In a recent post, we went over some tips for buying a luxury home in Florida. We discussed cultivating awareness of the local real estate market, working with locally-based professionals, researching property taxes, and more. In this post, we are going to focus on some things you should look for when selecting the home itself.
6 Tips If You’re Looking for a Luxury Home
- Investment potential. When you buy a luxury home, you are not just purchasing a place to live; you are making a substantial financial investment. So, you should consider the potential that investment has to grow over the years ahead. Home values in Florida have been climbing. REDFIN reports, “The Miami housing market is somewhat competitive. Homes in Miami receive 3 offers on average and sell in around 44 days. The average sale price of a home in Miami was $510K last month, up 21.4% since last year. The average sale price per square foot in Miami is $374, up 17.0% since last year.” That is some healthy growth in home values, so, that is great news if you are shopping for a home in the Miami area.
- Location. When shopping for a luxury home, it is easy to fixate on the home itself and forget about the context: its location. You might find the perfect home, but it could have a view you do not like or a noisy overpass nearby. Another consideration is that even if the view is great today, tomorrow, it might not be. Try and gauge what to expect with other real estate developments surrounding the property.
- Size and floor plan. In terms of the home itself, make sure its size will accommodate your family now and in the future, and that the floor plan will suit your needs.
- Design. Consider the overall design of the home. Do you like the architectural features inside and out? What is the general ambiance like?
- Features. Since you are buying a luxury home, there may be specific luxury features you are looking for. You probably will not be able to have all of them, so figure out your priorities. Would you rather have a home theater, a swimming pool, or a gym?
Finally, just because a home was constructed with luxury in mind does not mean that its condition is also luxurious. If it is an older home especially, there is a chance that some of it has fallen into disrepair. Decide how much work (and money) you are willing to put into repairing and upgrading a home, and shop accordingly.
Buy a Luxury Home in Florida Now
Regardless of what home you eventually end up buying, you will need a competitive mortgage to go along with it. Lending Bankers Mortgage can connect you to the home loan that will allow you to buy your luxury dream home. To get started, please give us a call today at (786) 220-1100 to schedule your consultation.
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