Colorado Real Estate News

Top Tips For Buying A Luxury Home

Homes in Denver, CO are considered as “luxury” if they’re valued over $1M+. While luxury applies to value alone, homes in this bracket all have in common a highly competitive buyers-market despite varying in every aspect from square footage, lot size, and location To navigate an often complicated home buying or selling process in the luxury home market, you will need a broker with negotiation experience and a deep understanding of your neighborhood’s trends.

If you are in the market for a luxury home, there are key areas you need to pay attention to throughout the search process.

Know where to search:

Most real estate is easily accessible through the MLS or a simple online search, but when it comes to luxury properties, many of the homes remain unlisted in order to protect the seller’s privacy. Well-connected and luxury-focused brokers can tap into their professional networks to identify potential buyers or sellers rather than relying on inbound-only interest.

Know the neighborhood:

If you’re investing in a luxury property, you’re likely purchasing your dream home – no bargains or compromises. Understanding each neighborhood and their trends is arguably the most important aspect of living in your dream home as well as ensuring the longevity of your investment. While the home may be perfect, it’s especially important to be aware of future development or changes that might affect your lifestyle.

Know your priorities:

From amenities like bowling alleys and tennis courts to sprawling vistas and top-of-the-line finishes, knowing your priorities and what you deem as luxurious will be immensely helpful in finding the perfect estate. As is true with homes in any market, luxury homes may not have each and every feature you desire. It’s important to develop lists of must-have and desirable-but-not-necessary features, so your Kentwood broker can schedule tours of homes that fit your vision and reduce the time you spend searching. While the home might seem perfect, be sure it’s perfect for you and your family.

Pricing:

Pricing is the most important aspect to selling a luxury home. An experienced broker will solicit a consensus home value from their colleagues, luxury experts, and past and recent market data. While the seller might want to sell their home for more, it’s important to consider the broker’s value because they’re experts for a reason: They know how price homes for sales. If a seller decides to list their home too high, there is a very real risk of ultimately chasing the market meaning potential buyers will wait-out each drop in price to see how low you’ll end up going to sell.

If you’re in the market for a new luxury home, learn process of buying high-end real estate, study each neighborhood, know exactly what you need in a home, and sign the right broker. Kentwood Real Estate has represented the most discerning clientele in Colorado and our brokers are an elite team of Realtors whose exceptional service, local expertise and deep community roots create a market advantage for clients. If you’re ready to start your journey to buying your next luxury property, contact a Kentwood broker today!