A Luxury home comes with a series of modern amenities and features to make for a truly luxurious and fancy living. A luxury home is bound to leave you mesmerized and overwhelmed with the best of architecture, landscaping, finest finish, state-of-the-art amenities and host of electronic appliances. Along with bringing in higher status in society and an opulent lifestyle, buying a luxury home also comes at a big cost. Demand for luxury housing in India is on the rise, especially in metros and upcoming tier 2 cities. It is also attracting high-net worth individuals, investors and a majority of aspirational urban population to invest in such homes and create a superior lifestyle for themselves and their families.
A luxury home should always be well-planned out, keeping in mind the finances required to own and maintain it, loan and interest rates, EMI payments, and a host of other things.
It is only fitting to make sure you put in ample thought and inspect a home, as much as possible, before you make the final decision of buying the luxury home.
Here are a few tips for buying luxury home.
1. Learn the search process or partner with the right agent/broker to help you find the right home. At HousingMan, we help you at every step, in your search for a luxurious home. Right from property options, site-visits, property information, and up till final closure and guidance in paper work.
2. Make sure to check the property multiple times and do not just go by fancy-edited photos. Most often, what you may not like in photos may be appreciated on your site-visit to the property.
3. Document all details. Document all papers. Financial documentation is essential, as is other papers.
4. Always remember to negotiate. While a luxury home certainly comes at a cost, remember there are certain reference points, certain amenities and the location which may lead to the final closing price of the deal.
5. Understand what would be the resale value and the price you can avail, once you plan to re-sell the house. Check what other properties, of similar kind are fetching in the locality.
6. Look through the location and the neighbourhood carefully, the quality of your surroundings matter. Privacy along with an area which matches your lifestyle is what a luxury home should give you.
7. If the luxury property is under construction, make sure to get complete floor plans, list of amenities, schedules and dates of completion of each phase of property. Make sure the timelines and delivery schedules are maintained.
8. Check for the builder/developer’s reputation. Understand what the past projects of the builder are, the construction techniques used, delivery schedules, reviews from residents, etc. The experienced developers in the luxury housing sector have a penchant for market credibility, reputation and goodwill.
9. One important thing to consider is the safety and security within and around the premises of the luxury home. Make sure there are sufficient measures taken, such as cctv’s installed in designated and appropriate areas, able security personnel, video surveillance, electronic video door alarms and other security measures. Fire exits and clear evacuation plans are another important necessity while considering to buy a luxury home.
10. Check for developer’s titles, property titles and land papers, other necessary licences and approvals are in place, along with other laws which come under that area. Make sure all are legally verified and in compliance with all applicable laws. Important documents such as title deed, property tax receipts, release certificate (for resale property), encumbrance certificate, land use and other local and government approvals.
11. Check for latest developed contemporary features and ample space options around the property. Be it open, free-flowing areas, open and bright rooms, sufficient parking space for vehicles and abundant storage and recreation areas.
12. Hire professionals for all your requirements, in and around the house. Interior designing, appliances, house maintenance, and more. Experts can help you in making the best decisions and manage things professionally. Don’t forget to keep a separate budget for this.
Remember a luxury home is an extension of yourself. Just like buying home, any home for that matter, take time and be patient in your search. Buying a home should be a well-thought out decision. Investing in luxury real estate is a huge investment made mostly once in a lifetime. Any luxury property for sale must be analysed, checked if it matches your needs and should be decided upon after thorough research.