Buying a luxury home is a desire for most people, from grand villas in the country to penthouses with beautiful views of the city. When you add smart home technology to the mix, the options are limitless for buyers seeking grandeur.
Demand for luxury real estate is growing in emerging markets across Africa and Asia. In countries such as Rwanda, high net worth individuals see purchasing luxury houses as a good investment. In addition, modern families wish to live in secure, upscale, amenity-rich neighborhoods.
Whether it is the location, the price, or the amenities on offer every luxury property has characteristics that make it appealing to a buyer.
In this mini-guide, we will highlight some of the best luxury home buying tips out there.
Work with a reputable real estate agent
Finding a luxury home is not as easy as it sounds. Given the fact that luxury properties are meant to be “exclusive”, they are not always listed for sale on property portals, due to privacy concerns. The upscale market works more on the basis of “word of mouth”.
An estate agent experienced in the high-end market is invaluable for a number of reasons. They say:
- Know the areas you are interested in.
- Reach out to eMall Property for properties more suited to your requirements.
- Have access to off market properties (that are not openly advertised)
- We provide an accurate property valuation and the best deals.
- can help guide you through the whole buying process.
- I will keep your dealings private and confidential.
Have a luxury home checklist
There are various luxurious amenities or features on offer. Some will be more important to you and your family than others. So you will need to make a list of all the ‘must-have features’ you are looking for. This will help keep your search focused. This will also aid the realtor you are working within quickly finding something suitable for you.
Due diligence have the luxury house inspected.
As they say, the devil is in the details. It’s not just how a house appears on the surface that you need to worry about, the house also needs to be built on a good foundation.
Mold, pests, poor electrical wiring, leaky roofs, faulty plumbing, structural damage, etc. are all issues you must look into. Hiring a professional home inspector is wise.
It’s always better to be safe than sorry, especially given the somewhat huge amounts of money involved in acquiring luxury real estate.
Make sure your finances are in order
Buying a luxury house is a considerable investment. Therefore, you should make sure your budget matches the cost of the features you’re looking for, i.e., are you qualified to buy them? There’s no point in having an endless list of features on your checklist when it will cost more than you are willing to spend.
Furthermore, buying a luxury home is often an all-cash affair; though you may find mortgage banks willing to offer you a loan. Additionally, due to property taxes, you will need to examine the local tax laws.
The location has an impact on various issues and is something that must be considered carefully. You will need to sit down with your realtor and map out what neighborhoods you would love to live in. Not every neighborhood will be able to accommodate all your wishes.
Key things you should discuss include:
- The local trends in the area, like Nyarutarama, Rebero, Gacuriro, etc.
- Future plans for that neighborhood
- The types of goods and services you require.
This will allow you to pinpoint specific neighborhoods that tick most of your boxes, making your home search much easier than it would otherwise be.
Can you sell this luxury house (easily) in the future?
People’s circumstances are always changing. Therefore, you may find yourself in a situation where you must sell your home in the future.
A home with strong resale value is certainly more valuable than one which lacks this asset. A home’s condition and its location are among the two biggest factors that determine its value. Therefore, buying a home in a great location, with strong demand, will ensure you are able to quickly sell it for a good price.
With this luxury home buying guide, we have provided you with important tips and things to consider, when seeking to buy or rent a luxury home in Kigali. Knowing what you want, working with eMall Property (realtor) and having an appropriate budget in place, are all important issues to think about.