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Your Complete Guide To Buying Luxury Real Estate In 2023

February 28, 2023
Finally reaching the dream of purchasing a luxury real estate property in Kelowna can feel like a lifetime achievement for many. But like any purchase, there are challenges associated with buying luxury properties that can often fall off the radar of a potential buyer. In this comprehensive guide to buying luxury real estate, we’ll give you a step-by-step guide to buying luxury real estate so that you can be happy and confident in your choice come closing day.
Luxury property with a great view

Figure Out Your Home Priorities

Like snowflakes, all luxury homes are unique. Each property comes with its own set of features and benefits, such as a lavish pool or a sprawling backyard. Consider things like location, size, views, outdoor spaces, high-end appliances and finishes. You should also consider your lifestyle and how the property will fit into it.

Of course, there’s also the financial aspect to consider, as luxury real estate comes with a higher price tag than your average home. Make sure you consider your budget and financing options not only for the initial purchase price but for ongoing costs such as property taxes, maintenance fees and utilities.

Before embarking on your quest for the perfect home, it’s crucial to identify your specific wants and needs. This will help you and your real estate agent streamline your search by narrowing down the properties that meet your criteria.

The Stone Sisters Team

Find The Right Realtor

Hiring a real estate agent is one of the most important steps when buying luxury properties. This will not only save you time and money at every other step of the process, but it also ensures you feel confident in your decision on closing day. Some of the key benefits of a real estate agent include the following:

Expertise & Guidance

A real estate agent can provide you with invaluable guidance on the local market and neighbourhoods, as well as current market trends, pricing and negotiation strategies. We’ll help you navigate the complexities of buying luxury real estate to ensure you’re making an informed decision.

Professional Network

A good real estate agent has an extensive network of professionals, such as lawyers, inspectors and contractors who can help you at every step of the buying process. At Stone Sisters, we’ve developed relationships with a variety of Kelowna’s industry professionals and vendors to ensure you can buy a luxury home quickly and at the right price.

Strong Negotiation Skills

Negotiating the purchase of a luxury property can be a complex and challenging process. A real estate agent will represent your best interests and negotiate on your behalf to ensure that you get the best possible deal.

Access To Off-Market Properties

Real estate agents often have access to exclusive listings that are not available to the public, which can be particularly valuable when looking for luxury real estate. Our team may also be aware of upcoming listings before they hit the market, giving you the advantage you need in such a competitive market.

Luxury home kitchen interior

Go Beyond The Digital

We’ve all lived with the internet for long enough to know that photos can be deceiving. While browsing online listings is a great way to get a feel for what’s out there, it’s important to keep in mind that photos can be edited or enhanced to make a property look better than it really is. On the other hand, some photos simply can’t capture the feeling or look of a beautiful luxury property. To avoid being misled or missing out on beautiful homes, it’s always a good idea to schedule a visit to the property for a tour.

Of course, this is sometimes easier said than done, especially if you’re moving on short notice or from far away. Luckily, our team utilizes the latest technology with professionally shot video walkthroughs, detailed floor plans, drone photography and even guided virtual tours over Facetime or Zoom, to ensure you’re confident in your purchase.

Luxury home office interior

Think Ahead

While it’s important to find a property that meets your current needs, you should also consider how your needs may evolve in the future. For example, if you plan on having children or work from home, make sure you have the space to accommodate everyone. This becomes even more important if you’re often the host of large gatherings for family and friends - you’ll need to look for luxury real estate listings with plenty of space for entertainment.

Luxury properties are often a significant investment, and you'll want to ensure that the property meets your needs not just now, but also in the future. This could include factors such as the potential for renovations or upgrades, the property's resale value, and the potential for rental income if you plan to rent out the property in the future.

Stunning well-lit luxury property

Find Your Dream Home & Make An Offer

When you find your perfect luxury real estate listing, walking that thin line between making an offer that is both appealing to the seller and financially feasible for you is a crucial balance. Our team will help you make the best possible initial offer, taking into account the current market conditions, the property’s listing price and of course your budget.

After the initial offer, our team can help you navigate the negotiation process and work with the seller to find common ground. We can also advise you on any contingencies to include in your offer, such as financing or inspections as well as help you stand out from the competition.

In a luxury real estate transaction it’s not uncommon for the negotiation process to last for several rounds, and a skilled real estate agent can help you navigate this process with ease. Ultimately, by working with a real estate agent and crafting a thoughtful and competitive offer, you can increase your chances of securing your dream home in the luxury real estate market.

Person signing a home inspection form

Schedule A Home Inspection & Appraisal

After your offer on a luxury real estate property has been accepted, it’s essential to have a professional home inspection and appraisal done. This will help ensure that the property is in good condition and worth the agreed-upon purchase price.

A home inspection can uncover any hidden issues or needed repairs, allowing you to make a more informed decision about whether to move forward with the purchase.

A home appraisal will help ensure that the purchase price is in line with the property’s true value. Appraisers evaluate the property condition, location and other factors to provide an unbiased estimate of worth, which will be crucial for securing financing, as lenders typically require an appraisal to ensure that they are not lending moremoney than they need to.

Couple getting a loan for their luxury home

Secure Your Financing

If everything looks good after the home inspection and appraisal, it's time to secure financing for your luxury real estate purchase. You can begin by applying for a loan from a lender. Lenders will evaluate your financial history, credit score, income, and debt-to-income ratio to determine your eligibility and the terms of your loan.

Luxury properties often require larger down payments and may have stricter lending requirements, so it's important to have your financial documentation in order and to work with a lender experienced in the luxury real estate market.

You may also want to consider obtaining pre-approval for a loan, which can help demonstrate to sellers that you are a serious buyer and have the financial means to close the deal. By securing your financing in advance and working with a reputable lender, you can position yourself for success in the luxury real estate market and increase your chances of securing your dream property.

Luxury property in the daytime

Conduct Final Procedures

At this point all that’s really left is to cross your t’s and dot your i’s before closing day. This includes:

  • Finding a real estate attorney to look over your closing documents and make sure everything is above board.
  • Reaching out to an architect or contractor if you’re planning on renovating or modifying your new luxury home before moving in.
  • Contacting a title insurance company and a homeowners insurance company to ensure you’re protected if you discover any problems in the future.
  • Conducting your final walkthroughs, ensuring everything is working as agreed upon.

Having a real estate agent will give you access to a variety of these local professionals, and we can even be there for your final walkthrough to make sure everything is up to your standards!

Poolside luxury

Close & Enjoy Your New Luxury Dream Home!

Once everything is secured and all contingencies have been met, it’s time to sign your purchase agreement and prepare for the closing. At the closing, you and the seller will sign the final documents and transfer ownership of the property to you. This typically involves paying the remaining balance of the purchase price, closing costs and any other fees associated with the transaction.

You may also need to provide proof of insurance and other documentation at the closing. Your real estate agent can provide guidance and support throughout this process to ensure everything runs smoothly.

Once closing is complete you will receive the keys to your new luxury home and can finally start transforming it from a house into a home. With careful planning and the support of a knowledgeable real estate team, the closing process can be a smooth and exciting step toward the beginning of a new chapter in your life!

Having a reputable and professional real estate agent to guide you through the process when buying luxury real estate is essential to keeping things running smoothly. With our reputation for being the #1 REALTOR® team in Kelowna for seven years in a row (supported by over 100 five-star reviews), we’re here to make sure you get your dream luxury home at the best possible price. Contact Stone Sisters today and get started!

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