If You’re Buying Luxury Real Estate, You Need to Know These 7 Things

If You’re Buying Luxury Real Estate, You Need to Know These 7 Things

  • Brittanie Rockhill
  • 08/28/23

Considering buying a luxury Aspen mountain home? This town sits in the heart of White River National Forest, surrounded by mountain peaks on all sides that showcase its beautiful downtown. However, the scenery and winter sports scene in Aspen is enough to make anyone want to purchase a luxury Aspen home.

When buying a luxury home, it's important to know a few things to ensure a stress-free experience. Since it's a significant financial decision, it's natural to want to take time and think it through. Here are seven factors buyers should keep in mind as they prepare to buy a luxury home.

1. Know what luxury looks like

Luxury real estate is characterized by features such as roomy interiors, quaint neighborhoods, premium construction materials, creative design elements, and access to high-quality amenities. These homes are highly desirable and are likely to stand out from other properties in the local market as they showcase innovative and modern architecture buyers don't see anywhere else.

These are considered the best of the best due to meeting several requirements such as a prime location, high price, large space with an interesting layout, and distinguished history as a backdrop. Luckily, Aspen has no shortage of history, from mining silver to experiencing a Golden Age that brought the world modern-day Aspen.

Whether buying a city penthouse or a rural manor, high-end real estate buyers are searching for specific qualities and amenities. Buyers should be able to discover a luxury property that meets almost all of their demands, including breathtaking views, water or snow access, and complete peace and privacy.

When browsing Aspen homes for sale, buyers can consider putting together a list of what makes a home luxurious to them.

2. What does the buyer want in their luxury home?

To better prepare for the luxury home search, buyers should take a moment to reflect on their specific wants and needs. Take into account factors such as neighborhoods, the importance of being close to a certain school or other amenities, and whether buyers want a move-in-ready home or one with a few repair needs. Clearly identifying priorities will help buyers save time and avoid decisions they regret in the future.

3. Hire a luxury professional

When searching for a luxury home, starting the search online is a common approach. However, finding high-end properties on Google can be challenging. To improve their chances, buyers should strongly consider hiring a reputable real estate consultant who specializes in luxury properties.

These professionals possess comprehensive knowledge about the market and can offer their expertise on prestigious schools, exclusive neighborhoods, and properties that potential buyers may have overlooked during their search.

Moreover, it is essential to keep in mind the significance of visiting potential homes during the search. Most high-end property owners prefer not to showcase photographs of their residences to maintain privacy. Hence, it is best to see the property in person to assess if it meets your desired criteria for an optimal living experience.

4. Narrow the search down

Buyers considering luxury homes should give them extra attention to detail in both maintenance and marketing. Think about the maintenance required in a colder, snowy place like Aspen. What will each house require of its owners?  This is why revisiting the houses on a shortlist is crucial for making an informed decision. During the second visit, buyers may notice important details they may have overlooked, such as room amenities, construction processes, neighborhood convenience, and environment.

If you want to ensure that the asking price is suitable for the luxury house you are considering, it is essential to validate the market by collecting data on similar house prices. A realtor will perform a comparative market analysis (CMA) to determine the right price for the house. Having this information will also be useful during the pricing negotiation process.

5. Understand the fees expected upfront

Buyers financing a luxury Aspen mountain home should note that obtaining mortgage approval for high-end real estate takes longer than average and adjust accordingly. In a similar vein, the average down payment in today's market for a home falls in the range of 5% to 20%. However, most lenders will require at least a 15% down payment for luxury properties, which can be a significant amount of money.

Before starting the financing process, buyers must have their financial documents, like bank statements and tax returns, readily available. Getting pre-approved for a mortgage from your bank, lender, or broker is also recommended to confidently submit offers while house hunting. Consider additional expenses on the closing day, such as title insurance and closing costs, and be prepared to cover them.

6. Don't skip the inspection

Before purchasing a high-end house, it's important to conduct a thorough inspection to avoid any potential problems. This will give buyers a better understanding of the condition of the property they are investing in. It's also important to stay up to date with regular maintenance checks. Consider hiring a seasoned local real estate lawyer to help navigate any legal issues. Even if none arise, it's a wise precaution.

7. Build your team

When buying luxury homes, buyers need several professionals in their corner to navigate the ins and outs of luxury real estate, not just a lawyer. Having banking, tax, and property law experts in the buyer's corner is an important part of buying a luxury home, and each can help the buying process flow seamlessly. When making a luxury investment, it's also wise for the buyer to hire a luxury real estate expert to navigate the world of luxury properties and provide a pre-existing network of contacts.

Buy an Aspen mountain home today

Brittanie Rockhill is a top-performing Aspen agent dedicated to helping you buy the luxury home of your dreams. Her dedication and expertise assist buyers in finding their Aspen luxury homes. With her client-centered approach, you'll feel taken care of throughout the entire homebuying process. If you're looking at Aspen homes for sale, contact Brittanie Rockhill today to set up a consultation.

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Brittanie is known for her work ethic and dedication to getting results for her clients. She embraces technology to create a smooth and efficient buying and selling experience. Contact us today to start your home searching journey!

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