An Insider's Guide to Luxury Real Estate in Tri-Valley

What exactly is luxury real estate? It’s a question with a broad answer. In order to make the best purchasing decisions when you shop for a new luxury property, it’s important that you have a good understanding of what sets luxury homes apart from all other options. There are also a few unique aspects of shopping for luxury property that doesn’t come into play during a traditional home search. In this article, you’ll get all the information you need to move forward and begin your search for a new luxury home.

People generally consider homes priced within the top 5-10% of the market to be luxury homes, but there’s more to a luxury home than just the price. Luxury homes are known for having spacious kitchens and massive indoor and outdoor living areas that are perfect for hosting guests. They also have amenities that you won’t find in other homes, like home theaters, designated fitness rooms, and outdoor pools and hot tubs. When the day ends, you’ll be able to retire to your upgraded master suite with a bathroom that feels like your own private spa. Luxury homes are found in the best locations near the top area shopping and dining options. Many luxury homes also offer breathtaking views of the surrounding natural beauty. A home can be a luxury home even if it doesn’t check every box on this list, but most of the criteria should apply for the home to truly be a luxury home.

Because luxury homes are more expensive than other homes, they sometimes require jumbo loans in order to purchase. These loans are similar to a traditional home loan, but they often require larger down payments and a more extensive credit check to ensure that the buyer is qualified. If you’re purchasing a luxury home as a vacation home or an investment property, there could be even stricter qualifications that you have to meet. If you’re thinking about buying a luxury home, you should reach out to your lender early on in the process to start the conversation about what sort of loan you could qualify for. Once you have a pre-approval letter in hand, you will feel more confident about beginning to search for luxury homes.

The tricky thing with finding luxury properties is that they aren’t always listed on public searches. Sometimes you have to make connections in the area where you’re buying if you want to find the top luxury properties that are available. This is where working with an experienced realtor who specializes in luxury real estate can be quite helpful. This realtor is likely well-connected with other agents in the area, which means they can lean on their network to see what luxury properties are currently available for sale. They may also hear about new properties for sale soon after they come onto the market.

You’ll always want to see luxury homes in person before you make an offer to buy. Some homes look amazing online but don’t meet your expectations once you arrive for the in-person showing. Set aside a few hours to fully look over the home. Ask questions about the home’s history, especially if any recent remodeling projects have taken place. Pay attention to the quality of the neighborhood in addition to the home. You can’t change the home’s location, so you’ll want to feel confident that you’ll enjoy living in your new community. If there are any disclosures on the home listing, you’ll want to address the concerns with your realtor and get their insight on the best way to proceed.

Making offers on luxury homes is more complicated than when you’re shopping for other types of homes. Individuals who have luxury homes listed for sale are often less motivated to accept offers lower than what they think their home is worth. They aren’t desperate to sell their home quickly, and they are more willing to wait for someone to meet their demands. Another thing to think about is what sort of competition you’ll face as you shop for a luxury home. There may be other qualified buyers in your area that are looking at the same properties as you. It’s wise to think about what you can do to make your offer more competitive in the event that you’re competing with another buyer to purchase a home. One way you can make your offer stand out is to include a larger down payment. Sellers often prefer the more sure thing when they are selling the home, and offers that include more cash almost always fit this mold.

Scheduling an inspection is the most important thing to do after you have a deal to purchase a home. The inspector will thoroughly look over the home’s interior and exterior and let you know if there are any concerns about the home’s condition. You can work with the seller to determine who will be responsible for fixing the issues, or you can walk away from the deal if you’re not comfortable with the condition that the home is in.

Lori Olson would love to help you shop for Tri Valley homes for sale. Lori believes that luxury real estate isn’t only about the price you pay, it’s also about enjoying the experience. Her extensive knowledge of the local market will be a tremendous asset for you as you search for your new luxury dream home.

_{*Header photo courtesy of Lori Olson}