Even though purchasing a home sounds like an exciting adventure, it can become more stressful than you can imagine. There are plenty of factors that must be considered when choosing a property to invest in, especially if you’re looking for a luxury home in a market such as Las Vegas. Choosing a property in the luxury market is a completely different challenge than simply browsing for a mid-range priced home. With that said, here are ten tips for buying a luxury home in Las Vegas that will help you get the best value for your money.
#1 Get the Right Support
Before you dive into searching for potential properties, make sure to get the right kind of support. Find a professional and experienced realtor who is well informed on the Las Vegas luxury market. It is important that the realtor has plenty of experience with luxury properties, as well as different areas and communities in the city. The right realtor should be able to provide all the answers you need, as well as provide suggestions as to which neighborhoods are most suitable for your requirements. On top of it all, an experienced realtor should work toward getting you the best value for your money. Without professional support, buyers are more likely to make rookie mistakes or end up overpaying for properties or investing in unsuitable areas.
#2 Do Your Own Research
Even though hiring a professional realtor is important, it doesn’t mean that you should let them do all the work. Make sure to do your own research and never rely entirely on the agent. Instead, check the average prices in the areas you’re interested in, look for potential properties and compare different neighborhoods to get an idea of different price ranges. Many professional realtors have websites with detailed listings and information that can help you learn everything you need to know. Having this extra knowledge will help you understand the situation along the way.
#3 Hire an Accountant
Hiring an accountant is especially important when buying luxury homes. High ticket investments come with many legal and financial responsibilities. That’s why it is recommended to hire an accountant so you have someone to talk to about your plans. A professional accountant will save you the headache along the way, as they will help protect your interested when it comes to legal and financial matters. Besides, you will have a professional you can rely on along the way.
#4 Pay Cash to Secure a Mortgage
People don’t only pay for luxurious properties in cash to show off their wealth. Instead, there is a smart plan behind this move. Namely, good cash deals can get you a mortgage that comes along with its advantages. A mortgage is highly recommended because of low interest rates, which means buyers can save the cash for other investments. This is another reason why you should look back to tip number three and hire an accountant to get professional help.
#5 Prepare Your Financial Reports
It is important to prepare your finances before diving into the market and browsing properties. Your financial reports and information will be required before you purchase a luxury home. It is your job to prepare this information beforehand. High net worth individuals can confirm their financial status and success via Google search. However, if you’re not too public with your finances and assets, you will have to provide a letter of reference. You can obtain this letter through your banker or portfolio manager. This process is required to verify that the buyer has enough funds to purchase a property.
#6 Protect Your Privacy
Many buyers get so excited about their upcoming purchase that they completely forget about their privacy. It is important to keep things on the low end when purchasing a property, especially if you’re interested in some of the most expensive luxury properties in the market. Make sure the realtor you hire can maintain a high level of confidentiality throughout the process so that there is no press talking or publicly exposing your next move.
#7 Think About Taking Title
The way you take Title of the property can affect the taxes that you’ll later have to pay. This is another reason why you will need a professional accountant to give you the right advice. It is recommended to take Title in a trust, as this will ensure extra privacy. After all, property tax records are public knowledge. Ask your accountant to give you detailed information and advice regarding taking the Title.
#8 Consider the Resale Value
Before you cash out and purchase the property, make sure to think about its resale value. If you decide to sell the property in the future, you want to get the best return the possible. Properties in some areas have high resale values because of the location. However, not all luxury homes will have a high value in five or ten years. Make sure to keep this in mind when making your next investment. After all, you don’t want to be stuck with a property that cannot be sold.
#9 Focus on Home Inspection
Make sure to hire an experienced inspector to take a look at the property before you make the purchase. Many buyers neglect home inspection, which can be a big mistake, especially when purchasing luxury properties. To avoid any unwanted outcomes, make sure to have an inspector investigate the entire property, including smart technology and all appliances. Proceed with the process when you make sure that everything is in good condition.
#10 Consider Nearby Amenities
Last but not least, make sure to research which amenities can be found in close proximity to the property. Many investors who want to buy luxury homes only focus on the property. However, the neighborhood and the amenities around the property are often more important. It is best to create a list of amenities and facilities you would like to have close to your home. Keep that list in mind when looking for areas and communities in Las Vegas.
The Las Vegas real estate market is consistently growing. However, despite the rising prices, luxury properties in Las Vegas are still more affordable than in other states such as California. That is what makes Las Vegas an attractive location for buyers and investors. If you’re planning to invest in luxury homes in Las Vegas, make sure to keep these ten tips in mind as you go through the process of finding the right property and making a purchase.