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Avoid these Luxury Real Estate Mistakes

If you are in a position of considering the purchase of a luxury real estate then life is good for you and your family. An investment in such a property will lead to many years of happiness and if the correct purchase is made, continued wealth in retained value when it comes to it being sold.

Though it's all positive news when it involves luxury real estate, there are also many mistakes that can be made to sour that special moment.

Common mistakes made when purchasing luxury real estate:

  • Over pricing: Most luxury real estate comes with a hefty price tag. Sometimes it is hard to value these homes as they are mostly unique in design and certainly within a highly desirable location. Sometimes the vendor (or real estate agent) can pluck a price out from the sky. Research local property prices, previous sold prices, evaluate if you are getting the going rate or are simply paying way over the odds.

  • Getting to attached: Luxury real estate will wow you in every way, from the location to the gardens, each room you walk through will lure you along with the added features from swimming pools to security systems, wine cellars to cinemas. It is easy to fall in love and be blinded. You must look to have a selection of property on your list and evaluate each on merit and price. Sometimes you are after that one property in that certain location, if you are there then revert back to the mistake mentioned above, over pricing.

  • Celebrity premium: Sometimes the luxury real estate we are after will be owned by a famous face, though highly unlikely they will be showing you around the house when you visit to view, nonetheless the community (and sometimes global press) will know it is owned by a celebrity and the price can be edged up because of that. Get an appraisal from a third party re the value of the property over who owns it.

  • Survey: It's an obvious one, though depending on the size of property and location, quite a few surveys might be required along with added investigations in to insurances and premiums. Location might see you needing added utility services especially if you are looking to re-develop. Many luxury real estate will be located in highly protected areas so the likes of planning permission and local community constraints need to be looked at.

Image credit: Pixabay

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