Whether you’re planning on buying or selling luxury homes on the Emerald Coast or you’re turning your attention to other markets, it’s vital to understand just what goes into a high-end property deal. Buying and selling properties (especially the type of estates that make the Emerald Coast such an extraordinary place to call home) is complex.
If you and your real estate agent aren’t prepared from day one to navigate every challenge you encounter, you could end up with a subpar deal. Read on below to learn expert tips about the anatomy of a high-end property deal.
How to Identify Potential High-End Properties
For one, your chosen property must be considered high-end. Several criteria will go into this classification, including the location, past owners, market demand, added amenities, and building materials. A house may appear high-end or luxurious from the outside, but it’s always worthwhile to meet with your agent early and often to ensure you’re not investing in a mediocre property. Your realtor’s role will be to direct you to the parts of a city or region where luxury homes are in demand, and there is a history of high-end property deals.
You and your agent will work together to narrow down the number of homes for sale in a given area that meets your needs and work from there. You’ll want to learn more about the history of property values in your neighborhood of choice, how many property deals have closed in the last few years, and whether there is a good distribution of luxury homes currently available to choose from. Finally, it’s crucial to get information about comparable properties in your area to see whether or not a particular home is over or under-priced.
Property Inspection and Evaluation
With the property inspection and evaluation complete, you and your agent will be in a better position to determine the home's fair market value. Your offer (when you make one) will be an informed one that considers all the potential issues and costs associated with the home should you decide to buy it and make improvements or repairs.
One of the best strategies for a successful negotiation is allowing your agent to talk on your behalf. These professionals have specialized education in understanding these documents and can accomplish much more at the end of the deal than a buyer. Make sure you arrive at the negotiation confident but still willing to discuss changes to the contract. You may also add or subtract contingency clauses to the inspections, loan approval, appraisal, disclosure review, and more. Hiring a real estate attorney is a great way to ensure you’re not overlooking any of the line items in your next high-end property deal.
The Closing Process
Next, you’ll meet with your agent and begin to sign all the documents necessary to finalize the deal. This process can take several days to a week, especially in the world of luxury real estate. Finally, you’ll review and sign the final paperwork and draft a closing statement to bring with you at the end of the deal. Make sure you and your team coordinate at this last stage to avoid added delays or last-minute surprises.
Get in touch with a local real estate agent
If you have any questions or comments to share or want to learn more about buying and selling luxury real estate on the Emerald Coast, reach out today! Contact Brad Dahler for more information.
*Header photo courtesy of Brad Dahler