When you’re ready to step into the luxury real estate market in Dallas, you need to be prepared. Buying a luxury home in Dallas isn’t the same as buying a home at a lower price point. Here are the 5 Keys to buying a luxury home in Dallas you should keep in mind when entering the high-end market.
1. Understand the Search
With moderately priced homes, you can hop online and search away. There are so many options it can be overwhelming. It’s not the same with luxury homes in Dallas.
The luxury market includes several homes that never make it onto the MLS. Many luxury homeowners like to keep things private and won’t ask for their home to be listed. Instead, the agent handling the sale will have a network they will reach out to making it harder to find the property if you’re in the market to buy.
You will likely need more than just the online sources when shopping for a luxury home in Dallas.
2. Hire a Local Luxury Realtor
Your Realtor cannot just be anybody when you’re searching for a luxury home. Since the search may depend quite a bit on the agent or Realtor you choose, it’s necessary to find a local expert in the luxury market. In addition, they will know what to expect since a luxury transaction isn’t the same as a regular real estate transaction.
3. Get Your Finances in Order ASAP
You won’t be applying for a regular mortgage. Instead, you will be applying for a jumbo mortgage and you will need to provide proof you can buy the home; in some cases before you can even look at it.
You want to make sure you have a pre-approval from the bank or some type of letter of reference from your portfolio manager. This will help to ensure the seller you are a serious buyer.
4. Know What you’re Searching for
There won’t be dozens of homes hitting your specific qualifications when you search in the luxury market. You need to know what you’re searching for as the luxury market is filled with custom homes. If you want a wine cellar and a swimming pool, make this clear before you start searching.
5. Pictures are Great, but Tours are Better
Often, luxury buyers are coming from another location and may not take the time to tour the property. However, this is a mistake. Pictures are great, a video is better, but seeing is believing.
You want to do a walkthrough in person and see the actual home. It’s important to make sure you travel in, if necessary, and tour the home before you agree to pay $1 million+ for the home. Make sure the neighborhood is what you like, the location works for you and the home is exactly how you would expect it to be.
When you decide you want to buy a luxury home in Dallas, it’s important to make sure you get what you want. Hiring a local expert in the luxury market will go a very long way to ensuring you’re protected and you can find the right home for you. Follow these tips and you’ll be well on your way to finding the perfect luxury home for your specific needs.
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Useful Read: 15 Must-Do’s For the First-Time Homebuyer