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6 Mistakes That Can Ruin Your Luxury Home Purchase

Friday, January 18, 2019
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Atlanta luxury homes may be great real estate finds, but it takes careful consideration and preparation to choose the best one for you. Make this major transaction count by avoiding these six common luxury home buying mistakes:

  1. Not understanding the search process for luxury homes

    The luxury home market is very different from most types of real estate. In many cases, luxury homes are unlisted to protect the privacy of sellers. If you search on your own, you may be looking at a limited range of options. Improve your chances of finding an outstanding option by working with a luxury real estate specialist who is privy to such elusive opportunities.

  2. Not being clear about your home buying goals

    Are you buying a luxury home to keep or do you plan to resell it soon? Even before you purchase a luxury home, consider its resale value. These specialized homes are often customized to suit the whims and needs of each individual homeowner. That may both be the appeal and drawback of luxury properties. While they’re not to the taste of the general buyer, their architecture, history of ownership, and one-of-a-kind features can be a magnet to a more discerning set of buyers.

    Buying a luxury home as a legacy property is a much simpler matter. An ideal location, amenities that suit the family’s lifestyle, and the ability to customize the property are all it takes to find the best option.

    • Getting swayed by emotions and first impressions

      Don’t let first impressions make you rush into a poor decision. Be thorough in learning about each property you are considering. Be open to recommendations or possible red flags that may come up in inspections. Objective decision-making is vital in major transactions such as buying a luxury home.

    • Depending too much on property photos and marketing materials

      Sometimes, luxury homes may look impressive based on staged and professionally produced photos and videos but are actually underwhelming in person. It could also work the other way around – the listing might not feature the property in its best light, but the home is actually excellent up close. Be sure to visit the homes on your shortlist at least once to see the real deal.

    • Not getting to know your neighborhood better

      So your favorite luxury home prospect has everything you’ve ever wanted in your checklist. But what about the neighborhood it’s in? Apart from getting familiar with the area’s amenities and attractions, learn about real estate development plans, too. Future projects may affect the distinct experiences you plan to enjoy in your new luxury home. For example, new structures could eventually hinder your balcony views.

    • Overpaying with an offer based on the seller’s list price

      When shopping for mansions for sale in Atlanta, a seasoned local real estate expert can help you avoid overpaying for your chosen property. Instead of pitching offers based only on a seller’s asking price, my team will review the local market to determine if the home is being sold at fair value.

      At the same time, I will help you avoid a low-ball offer that could make you fall out of the seller’s favor.I’ll guide you to a reasonable but attractive offer and represent your best interests at the negotiation table.

Let’s take one step closer toward making your dream home a reality. If you are in search for the best luxury homes for sale in Atlanta, GA, give me a call at 404-550-5113 or send me an email at Natalie(dotted)Gregory(at)Compass(dotted)com.