Top 10 Expert Tips for Buying a Luxury Home in Arizona…
If you are in the market for a luxury home in Scottsdale, Paradise Valley, Phoenix, or throughout Arizona, there are key areas you need to pay attention to throughout the search process. Here are my top 10 tips to help you find your dream home.
1. Learn the search process.
Many luxury homes go unlisted to protect a seller’s privacy. These properties are often found through the Realtor’s personal connections as opposed to the MLS or Zillow. A good Realtor will also search (expired and cancelled) homes that fit your criteria.
2. Work with a local expert.
“It’s critical to have a good buyer agent who is familiar with the area you want to buy in. There’s a bit more control on access to high-end properties in terms of fewer open houses and more appointments have to be made to see them. Its also best to start the process early so your agent will understand your wants, needs, and lifestyle. This is not an overnight process; it takes time to understand a client.
3. Photos can be deceiving… like humans some houses are photogenic.
“Make sure you don’t dismiss properties based on their front elevation photos. Many large homes aren’t photogenic that way and you must see them in person to appreciate. I recommend my clients do a search of the property and vicinity on Google Earth so you can see what’s around the home.” Juan Pesqueira, Attorneys Realty. If you are local drive the neighborhood.
4. Use a local lender.
Listing Agents and Sellers know that many of the large banking institutions have challenges getting the loan approved on the actual closing day. Delays due to financing can cause unnecessary stress. It is wise to get pre-approved through a local mortgage broker that will make a personal call to the Listing Agent during the negotiation process. Check with the bank you have a relationship with but have a backup plan if they cannot perform. Also, know the difference between the pre-approval letter and the prequalification letter.
5. Document everything.
There is more scrutiny today in the high-end market. Financial documentation is critical. Anyone who is making a lot of money has a manager or an accountant and tries hard to shelter their money so it can be difficult to show the lender you have the income. Are you paying cash? Awesome. Make sure you have your Proof of Funds ready to submit with the offer. Some Sellers will insist on seeing Proof of Funds before they will even allow an appointment. Don’t take offense.
6. Hire smart, reliable advisers.
A good Realtor won’t make the client’s decisions but will make skilled and experienced suggestions. Pay attention to your mortgage broker and Realtor that you trust. My early background was appraising. I don’t get emotional about a home. What I get emotional about is the deal we get says Juan Pesqueira.
7. Don’t forget about title insurance.
An experienced Title Company can make the difference in your real estate transaction. I encourage a local, well-known title company – not a small office with one assistant. You want to make sure you have a chance to review the documentation of the title insurance process before closing time. Also, you do not want to have a challenge getting your earnest money released if you need to terminate during the due diligence period.
8. Check zoning and future development with new construction.
Make sure you know what building is planned around you. Understanding zoning in this situation will be helpful. You can always check with the city (in which you are buying) about future development. What happens if a new home community fails and some of the lots are sold to a less quality builder? Does the area have consistent growth? What are the deed restrictions? Know the timeline. What happens if there are significant construction delays? There is more involved when you purchase new construction, and you need an experienced agent to guide you.
9. Unbiased Inspections.
Do you have an excellent, detail-oriented inspector that is familiar with all of the systems of a luxury home? How about a licensed structural engineer? The guy who inspected your brother’s home 10 years ago might not be the professional you need for this property.
10. There’s room to negotiate.
It is the individual points, the view or remodeling that makes these properties one of a kind and allows them to command a particular price. Have your Realtor research the comparable properties that have recently sold, getting closing prices, right before you make an offer. With a luxury property – this is not as simple as checking the MLS. Make sure your Realtor has knowledge about the private sales in the area. For most listed properties, there is always room to negotiate even if the agent says no. This is where a good agent will read the agent and or seller. There are words, body language, etc. that people say or do that will give out their true answer. At the end of the day the person who has the least to lose will win the negotiations every time!
If you’re ready to start looking for your dream home, you can call me at my office 480.767.6900 or my business cell at 480.458.8007. You can always just fill out the form below or email us at firstname.lastname@example.org.
Thanks for this really informative guide on buying luxury homes! I really like your tip about working with realtors to let him get you the proper features that you need in a luxury property. If I were investing that kind of money, I’d definitely want to get all the bells and whistles I could possibly want.
You mentioned that it is very important to know what your budget is from the beginning. It would be a shame to get your heart set on the perfect property, only to find out that it is out of reach. My parents are looking to purchase some luxury property that they can enjoy and relax on. I will have to share this article with them, and see if it gives them any insight on what they can afford.
share away Shaylee! Thanks so much for the comment… If your parents are looking in the State of Arizona for luxury property have them reach out to me.
– Juan Pesqueira | https://azluxuryhomeblog.com/
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Thanks for telling me how important it is to have our own financial documentation especially if we’re about to purchase a luxury home. My aunt has been trying to find the perfect home where they can finally settle but since she’ll be the only one making the decision, she’s not sure if she’ll end up buying a good property. It might be better to work with a local agent that can help her make the final decision.
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I like that you said that in buying a luxury home, I should search for the vicinity of the property through Google Earth and check it in person before judging it. My husband and I plan to purchase a luxury mountain top home soon since we want a vacation home where we can get away from the hustle and bustle of city life. I’ll take note of what you said and make sure we don’t rely on photographs when shopping around for a house. Thanks!
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Thank you for explaining that financial documentation is critical for the high-end market. I’ve been wondering what kinds of things I should be aware of while I look for a luxury home for me and my family. I’ll be sure to start on this right away, since it seems like it is very important.