Although many people believe that luxury properties are not affected by the dynamics of global and local finance, this important real estate segment is not as separate from the rest of the real estate market as you think.
It’s Time to Buy
Studies have shown that the prices of luxury properties have decreased sharply in many major cities around the globe (London is a very good example). Therefore, no matter where you are, it’s the right time to buy. As a matter of fact, if you look carefully enough you will be able to find incredible discounts and, maybe, the house of your dreams.
Even if the time might be right to buy a luxury property, you should still be very careful. First of all, remember that high-end properties distinguish themselves from the rest of the real estate market thanks to extremely valuable and precious details. Therefore, you really can’t get an idea of the house if you only look at pictures and reports, which can very easily be misleading. Make sure to arrange multiple visits and bring with you someone you trust.
Also, you should take into consideration that one important element that defines luxury properties is the context in which they are placed. However, a villa with a beautiful garden and a great view isn’t always placed in the right neighborhood. Therefore, it is quite important that you find out everything you can about the urban development of the area (you really don’t want to find out, after you buy the house, that a skyscraper will be built right in front of the property).
Contact an Expert
Even if you know a lot about the market, it is probably a good idea to contact an expert, someone who can help you figure out whether or not you really found a great deal. For instance, if you want to buy an old villa you will need a trained eye to ensure that the structures and the frescoes are original, and that renovations and restorations won’t be too expensive. You will also need someone to examine materials and hidden damages, which are one of the biggest problems of big, luxurious villas. Contact an experienced professional who can help you assess water system leakage and ask the owner about the conditions of pipes and faucets.
About the Payment
Payment is always a delicate issue, especially when cash transfers are requested before the transfer of possession of the property. Document and record every little step you make, every agreement you reach, every piece of paper you read or sign. If you are dealing with a cash payment, contact your bank right away, which could assist you and decide to send a banker to help you when closing the deal. If the transfer doesn’t take place through a real estate agency – although the presence of a realtor is absolutely recommended in these cases – it is quite necessary that you contact someone that can help you. Don’t do this all by yourself, it is an important, expensive step!