4 Things To Know Before Buying A Luxury Residential Home
You spot a home for sale with all kinds of luxury-level features—should you buy it? Luxury residential homes always offer some of the most impressive features, so feeling encouraged to make an offer right away is a perfectly natural response. However, before you call up your representing agent and prepare to place your bid on that luxury home, you may want to check out a few things first.
1. Find out about property taxes in the area
In general, property taxes are paid annually and are figured as a percentage of a home's current market value. Therefore, if you are buying a more expensive home, you can expect that the property taxes will be higher than usual. Find out what the tax rate is in the area where the home is located and do some math to see how much you will have to pay to ensure you have room in your budget. Check out the current property tax rates by state using an online calculator or simply ask the representing real estate agent.
2. Check the maintenance requirements of the amenities
Tennis courts, indoor jacuzzis, home theater systems, paver stone pathways—luxury residential homes can have so many amenities that make life at home enjoyable. As you consider various properties, view the amenities as features that will require some level of maintenance. Do some research to determine general maintenance requirements and costs for the long term.
3. Consider the age of various implements
Your luxury home may have a zoned HVAC system, a pool heater, or even a smart home automation system. These implements are definitely desirable, but you will want to know when they were installed and how well they have been maintained. These factors can determine investment costs that you may be responsible for once you take over owning the home.
4. Find out about prior owners
While anonymity is often prized with luxury homes, you can oftentimes find out who lived at an address with a little Google investigation. Even though you may think you don't care who lived at the address before you, some high-profile people may be known for residing at the address. For example, if you find out that a high-profile politician was the prior resident, this alone could bring about some ongoing attention to the residence by the general public. While this may not be a big issue for some homeowners, the idea is definitely something to consider.
Contact a local real estate agent to get help finding luxury residential homes.