This is definitely an exciting time for buyers who are shopping for luxury properties, and Winnipeg has a lot to offer when it comes to ritzy properties in a higher price range. However, the luxury home buying process is one you’ll want to do your homework on if you’re interested in buying a dream home and not just a big expensive house.
Take a look at these expert real estate tips for luxury homebuyers before getting into the luxury real estate market.
Patience is a virtue when buying a luxury home
If you’re considering buying a luxury home, you should learn to be patient. Making a hasty decision will only lead to buyer’s remorse. You don’t want that. What you want is the best value for your money. The luxury market in Winnipeg is on your side in this, as large homes usually take a lot of time to sell. This give you, the buyer, the time to investigate, and ultimately negotiate the best deal possible.
You can’t always trust the photos
The best advice I can give you here is to not dismiss a house just by looking at the photos. The only way you can truly appreciate the real value of a home and to find out if it’s right for you is by seeing it in person. The other end of the spectrum is also true: Luxury homeowners have probably hired an experienced listing agent who knows how to stage the home, show it off in magnificent photos, and attract those luxury buyers.
There are no standards when buying a luxury house
It’s impossible to say what the perfect luxury property would look like. It all depends on your taste and your needs, so don’t let yourself become totally influenced by trends. Do some soul-searching instead. Which of these unique features does your new luxury home need to have:
- A wine cellar
- A tennis court or basketball court
- A home theater
- A chef’s kitchen
- Outdoor or indoor pools
- A large size (square feet)
- Complete smart-home technology
The right real estate agent will be able to draw on his years of experience, and help you decide between options and how they affect resale value in the luxury housing market.
It’s more important to find a home that’s a good fit for your lifestyle
You may find a beautiful property with a gorgeous pool which your friends will love, but if you don’t like to swim, it might not be the best choice for you. Your home should allow you to do more of the activities you’re passionate about.
The pool of luxury home buyers you’re competing against is a lot smaller
This is only one more reason to be patient. Less competition means you have more chances of finding an incredible home and getting a great deal. That’s if you don’t rush into anything. Truly high-end homes are more of a buyer’s market in our city. Luxury home sellers don’t usually get multiple offers, as the luxury home market is a lot more relaxed in Winnipeg than in other cities, such as Vancouver, Toronto or, in the United States, places like New York City, Seattle or San Francisco.
Financial documentation is a must
It’s just better to document everything when buying high-end properties. Also, you should consider planning ahead. Getting your financial documentation together at the last minute can be stressful and simply not worth it. Speak to your financial advisor early in your buying process. Make sure you are able to provide proof of funds, as sellers in the high-end real estate market often make that a criteria for even viewing the property.
The right agent won’t make the decision for you
A great agent always tries to give the best advice and give suggestions using their expertise and knowledge, but never makes the decision for their clients. At the end of the day, you need to feel comfortable knowing that it’s you who made the final call. Your REALTOR should always have your best interests in mind, do his/her due diligence when looking at comparable properties in the high-end market and guide you thru the process, right up to closing time.
It’s best to work with a local expert REALTOR®
If you’re interested in buying a luxury house or luxury condo, it’s a good idea to rely on an agent who is familiar with the local market and knows all the hidden treasures in the area you are interested in.
Looking at homes with a high price point is different than going for a regular home purchase. These homes do not tend to hold public open houses, relying instead on a luxury real estate agent bring qualified potential buyers thru the property. Also, in any competitive market, pocket listings are rare, as sellers want to expose their homes to as many potential luxury buyers, and even foreign buyers, as possible.
Consider the resale value of your high end home
Has the luxury property you are considering been on the market for a year? Longer? Have a frank discussion with your luxury agent about the possible reasons for this. Does the home have some unique features that attract ONLY you?
Recently, for example, a nice home came on the market where the owner had converted 2 bedrooms into one huge master bedroom. That by itself was not a bad move. However, he installed a bubbling hot tub right next to the bed. While this was attractive to the current seller, it certainly did not attract your average buyer.
As the new owner, you might be well advised to remove this feature. Conversely, be careful about adding such unique items to your home, unless you know that, for certain, this will be your ‘forever home‘.
Luxury home buyers should have an expert team on their side
Put a winning team on the field. Think of your real estate agent as the quarterback. He/She alone guides the team, but won’t win the game by themselves.
You will need a good team with includes a real estate lawyer (for title insurance, title search of the property etc), a great financial planner or mortgage expert (to suggest the amount of down payment, get the best mortgage rates), a trustworthy home inspector, a home insurance expert, and perhaps even tradespeople such as an electrician, renovator, painter or landscape architects.
Seasoned luxury agents have, over time, built such a team for the benefit of their home buying clients.
Bo Kauffmann of REMAX performance realty has spent considerable time and effort in surrounding himself with the best experts in their fields. He works with these experts often, and has established a trusting relationship with all of them.
You can find the perfect luxury home
You just need some help in the search process. Bo Kauffmann would love to hear more about what exactly you’re looking for in a home and how you can work together towards finding a property that fits your lifestyle perfectly. It would be his pleasure to help you find the right direction in your quest for the perfect luxury house or condo.
Living and working in Winnipeg, he is confident that he can provide you with the information you need to make the right decision. If you’re interested in looking at high-end properties and buying a luxury home in our city, allow Bo Kauffmann to put my 16+ years experience to work for you.