are only available to a small percentage of Americans because of their higher price point. For those who can afford it, it is vital to take the necessary measures to ensure that the property you buy is the right one. Educating yourself on the high end real estate buying process, understanding the local neighborhood trends, and knowing exactly what you're looking for is going to help you find the best luxury estate possible. When you are ready to begin the process of buying or selling luxury real estate, please contact us at Team Emanuele Real Estate at Simply Vegas at 702-572-4227 and “Expect Excellence.”
(Adapted from Ryan Fitzgerald https://www.raleighrealtyhomes.com/blog/luxury-home-buying-tips-raleigh-nc.html)
Author: Kurt Brackob
July 3rd 2018
About Kurt: Kurt Brackob has lived in Las Vegas for over 10 years. A graduate of the University of Illinois, he ...