Luxury real estate is the acme of one’s life achievements. Whether such an estate is located on a prime slice of sand in Hawaii or an opulent townhome in the heart of Toronto, high-profile properties simultaneously command attention and offer an unparalleled quality of living.
You might be a veteran investor in luxury real estate. Or you may be exploring buying your first high-end residence
. Whatever your scenario might be, there are several aspects of procuring luxury real estate that few share with others.
Toronto realtor firm Forest Hill Real Estate Yorkville
is here to change that. Read on for our expert tips on making a sound, smart, and wholly satisfying purchase.
Buying luxury real estate requires the assistance of consummate professionals
Luxury real estate exists in a class of its own. Real estate agents in this niche possess a nuanced and in-depth understanding of this prestigious field within real estate, and offer complete and immaculate white-glove service.
What’s more, first-class luxury real estate agents possess pocket listings
, that is, exclusive, high-profile properties that aren’t listed on the open market. Logically, it makes sense: whether they’re a bestselling author or a celebrity athlete, owners of luxury real estate typically like to maintain their anonymity. Interview several luxury real estate agents before making this substantial decision, and ensure they work with a well-respected team of attorneys and brokers.
An estate’s resale value is of utmost importance
Whether you’re purchasing a gorgeously restored Queen Anne revival in Rosedale or an immense Georgian in Yorkville, paying close attention to an estate’s resale value should top your list of priorities.
An exceptional luxury real estate agent will be able to advise you on the neighborhood’s trajectory and point out residences possessing features that will only increase in value. Further, your agent will have an insider’s understanding of any new construction that’s looming on the horizon. The last thing you would want to do is purchase luxury estate with staggering vistas only to have a new building constructed the following year that blocks the views you fell in love with.
An inspection is critical
It’s certainly true that luxury properties are often, if not always, kept in pristine condition. And yet, buyers can all too easily be stunned by an estate’s appearance that they may not immediately see potential faults within the residence. A licensed home inspector who specializes in the luxury market will perform a comprehensive investigation of the home’s foundation, electrical and plumbing systems, roof, and more to advise you on whether the estate needs immediate or imminent upgrades. Then you will know if it is a good investment or if you should step away from the deal.
Title insurance is also crucial
Home insurance is a no-brainer, but experts also recommend ensuring you obtain (and maintain) title insurance too.
In-person tours are vital
Between 3D tours and masterful photographs, you can glean an abundance of insight online. And yet, seeing a piece of luxury real estate in-person is fundamental. If you live across the pond or across the world, arrange to have your trusted agent conduct a thorough examination of the home and property.
Compile a complete list of your wishes
It goes without saying that purchasing luxury real estate is a significant decision; indeed, it may be one of the largest of your life. Imagine the remorse that might arrive if you realize the property you purchased doesn’t have the spa-grade bathroom your partner requested, space to accommodate the lap pool you’ve always wanted, a chef’s kitchen that’s perfect for entertaining, or proximity to superb restaurants.
Before even searching for a luxury property, be sure to outline every single one of your wishes (in addition to the wishes of your family members, if it applies to you) and review them with your real estate agent. While it may be challenging to secure a residence that boasts all of your longings, it should have the potential to create them, whether it’s a billiards room, a tennis court, or a yoga studio.
You must be in love with the location
Investors aren’t just purchasing a 21st-century postmodern architectural jewel, a Tudor revival, an exquisite Edwardian mansion, or an iconic Victorian. You’re also purchasing a neighborhood.
Whether you plan to spend your vacations at your luxury estate or will be using it as your primary residence, it’s imperative to be as head-over-the-heels with the location as you are with the property. List the nearby amenities that would bring you and your family ongoing delight. This might be an upscale shopping district within walking distance, a state-of-the-art fitness facility, an art museum to while away your Saturdays, or a verdant park flourishing with picnic spots and running trails.
At the same time, evaluate whether the general energy of the area resonates with your lifestyle and preferences. A townhome situated on a street famed for its electrifying nightlife might not be the optimal fit if you’re an early riser who prizes serenity and quiet.
Patience is key
Procuring luxury real estate takes considerably longer than purchasing a median-priced home. From ensuring that the residence exceeds your expectations to guaranteeing all of your and the seller’s documents are in order — and from securing a lender (if applicable) to having a real estate attorney review every facet of the transaction — there are various aspects to a massive deal that require time, energy, focus, expertise, and patience. In this sense, the old chestnut rings true: Good things come to those who wait.
Happen to be in the market for Forest Hill luxury homes? You’re in precisely the right place. As renowned experts in Toronto’s leading high-profile properties, Forest Hill Real Estate Yorkville
is here to provide you with an impeccable and gratifying experience. Book a consultation with us today to discover all that awaits you in this legendary city’s toniest enclaves.