Generally in the Greater Seattle area a Luxury Home is defined as valued at $1 million or above. Defining a luxury home is not about size. Many condos and townhouses can be considered luxury property. Better determining factors are often location, property entry, architecture, décor, ceiling height, amenities, entertainment capability, grounds and other details that help a home stand out from the ordinary.
The next step is ultra-luxury.
These homes are often considered smarter with these features: temperature
controlled wine cellars, motion detectors, variable speed air conditioning, car
lifts and home automation systems. Systems that control black out shades and
window glass that can go from clear to opaque with the switch of a button.
Security systems such as gates and fully fenced: people want to know that when
they are home they are safe.
So, what really matters in luxury real estate? What makes a home worth waiting for, worth paying more for, and worth searching for? Here are my 18 tips for luxury real estate buyers.
2. Quality. The quality of the structure should be the most important factor, but it is sometimes overlooked by buyers. If you are buying a luxury home, quality matters as much as it does in any
3. Work with a Realtor. Always work with a qualified, full time,
experienced professional Realtor when buying luxury real estate. In particular,
engage the assistance of an experienced Luxury Real Estate Realtor. We have the
experience and the knowledge to value luxury properties accurately and we know
how to identify the amenities and qualities of a home that matter as opposed to
fads.
4. Unobstructed View. In the Seattle metro area, the desired views are
typically of Puget Sound, Lake
Washington, or other bodies of water; of the
Seattle skyline; of a park; or of Mount Rainier. It is not always possible to
find a luxury home that offers an unobstructed view. The question is whether
you are willing to accept a partial view. If the view is important to you, ask
your Realtor about the likelihood of future construction blocking the view.
Know the zoning laws.
5. Light. Natural light is important in every home. One of the
amenities most buyers look for in luxury real estate is a design that allows
light to enter the home. Abundant natural light is good for your physical and
emotional health. It also improves the resale value of the home.
6. Architecture. Look for a design that is both livable and beautiful.
Also, think about how the property will age over the next few decades. Good
bones, uncommon architectural elements, high-quality materials, and fit with
the landscape are hallmarks of good design.
7. Livable layout. Choose a floor plan that makes sense for your
lifestyle. If you do a lot of entertaining, look for a floor plan that flows
well. If the layout has a number of oddities that don’t make sense, it might
not be a good choice.
8. Energy efficient windows. A home’s windows allow sunlight in, but
they can also let in noise and outdoor weather. Look for double- or
triple-pane windows with good insulation and a good warranty.
9. Decide whether you will pay cash or finance your purchase. Cash
purchases are very popular today, but you might prefer to take advantage of low
interest rates and keep your cash for other investments. If you are
self-employed, you may decide that it is easier to pay cash than to work
through the stricter mortgage loan process.
10. Have your financing in order early in the process. There are a
number of sellers of luxury real estate that want to show property only to
qualified buyers. Further, as is the case for any buyer, having the financing
in place determines what you can spend on the property. This reduces the risk
of unexpected issues in the transaction.
11. Understand that sales of luxury properties often take longer, up to 45
to 60 days to secure a loan. Understanding the process and the duration of
the process of closing a sale avoids frustration and unrealistic expectations.
12. Specialized home inspections. A number of luxury homes require
specialized home inspections. It will be important to budget for these and to
allow sufficient time to obtain these inspections. Specialized home inspections
might include those for a pool or spa, a fountain or pond, an exterior
fireplace, outdoor electric or gas, lawn irrigation systems, a central
vacuuming system, automatic screen and awning systems, heated floors and
driveways, docks, security and surveillance systems, and landscape lighting. It
is rarely advisable to skip any inspections when purchasing luxury real estate.
13. Understand the tax consequences of your luxury real estate purchase. You
may need to think about tax liabilities and estate planning when you purchase.
Always consult your tax accountant, your estate planner, and any other finance
experts you talk with regularly. Their guidance will help you decide how to
take title to the property. Because tax records are public, you might choose to
protect your privacy and provide tax advantages by taking title in a trust.
14. Don’t ignore resale value. It is inevitable that the home will be
sold eventually. Every home
purchase is a major investment and luxury homes are
no exception. Discuss with your Luxury Realtor the factors that will affect the
property’s resale value.
15. Get to know local neighborhoods. Each neighborhood has unique
characteristics and character. Learn what you can about each neighborhood with
luxury homes. Your Realtor will be able to help you with this task, and may
have neighborhood overviews available for you. Your luxury realtor will be able
to discuss recent changes and trends among buyers in each neighborhood. He or
she will also be able to advise you if some construction is planned that might
affect the amenities that are important to you (a view, for example).
16. Prioritize your wants and needs in your luxury home. I always try
to make a prioritized list while talking with my clients, but it saves time and
possible confusion if you make a prioritized list of the amenities you want and
need in your luxury home. Some of the amenities that have been important to my
recent clients have included:
Views of water or mountains
Home theater
Home gym
Privacy
Chef’s kitchen
Home office
Entertaining features
Top quality security and safety
features
Smart appliances
Top architect or design
Water access/dock
Great decks
Exceptional landscaping
Great backyard
Pool/spa
Large garage
Sports area (tennis or basketball
court, for example)
Patio
In-law suite
Second kitchen
Guest house
17. Look for Value. The fact that you can spend more doesn’t mean you should.
Ensuring that you are getting value for your money is always smart.
18.Understand the responsibilities of owning waterfront property. In many neighborhoods there are
responsibilities of maintaining the property to a particular standard. Often
these responsibilities are overseen by a homeowners association. Be certain
that you understand the costs and responsibilities before you buy.
These tips are offered in the hope that they will help you
prepare for your luxury real estate search and for the various steps of the
transaction when you find the perfect property. These tips arise from my 20+
years helping clients as a professional Realtor. If you are ready to buy luxury
real estate in the Seattle metro area, I hope you will give me a call. I would
be very pleased to help you find the perfect property. And, remember: I’ll
bring the coffee!
