When people think of high-end real estate, the first cities that come to mind are usually Los Angeles and New York City. However, it’s time for Manhattan and Beverly Hills to make way for the high-end market in Atlanta, Georgia. From luxury high-rise condos to stately mansions on sprawling, wooded acreage, Atlanta is truly home to some of the finest homes found anywhere in the Southeast.
Of course, the number of options alone can be overwhelming, and the process of purchasing a luxury property can be daunting — especially if you are a first-time homebuyer. To make the process of choosing and buying a luxury home a bit simpler, we’d like to offer the following practical tips for luxury buyers shopping for high-end real estate in Atlanta.
Prepare Your Luxury Home Financing Early
The financing process for high-end properties can be long and complex as lenders take extra care when processing larger loans. Unless you plan to pay cash for your home, be prepared to have patience when procuring your financing. You can streamline the lending process a bit by putting as much money down as possible (plan on at least 30 percent), and by preparing detailed documentation of your income, investments and other holdings. The more financial stability you can demonstrate to lenders, the easier it will be to get approved.
Luxury Real Estate or Not, Don’t Skip the Home Inspection!
Don’t assume that the list price of a home is reflective of its condition. Nature and time treat all properties the same, and even luxury homes may have significant issues behind the walls or in the foundation. In fact, the more you plan to invest in your home, the more important it is to get a thorough home inspection first. Protect your investment, and don’t finalize any deal unless you are satisfied with the results of the inspection.
Save Money on Foreclosures and Short Sales of High-End Homes
When a bank forecloses on a home or accepts a short sale from a homeowner trying to get out from under a loan, their primary objective is to recover their losses on the property. By keeping an eye out for foreclosures and short sales, you may be able to purchase high-end real estate for a fraction of the appraised value.
Keep Your Ear to the Ground
Many luxury homes for sale never make it to the MLS listings. Instead, they are sold privately via word-of-mouth, or they get multiple offers from people “in the loop” before the listing can go live. If you are on the hunt for high-end real estate in Atlanta, don’t discount the possibility that you could get a good lead from your business network or other property investors in the Atlanta area.
Work with an Experienced Real Estate Agent
All other considerations aside, the mechanics of the luxury real estate market can be so complex that you should not attempt to navigate them alone. When you hire an Atlanta luxury real estate agent with experience in luxury home sales, you get the advantage of working with someone who understands the market well and knows where to find the best deals and open houses. A knowledgeable agent will also be able to guide you through the occasional twists and turns involved with buying in the luxury market, and he or she will also have access to early leads on available properties even before they get listed.
If you are looking to buy high-end real estate in Atlanta, our REALTORS® would love to show you what is available and talk you through your options. Call Atlanta Fine Homes Sotheby’s International Realty — the top luxury real estate brokerage in Atlanta — at 404.948.4812 today to schedule an appointment.