When it comes to luxury real estate, there is no one design, style, or size that can define its meaning. From sprawling 15,000 square-foot mansions sitting on several acres, a 4,000 square-foot contemporary home nestled into the side of a mountain, or a 2,000 square-foot downtown condo, it's hard to define what 'luxury' really means; although most home buyers think they have a good idea.
Buying a luxury home is an exciting and often daunting experience. It's not as simple as browsing your local listings and setting up a viewing, it's whole different market, but with a little footwork, you can prepare yourself to find the home you've always dreamed of. Before you get started on your home search, consider these three tips when buying luxury property in Boise, Idaho so you can enjoy the process.
1. Find A Qualified Boise, Idaho Luxury Real Estate Agent
Finding a qualified and experienced real estate agent who knows the local luxury market will be your best bet. It often happens that sellers in this market are interested in listing but want to protect their privacy. With an experienced luxury agent, you will likely have access to inside information about these listings before they hit the open marketing, giving you an edge.
An experienced luxury agent will also be able to help you determine the market value of a luxury property. Most residential real estate properties are valued using a comparative analysis of similar properties that have recently sold in the area. This technique often doesn't translate to luxury real estate, due to their scarcity and uniqueness, making them difficult to value.
To make the search easier for both you and your agent, show up to your initial meeting with a wish list. This will help your luxury real estate agent narrow down the search and provide insight as to what is feasible, what is valuable, and how long you can expect the home buying experience to take.
2. Get Your Finances In Order
Consider your options with your financial adviser before deciding to pay with cash or take out a loan; it's important to consider where your money will have the highest value. The process for qualifying for a loan or mortgage for a luxury home typically takes longer than it does for smaller mortgages due to the size of the loan and buyers of luxury properties tend to have multiple sources of income.
Since it can take extra time, and because sellers are often interested in showing their home to qualified buyers, many luxury real estate agents recommend having your mortgage broker, your loan officer, or your personal banker obtain your financing approval early in the buying process.
If you decide to go the mortgage route, it's recommended that you present a sizable down payment. The larger the down payment you're willing to make, the more sellers are willing to negotiate on home price and terms during the closing process. Most experts in the industry recommend that you allocate a minimum of 30% to the down payment of your home.
3. Do Your Due Diligence
As with any real estate purchase, it's important to take the time to properly inspect a luxury home prior to purchase. In many cases, luxury homes are larger and have amenities that may require specialized home inspectors for features such as:
- Pools and spas
- Fountains and ponds
- Automatic screen and awning systems
- Lawn irrigation and landscape lighting systems
- Sophisticated security and surveillance systems
Before you make any purchasing decisions, check for any future developments planned in the area. You'll want to know about any new construction or land development, whether it's residential, commercial, or roadway. Suddenly being near a highway or having a major retailer build next to your property can drastically reduce the future value of your Idaho luxury home.
If you're interested in Boise, Idaho luxury real estate, contact Allen Cofield or call now at 208.908.1777. Discover how Allen Cofield Real Estate Services can make your home buying or selling experience as effortless and enjoyable as possible.
Allen Cofield, Associate Broker, GRI
eXp Realty, LLC
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