The Guide to Purchasing a Luxury Home

Our clients are successful, busy, and expect (and deserve!) world–class customer service. Therefore, the following information seeks to assist you in moving through the steps of searching for a home new home – the search itself, purchase offer, negotiations, and finally…living in luxury.

Working with an ERA International Collection Specialist


Your first charge is to choose an ERA International Collection specialist. Allow your specialist to showcase his or her expertise on your behalf. However, it helps to educate yourself to the process.

Your New Home


What are your needs and desires?
Needs and desires are two completely different things. What are the necessities your house must have? Will it need to accommodate the living arrangements of staff? Will it need a dock for your boat? Make a list of these must-have "dealbreaker" items.

Next, make a list of the items you desire. These are the amenities you would be thrilled to have, but are not necessary in your decision to purchase the home. For example, would you like your new home to have a library? Do you desire innovative customization in your gourmet kitchen? Are these things you are willing to forgo if you find a house you love that does not have them?

These lists will assist your ERA International Collection specialist in finding a home that precisely fits you. This will also make it easier for you to compare the features of the homes your International Collection specialist is showing you.

Where is your new home going to be located?
Based on your needs and lifestyle, your ERA International Collection specialist serves as your expert to assessing the community and the home. If your free time is spent with friends on the water, an ocean– or lakefront property will most likely be a necessary location. Top–notch private schools for your children or access to major roads and highways to alleviate a stressful commute may also be deciding factors.

Visualization
After you have found a home that satisfies all of your needs, and possibly your desires, visualization is extremely important in solidifying a purchase decision. Take a moment to envision the home with your personal effects and décor. Be cautious to be objective. It is very easy to let your emotions take over your senses, but this is your time to really reflect objectively if this home will truly fit your successful lifestyle. Is there enough natural light to sustain your beautiful gardens? Does the layout of the home meet your expectations? Do not feel pressured into making a decision you might regret later.

The Essentials
An investment of few extra dollars before you purchase the home can provide you with peace of mind prior to your ERA International Collection specialist drafting and presenting your offer.

  1. Have the property inspected by a professional inspector you trust. Your International Collection specialist will be there to refer, schedule, and communicate with the inspector.
  2. Include any inspection and/or mortgage contingencies in your offer to purchase.
  3. Request a second walk-through approximately 24 hours to closing to ensure everything that was agreed upon has been taken care of. This is your chance to see that no unexpected surprises will be waiting for you after closing. Ensure this is in your offer to purchase.

Your Offer To Purchase


In seller's markets, homes may sell quickly. In buyer's markets, the average days on the market may be longer. For a home to sell quickly, there are many common characteristics that may be evident. The top two include turnkey homes in high-demand neighborhoods that are in excellent condition and priced right OR cosmetic fixer–uppers in good locations, but that are priced below comparable sales for that neighborhood. If the home you decide on falls within either of these two categories, you may want to move quickly and make an offer and have your ERA International Collection specialist assist you and your legal counsel, draft a purchase agreement. In any market, there may be urgency for the perfectly positioned home. Make sure this satisfies your requirements and defines the terms of your offer to purchase.

You should expect negotiations on the various terms within the purchase offer prior to both you and the seller agreeing to accept. This is completely normal, and nothing to be fearful about. Your ERA International Collection specialist can assist you in the area of negotiation and will be ready to do convey your position. During this negotiation and acceptance period, the seller's sales associate may continue to present any additional offers that may come through. The seller may have the right to withdraw any counter offers made on your purchase agreement in order to accept another agreement. This uncertainty may influence your intitial offer. During this time you should maintain consistent contact with your ERA International Collection specialist. You should be ready to make prompt decisions about the seller's counter offers. If you like the home, odds are several other active home buyers will, too. You won't be the only one who can spot an excellent buy. This is why all of the research and preparation should be done before–hand. As a buyer, the International Collection positions you to establish an advantage right from the beginning.

In addition to your specialist's skills, here are some pointers to consider during the negotiating stage:

  1. Be Aware – Have the area information your specialist provided to you. What does the market look like in that area? What is the average length of time on the market for a comparable home? Are there problematic issues with the area? For example, is there a new development in the area that will lead to problematic traffic congestion and put an end to your desirable commute necessity?
  2. Be Prepared – Once the general area is well-researched, focus on that particular home and that particular seller.
    1. Why is the seller looking to leave the home? Do they find the area undesirable?
    2. How long has this particular home been on the market? If it has been longer than the average, could there be possible defects you have yet to uncover?
    3. How much did the seller pay for the home?
    4. What is the seller's timeframe for selling and moving? Does it fit with your schedule?
  3. Be Polite – While you need answers to all your questions from the seller, you may wish to reveal very little about your circumstances.
  4. Be Calm – Additionally, try and keep your emotions in check. Do not disclose how badly you love the house or how strongly you feel it is perfect for you. If you appear overly enthusiastic or desperate, the seller achieves the stronger bargaining position that you originally had.
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