Many people think that buying a house, if you are one of the richest people in our country, is easy. The complicated thing would be to have all that money together. Our experience is that buying these million-dollar homes presents millions of problems as well. That is to say, that to fat amounts, fat messes.
What are you going to see in today’s article?
5 problems when buying luxury houses and advice that we give you, to acquire those luxury mansions for sale, with all the security.
Well, what are the problems that we can find if we want to buy a luxury house?
Maybe you are looking for luxury houses for rent, or you prefer the option of a luxury villa to spend your holidays. In any case, our advice is that you do not get carried away by the facade, you should pay attention to the luxury houses inside, as they can hide non-legalized reforms. Although its appearance is that of a modern luxury mansion, its sellers have been able to make changes to the structure that compromise its stability.
We are going to explain up to 9 problems that these Luxury Houses can present, no matter how incredible they seem.
1. Rich Owners
Within the sale of luxury homes, we can imagine that the luxury house that they have as a gift has not fallen for them and that they are usually entrepreneurs, accustomed to many negotiations. They know very well what is the estimated price of the luxury mansions they own. The richer the owners of the house, in some cases the more oddities, and if they have that wealth it is because they know how to manage it. Therefore, the negotiations are not going to be easy.
2. Real Estate Agencies
The luxury houses for sale are carried almost 100% by luxury real estate agencies, so you will not be able to deal directly with the owners, almost in no case. This has pros and cons. Agencies collect a significant percentage of the sale of these luxury mansions. But they are the most professional part of the real estate market and are used to more or fewer complex processes. They know the luxury home market very well and very few mansions are sold without a luxury real estate agency, so do not expect to deal directly with the seller.
Tip: In seller markets like the current one to date, the agency that sells the house can receive several offers from other potential buyers of luxury houses, so they will not marry anyone. Keep that in mind.
3. Non-Legalized Reforms
Many well-located luxury homes have been undergoing renovations for many years. So it is easy to find that when it comes to putting these luxury mansions up for sale, many of these improvements are not legalized. We find this a lot in attics with roofs and closed structures, which do not have permits from the City Council. Keep in mind that if you need a mortgage, the bank will only take into account the meters built and legalized at the time of requesting it.
Although this applies to all luxury mansions, in the area we are referring to it is much more striking due to the scarcity of the product. What do these doubts of luxury home sellers consist of?
Millionaire home sellers usually have more properties and assets. They may assume that their luxury home for sale will not last long on the market. The fact of selling a luxury mansion at a specific time is a temporary decision that is made taking into account all the assets of that person. If at any point during the sale, the seller feels hesitant, pressured, or remorseful about listing this particular property, they may back down. It is not the same as when we attend the sale of a normal and current house between individuals, which represents 90% of their assets. In the case of people with a lot of net worth, the purchase and negotiation processes must be done with great tact and professionalism so that the seller feels comfortable with us. Otherwise, it is easy to decide on another rich buyer. Now, I know you think you have a lot of money and that you can buy whatever you want. But the last word is to buy the other’s house, the other has.
How to negotiate the price of a luxury house. This would give for a book. In a regular purchase process, it is normal that you can offer 10% below the price requested by the seller. But in the case of a 10 million dollar luxury house, we are talking about offering 1 million dollars less. Luxury houses are commonly located in the best neighborhoods and there are usually no two alike, so if you don’t reason your offer well you have a good chance of losing out. You must work the negotiation very well to end up acquiring one of these luxury mansions, you must support the offer with practical data.
At this point, we recommend you propose an appraisal of the house. The most normal thing when offering a lower price is to resort to the fact that the property is not in optimal condition, so before the owner gets angry, it is best that you previously request a professional appraisal to assess the price of the house. The other alternative, and with great tact, is to propose that you are going to do a complete reform of the house to give it your style, so the value you pay is the lot and the container (the bricks). Negotiating the price is the most sensitive part of buying any home. Finally, do not forget to rely on the facilities that you give the seller in the rest of the closing conditions apart from the price.
So, did you find this post helpful? Thank you for reading and have a nice day.