Buying and selling luxury property is a lot harder than most people know.  The number of luxury properties on sale in America and the number of prospective buyers is pretty low.  This makes being a buyer or seller difficult in most situations.  On the buyer end, how do you know that you have found all the best properties in an area when so many luxury homeowners do not list with the major real estate companies in your area?

That’s right; a lot of luxury homeowners look for alternative ways to sell their homes since they tend to not want large numbers of people stopping by.  They tend to want someone who will heavily prescreen for buyers that are very serious so they are interrupted less and maintain their privacy.  Sellers have a hard time because luxury home buyers tend to use a lot of personal referrals and word of mouth when finding luxury properties, so if you are out of that loop, you may never be on their radar.  Listing your home with a major broker could mean lots of open houses with buyers that are not serious, resulting in a long listed house becoming even less valuable by perception.

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Luxury Home Tour – June 8, 2011 by Phil Sexton, on Flickr.  This work is licensed under a Creative Commons Attribution 3.0 Unported License.

 

Luxury Homes are Very Flexible Investments

Thinking outside of the box becomes essential to making sure you really get the home of your dreams.  Many luxury homes are extremely customized to the preferences of the owners, so using your imagination is very important as a buyer.  You will need to look past the attributes of the house that do not speak to your own desires and see the bigger picture.  If the location, square footage, and general style of the home are to your liking, you may need to ignore the paint and fixtures.  It is rare that you will ever find the property that is already exactly as you want it to be.  It does not take much to convert the original owner’s wine cellar into the finished basement you always wanted.

For sellers, thinking outside the box may mean appealing to buyers outside of your state or even international buyers in order to expand your pool of potential buyers and drive up your home price.

 

Simple Luxury Home Buying Advice

Since a lot of great luxury properties are unlisted due to the greater emphasis on privacy among luxury home sellers, you will need to try to develop a rapport with smaller realtors instead of just using the major realtors or their websites.  The most private luxury home sellers find a real estate agent they trust and that agent merely sells the property to clients they have personally interacted with.  Even better, you should find a database online that specializes in luxury properties.  Chances are, they will be very experienced at getting listings for properties belonging to even the most private of luxury property homeowners.

Do not be too impressed or turned off by the photos.  Some great homes may not look so great in pictures, especially larger homes.  Always keep an open mind when evaluating a home by its photo gallery.  Do a Google Map search of the home to get a feel for its use of space and the character of the area around it.  How far is it from the places you wish to go on a regular basis like shopping centers, or the services you may need in an emergency like the fire department?

Find your luxury property on http://www.luxelisthome.com/, the premier online residential resource dedicated to matching luxury home buyers and prospective renters with the luxury property of their dreams.

Tom
 

Arnel Ariate is the webmaster of Money Soldiers.

Click Here to Leave a Comment Below 4 comments
David Begman - February 23, 2014

many of properties dealer to attract customers are good offers to sale land or construction properties like 2 bhk, 3bhk, 4bhk and lot of home properties , so I advice to you must enquiry that properties are right or fake then registration process is going on as well most private luxury home sellers find a real estate agent they trust that agent sells the property to clients they have personally interacted with them.

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Maglepie Grits - January 12, 2016

I agree that imperfect customization should not be a deterrent to taking advantage of a good deal on a luxury home. I’ve been watching a show lately that is all about luxury homes of those in America who are willing to show off their home on the show. I’m of the opinion that luxury homes can always be updated to match your current preferences and that unless you’re a billionaire it’s just not worth being too picky.

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Lauren Woodley - August 16, 2016

I thought it was really interesting that you said that luxury homes are flexible investments. I guess I never really thought of them that way. That being said, though, looking past the paint jobs and the fixtures and focusing on the location and square footage will help you to find a home that fits your needs. Plus, small things like paint and fixtures are fixable and replaceable, and it can make it so that you can really make the home your own. Thanks for the insight and perspective.

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Aodhan: Waste management - November 29, 2016

For a real luxury property it is a quite illiquid asset as there are only so many potential buyers. You need real expertise to enter the market.

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