Do you crave ocean vistas, pristine beaches, top-of-the-line amenities, and culture right outside your door? Then you will love a luxury Laguna Beach home. But if you're in the market for a luxury home, be aware that shopping for one can differ from buying a more moderately priced property. Take advantage of these five expert tips to help guide you through the process.
Know what you’re looking for
It’s helpful to make a list of needs while searching for your luxury home. Do you need a gourmet kitchen? Are you planning to host parties in an outdoor entertaining area? Would you like to have ocean views from every room? Does your wine collection require a state-of-the-art wine cellar? When you know what you’re looking for it can help narrow your search results. This helps save time that would otherwise be spent looking at homes that don’t quite suite your needs.
Work with a luxury agent
Luxury homes are often not listed on all platforms. This is generally done in order to protect the seller’s privacy. If you want to have access to all that’s available, you’ll need to go beyond what’s found online. When you work with a professional real estate agent who specializes in the luxury market, you will have access to more private listings. They can also advise you on the specific character of a neighborhood to find not only the best property, but also the best location for you.
Be prepared with financial documents
Sellers of luxury homes will often require that only qualified buyers can view their property. Be prepared by gathering all pertinent financial documents. This includes W-2s, bank statements and tax returns. You will need to show that you have sufficient assets to purchase the home.
If you are planning to finance, then be sure you have met with a lender to get pre-approval for a jumbo mortgage loan. Sellers will also want to see your pre-approval letter should you decide to finance. Expect to pay a larger deposit than for a traditional loan, sometimes as much as 50 percent of the purchase price.
Examine the properties
Purchasing a luxury home is a big investment. Take the time to evaluate each home under consideration by taking a property tour. Examine all the elements, from the architecture to the technology. Your agent can also be a valuable source of information, as they will be informed of the specific details and amenities of the property. It can also be helpful to evaluate the property based on well-chosen comps from the area.
Don't forget the inspection
Luxury homes will often have amenities that aren’t covered in a traditional inspection. It is advisable to schedule additional inspections with specialists. This will help avoid costly repairs down the line that you were not expecting.