Help with the Luxury Market

 

Luxury Market PgIf you are looking for luxury homes in Davie or the surrounding areas, you won’t be disappointed. We have a vibrant luxury market with homes ranging from $600,000 to well over $2 million. You’ll find a variety of floor plans in a mix of planned communities. Or you may choose a custom-built Davie acre home to satisfy your longing for open spaces. Here are things to consider when buying a luxury home.

Gated or Non-Gated?

There are people who love gated communities and others who don’t. Luckily you’ll find both types of luxury home communities in the area.

Advantages of Gated Communities:

  • Security – A gated community will have less traffic and therefore less opportunity for crime.
  • Privacy – Since access to the community is controlled, the only people driving into the community are either going home to going to visit someone. There are less likely to be people driving by the watch you work in the garden.
  • Quiet – With less traffic and almost everyone with a specific destination in mind, there is less traffic noise. And, common areas are usually well landscaped and maintained. You get a peaceful feeling as soon as you drive through the gate.
  • Community Feeling – A gated community tends to make people feel closer to one another. Very often, there are more block parties and social interaction among the residents than at non-gated communities.
  • Exterior Consistency – The common areas in a gated community are usually very well cared for. The homeowners’ association also usually has covenants that require exterior changes to be approved, thus preventing you from living across the street from a lime green home.

Disadvantages of Gated Communities:

  • Community Rules – While this is an advantage for people who like gated communities, others are bothered by the imposition of rules governing exterior design and other issues that affect the community as a whole.
  • Invasion of Privacy – Monitoring the neighborhood can be considered an imposition because of the need to alert the guard about visitors and the feeling of being watched.
  • Cost – The cost of maintaining the gated environment does increase the cost of the homes and associated maintenance costs.

Financing Issues

As you can imagine, obtaining a loan for a luxury home is more complex than loans for other types of homes. The process usually takes longer and requires a fair amount of paperwork and documentation. The easiest thing to do is to obtain a loan pre-approval before making an offer. Not only does being pre-approved speed the closing process, but you have the advantage of a stronger position when negotiating with the seller, also.

Inspectors

A luxury home often has amenities that require special vetting before you finalize a contract. A general inspector will handle most things, but don’t be hesitant to bring in inspectors who specialize in evaluating amenities such as fountains, central vacuum systems, sophisticated security systems or extensive landscape lighting.

Paying Cash

If you will be paying cash for your home, there are two critical things to keep in mind.

  1. Don’t Overestimate the Power of Cash – Some cash buyers feel that they represent an exceptionally strong buyer profile and will offer less than the market value for the home. They often lose.
  2. Don’t Skip the Appraisal – Even though there isn’t a lender involved, it’s always a good idea to have a formal appraisal of the home.

Finding Good Advisors

Purchasing a luxury home is different than purchasing other types of homes. You need experienced advisors to make sure you get the insight you need to make informed decisions.  The Teri Arbogast Team is experienced in and knowledgeable about the luxury market in the Davie area. In addition, we can refer you to loan officers and other professionals you will need during the transaction that are also experienced in handling with luxury home issues.

If you’re planning to buy or sell a luxury home, contact us at for the best real estate transaction of your life.  Call us at 954-242-8030 or send an email.