Buying luxury real estate is not a quick and easy process. This is something that requires a huge amount of research, preparation, money (of course), and luck. That means that it is something where there are huge mistakes to be made if you are not careful. With the property market as chaotic as it has been for the last couple of years, everyone is right to be a little wary. Here are some of the classic mistakes that people make before buying luxury real estate in beautiful Wine Country.
Not Visiting The Property
Believe it or not, this is one of the most common mistakes that people make. It is all too easy to be wowed by pictures, and a video tour can feel like it tells you everything that you need to know. But it is always essential to visit at least once in person, no matter whether you are buying a condo or a ranch.
Not Using The Right Real Estate Agent
If you have bought luxury property before, then you know that finding the right agent is a huge part of the battle. Local expertise is so important, and if you are thinking of moving to a new region, then you want to find someone who knows it like the back of their hand.
Napa Valley and Wine Country in particular have been so popular recently, and Sonoma County luxury homes are always going to be hard to come by. Ginger Martin has unique knowledge of the region, and she can help you find the perfect Sonoma County property.
Not Getting A Recent Survey
This one is particularly important if you are buying an older luxury property. So many of us love the idea of living somewhere that has a bit of history, but there is a huge difference between a property that has a lot of character and a building that is dilapidated.
There are a lot of people out there who will be trying to sell a luxury property because they cannot afford the upkeep with the markets the way they have been. You need to pay for a proper survey to ensure that you are getting the property as advertised and that there are no nasty surprises waiting for you.
Not Budgeting Properly
Speaking of people not being able to handle expenses, one of the most important things that you need to remember when you are buying luxury property is that the costs can stack up quickly. It can be all too easy to get focused on the dream property and start to lose track of how much it is going to cost you, particularly if you end up in a bidding war with another party. Even if you are optimistic about the way the US markets are going, there may be a lot of expenses involved in fixing up the property or managing it, and there will always be fees to consider too.
Make sure that you budget carefully before you begin your search, consider a jumbo mortgage if you need it, and know when to step away. It is much better to tap out early than to risk too much.