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Expert tips for first-time luxury home buyers

Looking for your first house in the Greater Los Angeles luxury real estate market? Come prepared for an exciting and rewarding journey with these essential home buying tips:

The high asking price is not what makes a house “luxury”

A seven- or eight-figure price tag is not all that makes a house considered a luxury property, especially in a competitive market like LA where everything fetches a steep price.

What makes a property truly worthy of the “luxury” tag are its distinctive qualities. More than just being your place of shelter, a luxury home should offer a complete experience that enriches your everyday living. The house&’s location, special architectural features, bonus amenities, and history should add up to create a complete package that justifies the asking price.

Choose the home that best fits into your lifestyle

The house you choose must be the ideal match for your needs and lifestyle.

If you need a place that keeps you close to where you work, maybe a condo located downtown is the practical choice. If you are preparing to establish and grow a family, look for a nice and cozy retreat in an exclusive gated community.

Think about your hobbies and regular recreational activities, too. These important elements of your lifestyle should also help you decide on the right size and style of home, the ideal location, and the most worthwhile set of features and amenities to choose in your luxury home.

Buy within your means

Even though you can afford to buy a luxury property, you don&’t have to spend all of your money on your home. No one wants to end up being house-rich, but cash poor.

When shopping for luxury properties, watch out for flashy bells and whistles that add to the home&’s asking price, but ultimately add nothing to your lifestyle. Prioritize your current needs. You&’ll have plenty of opportunities to add to your home once you&’ve settled in.

Remember that you can also opt to buy a luxury home without having to pay cash outright. Use a jumbo mortgage if you want to afford a luxury home purchase, while still keeping your financial resources liquid and available for other investment opportunities.

Buy with reselling in mind

It might be the last thing on your mind when you are buying the home of your dreams, but the property&’s future resale value is actually an important factor to consider. Your house is an investment, so pay attention to what you can gain from it if you sell it in the future.

Learn about development plans around the property. Consider the elaborate architectural stylings and ornamentation. Think about how practical (or impractical) the bonus amenities are. All these can affect how much you can recoup from your original investment, even if these make the property an ideal fit for your tastes.

Work with a luxury real estate specialist

For a smooth and hassle-free experience, find the right real estate professional to work with. Look for an agent with substantial experience and specific knowledge in luxury real estate transactions.

Luxury property specialists can give you relevant insights into your area&’s housing market. You can also tap into their extensive professional network for the best opportunities and deals, including exclusive off-market listings.

Ready to start looking for the home of your dreams in LA? Let me show you around. Give me a call at 818.667.5108 or 760.459.4130 or send an email to joseph@hklane.com today.