Brought By Cheryl Thompson
Top Tips for Buying in the Luxury Real Estate Market
Navigating the world of luxury real estate is a competitive game – one that calls for entering the ring with a strategy in place in order to win.
Whether you’re buying or selling a luxury property, there are a number of best practices you should abide by. However, much to many luxury real estate participants’ chagrin, these tips and tricks aren’t likely to be on the radar of those who aren’t insiders to the industry.
As such, heeding the advice of a trusted realtor is recommended to those entering the realm of luxury real estate. Today, I’m pleased to share with you my top tips for buying in the luxury market.
(If you’re preparing to sell your luxury home, be sure to check out my top tips for selling in the luxury real estate market here.)
Seek Out the Hidden Listings
“Exclusive Listings” are an integral part of the search for a luxury home, because – in order to protect a seller’s privacy – many high-end properties never hit the MLS. Often, luxury property sellers work exclusively with respected realtors who specialize in exclusive listings. Properties are marketed relatively quietly, more so through realtor connections than an online presence. In order to access special listings like these, you’ll want to work with a well-connected luxury agent in your hunt.
Know Your Neighbourhoods
You already know the adage: “Location, location, location,” but the saying is classic because it rings true – location is always important when it comes to real estate, and it’s even more meaningful in the luxury realm. A real estate investment’s value is intrinsically linked to the well-being, history, and reputation of its neighbourhood, and high-end buyers often seek lifestyle opportunities that can only be found in select locations. (Think: private schools, country clubs, high-end shops, and top-tier restaurants.) So, when you’re hunting for a luxury home in Toronto, pay attention to offerings in esteemed areas such as Rosedale, Yorkville, Forest Hill, and the like.
“Exclusive Listings” are an integral part of the search for a luxury home, because – in order to protect a seller’s privacy – many high-end properties never hit the MLS.
Figure Out Your Finances
Often, luxury home sellers prefer to see proof that a buyer qualifies to purchase their home, before they even permit a property showing. Once that showing is secured, any financial preparations should be completed in advance of contemplating making an offer. Remember, when you’re in the luxury realm, everything is scrutinized more closely, so you’ll want to be well prepared.
Practice Patience
If I may present you with another truthful adage, “slow and steady wins the race” is a sentiment that holds its own in luxury real estate. The high-end market is a unique sphere with varied offerings, and securing your dream luxury home may take some time. Because there are fewer luxury homes on the market than standard listings, and many include distinctive, quirky, or eccentric features, finding the one that suits you best may not happen overnight. It’s important to remember that “good things take time,” and once you lay eyes on your perfect luxury home, you’ll reap the benefits of your patience for years to come.
Don’t Budge on Your Must-Haves
The luxury real estate realm is bursting with homes that offer their own je ne sais quoi. Because it’s easy to be swept away by all the diverse glamour, it’s wise to approach your home-hunt with a list of must-have criteria in mind. What’s more, luxury buyers often have specialized interests, which call for unique priorities: location, views, movie theatres, entertainment rooms, home gyms, entertaining features, land, privacy, smart-home appliances, wine cellars, a pool in a landscaped backyard… the list goes on! When buyers go in with their preferred amenities specified– as well as what they’re willing to sacrifice – zeroing in on the perfect place becomes easier.
Final Thoughts
Beyond perusing these tips, you may be seeking further support as you navigate the luxury real estate market. I am always a phone call away to help you fulfill all of your Toronto luxury real estate goals.
About the Author: Cheryl Thompson is a leading luxury Realtor® and Senior Vice President of Sales with Sotheby’s International Realty Canada helping buyers and sellers to fulfill their real estate goals in Toronto’s most prestigious neighbourhoods. She can be reached at cthompson@sothebysrealty.ca or 416.419.1991.