A different Arizona home buying experience

Is the luxury home-buying process different from other types of homes? Unique aspects reveal need for exclusive buyer’s agent.

Yes. If this is your first luxury home purchase, you’ll find that the home buying experience not only is different but also more complex in many respects.

From determining how much to offer through the close of escrow, the luxury home purchase is more time consuming and requires much more due diligence than when purchasing in the lower price ranges. Here are tips to keep in mind when purchasing luxury property.

Financing your luxury real estate purchase.

While some luxury home buyers have the available assets to pay cash for their Arizona luxury home purchase, the majority of home buyers seek financing.

There’s a misconception that a buyer with financing can’t compete against the cash buyer. The attractive offer and large down payment position you equally with a cash buyer offering less than market value for the home. And it meets the newer financing requirements required these days by lenders.

The financing approval process may take longer, up to 60 days, as a result of extra documentation and often more than one appraisal. It’s important to gather all required documents before visiting a lender will help speed the process.

Use an Arizona exclusive buyer’s agent.

The importance of having a Scottsdale luxury home buyer’s agent cannot be overestimated. While using an Arizona buyer’s agent is a must in any type of a home purchase, it is imperative when purchasing luxury property, especially in gated communities. In fact, the ideal agent in these instances is a luxury home buyer’s agent who specializes in gated communities.

One of the most important considerations in the luxury home buying process is price. The buyer’s agent ensures the buyer isn’t paying too much by determining the market value of luxury property. This requires the Arizona exclusive buyer’s agent to conduct extensive research that involves comparing properties.

The Arizona exclusive buyer’s agent specializing in luxury homes also has a well-developed network of contacts that allows the agent to learn about upcoming luxury listings even before they hit the open market.

Don’t rush the process.

Because of sophisticated design details, amenities and technology in Scottsdale luxury real estate, the services of specialized home inspectors may be required.

Having access to all available information about Scottsdale luxury real estate including that in exclusive gated communities is critical in all real estate transactions but especially in those that are more complicated, such as the purchase of luxury property.

The takeaway? Learn as much as you can about the process, go into it well represented by an Arizona exclusive buyer’s agent specializing in Scottsdale luxury homes, and take the extra time necessary to inspect the property thoroughly.