Buying Luxury Real Estate with No Regrets

Buying luxury real estate is like marrying someone; if you don’t know who you’re getting into bed with (so to speak) you can easily end up with a boatload of regrets later. Here we’re going to go over a few ways you can make sure that you don’t end up in this position – after all, most of us only get to buy that luxury home for sale just once! Why buy the one that’s all wrong for you when you can have the one you’ve been working so hard to buy?

Always Factor in Maintenance and Repair Costs

Before you start looking at old and new luxury homes for sale, you’ll want to factor in the maintenance and repair costs. Looking at the cost of a home built before 1960 in terms of maintenance, it averages out to about $600 a year – and that’s just for maintenance!

If you look at a home built after 2006, you’ll find the yearly maintenance fees will be around $250 – that’s less than half of that of an older home. When you add up the reduced homeowner’s insurance, you end up paying less a good deal of the time by buying a newer luxury home (or real estate in general).

Always Have Follow up Inspections

Even if you’re buying a newer home or and older home you’re fine paying extra for, you’ll want to make sure you have follow up inspections. Know that this house is everything that they say it is, and know what it isn’t. Even after having your first inspection, make sure you have do it again. Make sure that the home inspector is licensed and has insurance just in case their judgement was incorrect about the home. This protects them, it protects you and you’ll know for sure what you’re buying.

Meet the Neighbours

You’re going to be living here for a very long time – it’s time get acquainted. If you’ve gone by the house a few times and you’re sure that the inspections are panning out, you have to know who the neighbours are. It’s best to start poking around before you put your bid down, but sometimes you can’t help it.

Start by walking around the immediate vicinity of your prospective home – being on foot will give you a better sense than in a car. You don’t want to be removed from the sights, smells and sounds of this place you want to call home. What time is it? What do you hear? What’s that smell? What’s that on their lawn over there? Is that someone peeking through the curtains?

What kind of amenities are nearby within walking distance? Are there parks that you can get to, can your kids walk to school? Is there a grocery store nearby, easy access to transport and healthcare?

These are the kinds of questions you’ll want to ask before you buy luxury real estate. Walk around, talk to the neighbours, and find out why these people are selling. Is there bad blood between the next door neighbours because the septic tank flooded last year? Don’t be afraid to ask questions and find out where you’re going to be living!

Is the Commute Really Worth It?

If you’re not retiring chances are you’re going to be commuting to and from work. Maybe you’re getting such a great deal on this property BECAUSE it’s so far away. Maybe the only train that goes into the city comes by at 5:45am each morning and never again until the next day.

If you’re taking your car out every day, try and calculate the amount you’ll have to spend in extra fuel and maintenance on your car plus any parking and other expenses for the next five years. That “affordable” home could quickly get expensive!

If you want to buy luxury homes without regrets, you’ll want to make sure that you really know what you’re getting into. Understand the true cost of a home, the neighbourhood, and if this is what you want.

Brad Miller is a luxury real estate broker for The Goodale Miller Team. GMT is the #1 team in Canada for Century 21 8 years running. Specializing in Oakville luxury real estate, including luxury Oakville homes for sale, infill building lots, condominiums and more. For up to date news on the Oakville real estate market, you can visit Brad’s Google+ page here: https://plus.google.com/113690342549406125156/