Shopping for luxury homes in London used to be a pretty straightforward process. Getting a mortgage was easy, there weren’t nearly as many properties flooding the market and the more desirable areas of the capital existed in much smaller numbers. These days however, the exact opposite is the case on all fronts.
As of 2015, buying a property of a luxurious nature is a process that involves an OTT arsenal of paperwork, conflicting information and the kind of scope for choice that’s enough to confuse pretty much anyone. Of course, with the right agent on your side there’s very little that won’t be taken care of on your behalf, but there are still certain snippets and secrets to bear in mind to make sure you make the right moves from beginning to end.
So in the spirit of removing the complications from an inherently complex process, here’s a quick overview of some of the key things to bear in mind:
1 – It’s a Good Time to Buy
Contrary to the rants and raves of so many, it’s actually a pretty great time to invest in high-end real estate right now. The UK property market isn’t in bad shape at all compared that of plenty of overseas nations, plus there’s the bonus that the upper-end of the property market is particularly strong. 2015’s mortgage rates have been agreeable across the board, with many larger home loan options hitting their most attractive lows in years.
2 – Prepare for Competition
It can be natural to assume that you’re the only one looking for multi-million pound properties in your chosen area. But while you’re certainly in the minority, there’s almost always a decent dose of competition around which means it’s never a good idea to take things for granted. If you find a place that’s perfect for you, fight for it just as you would for any other in-demand property at any level.
3 – Many Sellers Take Their Time
In the luxury-end of the property market in particular, sellers are more prone to taking their sweet time and being in no rush to sell at all. They may be waiting for the right price, they may be selling just for the sake of selling or they may be semi-undecided as to whether to sell at all. In any and all cases, it’s worth bearing in mind that even after you find an incredible place, it might be a while before the deal is actually sealed.
4 – Cash is King
When it comes to getting the best possible deal these days, cash is king. It’s not that those on the market for luxury properties have any trouble securing the loans they need, but rather a case of cutting out the middleman, eliminating red-tape and getting rid of as many fees as possible. More often than not, if you are willing to pay cash for the property of your choosing, there’s a strong chance you’ll be able to negotiate a significantly better price. As such, those who can pay for their home in cash are pretty universally advised to do so as it’s a method with zero drawbacks and a ton of gains to be had.
5 – Shop For Your Agent As If They Were Your House
As the agent you choose will often make the difference between an epic deal and one you’ll wish you never bothered with, you should put as much time and effort into finding an agent as you’d expect to invest in looking for a home. The right agent will offer access to not only the very best and most exclusive properties, but the kind of experience and savvy that all the money in the world cannot buy. If there’s one element of the process to really take your time with, this is it!
6 – Know What You Want
Last but not least, so many luxury properties are bought on whims these days with the buyers having been bowled over by a hundred and one things they fell for at the viewing though ultimately had no use for. The sky’s the limit when it comes to luxuries and extras, but at the same time you need to know what you want and what you need before even starting the search process. After all, if amenities and proximity to any given place matter to you most, this should technically top the list above and beyond everything else across the board. And if you’re in any doubt as to what you should be looking for, your trusted agent can help point you in the right direction.