Main Content

Home / 7 things to keep in mind when buying a luxury home

7 things to keep in mind when buying a luxury home

Modern Kitchen Living Room

Ready to move up? Here are important tips to keep in mind when you’re shopping for a luxury home.

  1. The best homes aren’t listed

    Some of the most coveted luxury homes in the market aren’t listed on the MLS. Top-tier sellers will guard their privacy at all costs, making the listing available only through their vast network of personal contacts. A well-connected Realtor will give you access to off-market listings, increasing your chances of finding your dream home.

  2. View the property on Google Maps

    Don’t dismiss a property based solely on its front elevation photos. Many large homes don’t photograph well in this manner. Conduct a search of the property and the immediate vicinity on Google Maps in order to get a better view of the home and the surrounding area.

    Better yet, make time in your schedule for a private home viewing. Although some buyers make blind offers – that is, making an offer on a home that they haven’t personally seen – it is advisable to view the home yourself, especially if you intend to use it as a primary residence. This will help you decide whether or not the home suits your taste.

  3. Work with a luxury real estate agent

    The high end of the market requires a specific set of skills and capabilities from agents. This is why you should only work with a luxury real estate agent when buying upscale property. Only they can tell you what to expect from the buying process, as well as suggest listings that match your criteria.

    I, Adam Fonda, can give you an overview of luxury properties in Lake Minnetonka, Wayzata, and the neighboring communities. Call me at 612-308-5008 or send an email to Adam(dotted)Fonda(at)LakesMN(dotted)com.

  4. Get your financial documents in order

    Financial documentation is a must when buying luxury property. Some sellers will ask to see a Proof of Funds before agreeing to schedule a private viewing. So work closely with your accountants, real estate lawyers, and financial advisers in order to come up with the proper documents.

  5. Find out about future developments

    Before making an offer on the home, conduct a thorough research on planned developments in the neighborhood. Find out if the area has experienced consistent growth over the last few years, and if there are deed restrictions that may apply to your purchase.

    Learn the timeline of upcoming developments in the area. Anticipate the worst case scenario if there are significant delays in construction and if some of the lots get sold to lower-quality builders.

  6. Get a home inspection

    Work with a licensed structural engineer and a detail-oriented inspector who are familiar with the systems that come with a luxury home. A thorough inspection will help you discover any underlying issues with the home and will help you find out if you are truly getting what you’re paying for.

  7. Look for signs of quality

    There is no one style that embodies a luxury home. However, there are certain qualities that you should look out for when buying upscale property, from excellent craftsmanship to timeless elegance. Luxury homes usually come with top-of-the-line kitchen appliances and high-end finishes.

For inquiries, contact me, Adam Fonda – I’m a local expert on Minnesota luxury properties and ranked in the top 3% Realtors across America. Call 612.308.5008 or email adam(dotted)fonda(at)lakesmn(dotted)com.