Your Luxury Homebuying Checklist

Buying a new home, especially if you already own one, is a process with many moving parts. In addition to working closely with a real estate agent whom you trust, brushing up on the process will help ensure your home buying experience will be as smooth as it can be. Read on if you need a refresher on the homebuying process, so you’re ready to place an offer this spring selling season confidently. Find a Real Estate AgentWhether it’s an agent you previously worked with, or a brand new relationship, partnering with a trusted real estate professional is your first step to help ensure a seamless home buying process. Assess the MarketBefore you list your existing home and start looking for new homes, assess your current and prospective new markets. Familiarize yourself with comparable homes to yours, as well as the market conditions for the new area you’re home searching. Review Your FinancesDepending on your financial situation, meet with your mortgage lender, accountant or financial planner to ensure your finances are in order. Discuss scenarios such as whether or not you need to sell your home before buying a new home, what you can afford and if you require financing. It’s also important to factor in potential costs of remodeling and maintenance, in addition to furnishing a new home, which can range from 10-50% of the purchase cost, depending on your needs and preferences. Obtain a Pre-Approval LetterHaving a pre-approval letter from your lender before starting your home search will allow you to move quickly once you find your dream house. Prepare Your Home to ListThe earlier you can begin preparing your home to list, the better. The home selling preparation process can be a significant time investment from decluttering, making repairs and having your home staged and photographed. List Your HomeYour real estate agent will create a customized marketing plan for your home, bring in a staging company and have a photographer take professional photos. Then, they will execute their marketing plan, which will likely include digital marketing, a social media plan, flyers or mailers, open houses, broker open houses, private appointments and more. Begin Searching for a HomeIf you’re moving to a new area, you may want to work with a real estate agent who is more familiar with that area. Or, if you’re staying local, you can use the same agent for both buying and selling. In the luxury market, working with an agent who is both familiar with your new home requirements and innately familiar with the area is paramount to finding your dream home. They may know about houses about to be listed or homes listed on the private market. With the foundational steps in place to begin searching for your new home, you can now start looking for your dream home. Whether you’re expanding, downsizing, searching for your forever home or your for now home, being organized in your home search process will help you enjoy the homebuying experience. In addition, this will help you focus on finding a home that exceeds your dream house vision.

What to Look for When Buying an Urban Penthouse

Penthouse living means unparalleled views, top-of-the-line amenities and a feeling of exclusivity. A penthouse dwelling affords the best city views, often through floor-to-ceiling windows. Penthouse living also often comes with outdoor space, a genuine premium when living in a busy city. One of the biggest perks of living in a penthouse is privacy, as it is typically the only unit on the floor. If you’re considering buying a penthouse, read on for the factors to consider.   Look for View Obstructions Penthouse views are one of the most fantastic perks of living at the top. It’s essential to assess the surrounding area to ensure that there isn’t an opportunity for a new development to go up and block these views. Look for vacant lots, potential teardowns and structures that can be built upon. Your broker should also be able to offer insight if there are plans for any new construction in the area.   Find Out How the Outdoor Space is Maintained Private roof access is a major perk of living in a penthouse. First, however, find out if the maintenance staff will need to access this space for building maintenance and exterior repairs. Also, check if you’re responsible for snow removal and landscaping or if the maintenance staff will handle it.   Determine if There are Nearby Common Areas A common area that is on the same floor as the penthouse or the floor above means that there will be more people coming in and out. If privacy is important to you, find out how many people will realistically be accessing the penthouse floor.   Look Into a History of Leaks Since the penthouse is on the top floor, it may be more susceptible to weather-related damage. Find out from the building management, HOA, or co-op board if the building has a history of leaks related to the mechanical systems. If so, this damage may directly impact the penthouse. This information can be assessed through the building minutes, as well as through the inspector’s report.   Assess the Expansion Potential Assess the nearby space to determine if there is expansion potential. This means if there are other units on the floor you could eventually combine with the penthouse, or if there is a unit on the floor below, you could purchase and add a staircase. Even if the penthouse is large enough for current needs, you may want to expand in the future.   Test Out the Outdoor Space Because of its height, the outdoor spaces of the penthouse apartment will inevitably be extra breezy. However, some spaces are windier than others. Spend time on the outdoor space on days where there isn’t a breeze on street level, so you can determine how breezy it gets on top. For some people, this amount of wind can be a deal-breaker.

How to Find a Second Home for Year-Round Use

If you’re looking for a vacation property that can be put to good use throughout the year, here are four tips to help guide your search.   Activities for Every Season A year-round getaway will give you access to different activities each season. Lake houses are perfect options as they offer swimming, hiking and skiing.   Sense of Community Consider a community with year-round residents, so you know that there will always be plenty of things to do.   Versatile Aesthetic A year-round home should embrace a look that lends itself to any season.   Consider the Climate Some destinations simply cannot be enjoyed throughout the entire year because of the climate. The best solution is to choose a location with a favorable year-round climate.  

Little-Known Secrets to Buying a Luxury Home

Buying a home is an involved process, regardless of your price point. However, the luxury market comes with a different set of conditions. From working with a specialized real estate broker, less available inventory and a more discerning list of requirements, investing in a luxury property can be more involved than purchasing a mid-level home. Here are some of the little-known secrets of the luxury home buying process. Work With a Luxury BrokerWorking with a well-versed broker in the luxury market is key to ensuring a smooth home searching and buying process. A luxury broker will be familiar with the areas in which you’re looking, will be up to speed on the latest trends, will be able to identify potential issues in properties you view and will know if a property is worth its listing price. Additionally, a luxury broker will have access to homes that might not be listed publicly or on the MLS. Many luxury listings are private to protect the seller’s privacy, so only luxury brokers within the inner circle are privy to these listings. Have a Knowledgeable Team in PlaceIn addition to working with a broker who specializes in the luxury market, making sure your financial advisor is involved in your purchase decision will ensure you’re making an intelligent investment. Taking it a step further and arranging a meeting between your broker and financial advisor will safeguard your purchase. Exercise PatiencePatience is the name of the game when buying luxury real estate. Because of limited inventory, the time it takes to conduct research and a discerning list of must-have features, it can take longer to find the property that is a perfect match for your specifications. Know the NeighborhoodFamiliarizing yourself with the neighborhood and its future plans is an important part of the luxury home buying process. From the school district to the area’s downtown amenities to recreational opportunities, the neighborhood can be just as important as the home. Additionally, suppose you are buying a property for its views. In that case, it’s important to understand any plans for the area and any possibilities of new construction that could impact any waterfront, golf course or sunset views. Don’t Discount Properties Based on PhotosBased on the photos, if you don’t fall in love with a property, it’s still worth an in-person visit to see the home. For example, a house may require interior updates but have one in a million waterfront views. If you discount the house based on the listing photos, you will miss out on your opportunity to own a property with those views. Have Proof of FundsBeing able to prove you have the funds to purchase a luxury property can be more involved than if you’re buying a mid-level home. Therefore, it’s important you have the documentation to prove you have the funds before making an offer. You may even need this documentation before you view the property.