From a brand-new Ritz-Carlton condo to historic estates to a golf course community, there are many options in the realm of high-end homes in Tampa Bay. Consider these tips from our luxury home market pros before buying your dream home.
You’ll find these listings in the most optimal areas in a market (ex. Davis Islands or Golfview), are large in square footage, and are built from top to bottom with high-end materials. Luxury homes and condos often have unique design elements and amenities you just won’t find in most residential homes.
We believe that your home is your oasis. You’re not looking to buy an “expensive house” you are discerning and crave the crème de la crème. When you want to live the life of luxury and have all the conveniences you can think of in your home, then you need the best local agents to help you buy a luxury home.
Here are tips to purchase a luxury home in Tampa Bay:
What Makes A Luxury Home?
Luxury homes are pieces of art with stunning visuals and indulgent finishes throughout. We’re talking homes with indoor bowling alleys, ax throwing ranges, basketball courts, or a personal multiple putting green. When touring a luxury home, you may see one – or all – of them!
While ultimately, what defines a luxury home is subjective, what is consistent is every detail is on point. Luxury homes are generally described as those in the top 10% of the market. These are not cookie-cutter properties. In these homes, you’ll find ‘wow’ features that will stand apart on the market.
Tips to Find a Luxury Property
If you have not purchased a luxury home before, it’s important to know the process is very different than a run-of-the-mill single-family home. You’ll have to be patient and make sure that you get what you really want. When you are investing millions of dollars in a home, why would you settle?
These tips will help you navigate the luxury home market:
Starting Your Search
As many luxury homes go unlisted to protect the seller’s privacy, you absolutely need an experienced local buyer agent. These properties aren’t ones that you will typically find on the MLS. Real estate agents like Team Heffernan are familiar with the area and the best high-end properties to invest in. You may also want to look online for luxury homes sales websites like mansionglobal.com or luxuryportfolio.com.
When you find listings that appeal to you, look at both photos and videos of the property. Some larger homes don’t photograph as well as they appear when you see them in person. Plus, many of the high-end details you can truly appreciate when you take a tour. Remember: looks can be deceiving; do not disqualify homes early in your search simply because they don’t appear to be exactly what you’re looking for in online photos.
Bank on Your Relationships
In the high-end, luxury market, there is a lot more scrutiny today. Your financial documentation is critical to show you have the income needed for a jumbo loan. Oftentimes, luxury home sellers want to see proof that you qualify to purchase their home before they even schedule a showing.
We suggest working with a bank or mortgage company you have a relationship with. They know your portfolio of assets and can get you the prequalification documents needed for this large of a purchase. Also, make yourself aware of all the financing options available to you.
When you work with trusted, reliable advisers you can get stronger recommendations for your needs on both the financial side and real estate sides. If your agent and financial planner don’t agree, then we’ll arrange a meeting to make the most of what you plan to invest in the property.
Look to the Future to Protect Your Investment
This is one of the largest purchases in your life so you’ll want to protect yourself.
Are you buying a property near the beaches or downtown? Don’t assume that the views from the property will always be there. You’ll want to plan ahead and consider what may be built around your home. What if a higher-high-rise is planned to break ground in a year or two? Knowing future development plans that may affect your view, local amenities, and the future resale value are key.
If a luxury condo is your dream home, then you’ll want to have an attorney review the condo documents and research the financial viability of the building.
And no matter which type of home you buy, we always suggest that you get title insurance to protect the purchase against any problems past or future…
There’s Always Room to Negotiate
With luxury properties, the views and other amenities allow them to command the price point. Before you make an offer, have a knowledgeable agent research the comparable properties that have recently sold and getting closing prices. There may be room to negotiate the home’s price and keep the rest of the money in your liquid assets.
Luxury Home Real Estate Agents
Buying the perfect property takes time, and Team Heffernan is with you every step of the way. A well-connected real estate agent can help you gain access to the most coveted (and usually unlisted) properties in town.
We are experienced luxury home agents in the Tampa Bay area and know the high-end neighborhoods in our market. From prequalification to scheduling showings to the closing table, we understand the intricacies of negotiating and buying luxury homes.
Are you ready to purchase a luxury home? Connect with Team Hefferan to help you in your high-end property search!