Are you ready to buy a new luxury home in the Boston real estate market this year? If so, then you already know there are several things about the luxury market that differ from conventional home purchases. A luxury home is unique as it only includes homes priced about 10 percent higher than the rest of the real estate market. In addition to their price point, luxury homes are also distinctive in terms of desirable locations, unique styles, high-end features, and available amenities. Read on to see how the following three things will inform your purchase of a new Boston home this year.
Start with your realtor
The first thing you should know about buying luxury real estate is you need to select your realtor carefully. Before you start the process of buying a new luxury home this year, enlist the services of a knowledgeable and experienced real estate professional to support you.
Depth of knowledge
Your realtor should have a clear understanding of the real estate market as a whole and how it will affect your luxury home purchase. Although it is still widely considered a seller’s market, your realtor will be able to speak to the specific trends in Boston, too. Your realtor should also demonstrate a depth of knowledge regarding the areas you are interested in. They will be able to describe the schools, amenities, and ease of access to your preferred recreation. If you have a target neighborhood in mind, your realtor will also be able to note any upcoming changes or developments that may occur in the area.
Area connections
An experienced and knowledgeable realtor will not only know about Boston homes for sale, but they will also have connections with other brokers and agents for unlisted luxury homes. Some luxury homeowners do not list their homes in order to protect their privacy. A realtor familiar with luxury home sales will have contacts for you to see those preferred properties. Also, expect your realtor to have local connections to assist you once you have found your perfect luxury home. If you are new to the Boston area, your realtor’s recommendations for movers, designers, and landscapers may prove invaluable.
Consider the costs
The second thing to know about buying luxury real estate is that a number of factors can affect the overall cost. Purchasing a new luxury home includes both financing and associated cost considerations.
Financing
Luxury homes may be purchased in a number of ways. If you are pursuing a standard or jumbo loan, be sure to have your financing in order prior to your home search. This will come in handy if you need to make a quick offer depending on the current state of the market. Those coming in with all cash offers must also consider how current interest rates will affect their total price point. Investigate the property and other tax codes in your preferred area so you will know the effect on your bottom line moving forward. If you are interested in Boston lofts for sale, check into the associated dues or fees involved.
Associated costs
There are other costs to consider when you are purchasing a new luxury home this year. In a seller’s market, you may have fewer opportunities to negotiate repairs or updates that your preferred home may need. Do not forgo the home inspection in this process. Although it may be attractive to the seller, it could lead to unforeseen expenses later on. You will also need to consider your timeline. If it remains a seller’s market, the inventory is lower and homes tend to sell quickly. Although this is not quite as impactful in the luxury real estate market, due to the decreased pool of buyers qualified for these purchases, you should still be prepared for this as a possibility.
Decide what you want
The third thing to know about the luxury real estate market is the importance of narrowing down your search. Determine your preferred location and house features before you start the process.
Location, location, location
Homes for sale in Boston are available in a variety of different neighborhoods. You have already selected the city of Boston, so now you will need to narrow it down to your preferred area. You will first want to decide if you prefer living within the bustling city or would rather seek a quieter life in the suburbs. Parents will want to look into the school system, as both public and private school offerings are often available. If you are interested in historical homes or districts, there are a number of different areas to choose from with this distinction. You will also want to determine how close your neighborhoods of interest are to your preferred shopping, restaurants, services, and recreation.
Home features
Once you have decided upon your neighborhood, consider the type of home and features that you will need for your lifestyle. Determine the square footage required for your family, as well as the type of outdoor spaces you prefer. Luxury homes often include smart technology features that may be essential for your lifestyle. If you love to entertain, look for the expansive chef’s kitchen with upgraded appliances and plenty of seating to welcome your guests. If you love movies and gaming, check for a home theater space with comfortable chairs and quality sound details. If you are interested in a Boston loft for sale, inquire about the shared spaces. Fitness centers, pools, and gathering spots are some of those amenities you may be interested in.
Work with an experienced real estate agent
An experienced real estate professional, a thorough understanding of all your costs, and the knowledge of your preferences for home location and features will help you move forward with your new luxury home purchase this year. If you take the time and do the research, you will pave the way for a smoother and more successful transaction. If you want to learn more about purchasing a luxury home in the Boston area this year, look no further than the RE/MAX Destiny Team. They have the passion and dedication needed to help you find your new luxury home.
