Five Tips For Buying A Luxury Property

Niagara On The Lake

Luxury homes are known for being unique, and so is the process of buying one.

Unlike the standard real estate process, buying a luxury home involves a unique approach. Luxury real estate is an exclusive market that relies on strong networks, specialized knowledge and careful preparation. 

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If you’re interested in buying a luxury property, consider these five tips!

Get Acquainted with the Property Search Process

Have you started searching for luxury properties yet? If you’ve searched online, you may have noticed a limited number of luxury home listings — but this doesn’t mean they aren’t out there.

Many sellers do not formally list their homes to protect their privacy. Rather than promote their property on MLS, sellers work with REALTORS® who use their personal networks to connect with potential buyers.

Find a Luxury Real Estate Broker 

For a successful buying experience, you’ll want to work with a real estate broker who specializes in luxury properties. The broker should have extensive knowledge of what classifies a property as luxury because it’s not just about the price. Other factors including location, amenities, uniqueness and historical significance determine what makes a luxury home. 

The REALTORS® at McGarr Realty are experts in luxury real estate in Niagara. Whether you’re looking for a country estate nestled in Niagara wine country or an exclusive condo with high-end amenities, we are well connected with luxury homeowners. As a luxury real estate specialist, we offer our Signature Selection, a curated portfolio of properties that meet our extensive criteria for luxury. 

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Examine the Property

Although a picture is worth a thousand words, photos are not often enough to showcase the true beauty of luxury homes. Many of the unique features of a home can’t be captured on camera, such as high-quality finishes and details. 

The same goes for the property around the home. It can be difficult to showcase the privacy of a home, including if it’s set back from the road or surrounded by wooded areas. It’s always worth seeing the luxury property in person rather than relying on online photos to make up your mind.

Document Your Search and Buying Process

When purchasing a luxury home, you need to ensure that you have all your financial documentation ready well ahead of time. If you are financing your home, your lender will likely request more detailed financial records to support your application because of the higher purchase price. Ensure that you have all of your supporting documentation that outlines your income and available funds for the purchase.

Opt-in for Title Insurance

Even when purchasing a luxury home, you can be at risk for potential losses related to the property. We recommend that you speak with your insurance broker or lawyer to learn about purchasing title insurance. 

While purchasing title insurance is not mandatory in Ontario, it can protect your residential property. For example, it can guard you from existing liens against your property, such as unpaid mortgage payments. The insurance can also protect you from title fraud, in which someone forges documents to transfer ownership to themselves.

If you’re considering buying a luxury home, our McGarr Realty team can show you the best in Niagara real estate. 

Call our office at 905-687-9229 in St. Catharines, or 905-468-9229 in Niagara-on-the-Lake. 

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