What should I know before buying a luxury property?

Buying a house is one of the biggest commitments that we make in our lifetime, so when it’s a luxury home we want to make sure that it’s absolutely perfect. Viewing property and completing on a sale can be an incredibly stressful time, which is why We Buy Any House spent some time putting together some top tips to help you!

Outline your budget

The first thing that you should do when going into buying property is make sure that you’ve established your budget. Whether you’re buying outright or applying for a mortgage, you need to know what you can afford and what you can be approved for. When you do this, you will want to take into consideration hidden costs that are involved in property. The most common that homeowners forget about are-

  • Mortgage arrangement fees
  • Legal fees
  • Conveyancing
  • Deposit
  • Moving costs
  • Any work the property may need before you move in
  • Furnishing costs.

If you can create yourself a budget, it means you know what you’re spending and where. It saves you falling into an awkward position if you’ve forgotten about one of these costs and avoid you having to struggle to find the funding after spending so much on your new luxury home.

Know what you’re looking for

We’re all guilty of searching for houses on Rightmove that are completely unrealistic for our circumstances, but if you’re in a position to buy a luxury home then you want to know exactly what you’re looking for. Everyone has different wants and needs when house hunting, so you should outline exactly what you’re looking for before you start. This can be something as simple as only viewing properties that have a certain number of bathrooms, or you may need somewhere close to your work or family. Making a list of must haves for your new property will make sure that you don’t waste time viewing properties that you won’t be interested in pursuing.

Know the area

This applies for anyone looking to buy property, but is even more important for those buying a luxury home. If you’re planning to relocate, you should spend as much time as you can researching and exploring the new area, so you know what you’re moving into. When buying a luxury home, you’ll be spending much more than a standard house sale, and you don’t want to find that you don’t like the surroundings when you complete. Make sure you know everything you can about the area, spend time there during rush hour, in the evenings and on the weekend so you can get a feel for the traffic and noise levels too. This can save you a lot of trouble, especially if you find that there’s huge amounts of noise that will disrupt you.

View each property more than once

When you’re looking to buy a house, it’s always recommended that you view it more than once before you put an offer in. The first time you view, especially luxury homes, you can find yourself quite overwhelmed by the experience and end up missing vital things. Viewing several times helps you avoid this. Where you can, it’s great to take someone with you too, whether it’s a friend, family member or a partner. A second pair of eyes can pick up on things that you don’t and save you some potential hassle if these issues aren’t highlighted until there’s nothing you can do about it.

When you were house hunting, what were the key things that you did to make sure you found the perfect house? We’d love to hear them!

 

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