6 Important Tips When Buying Luxury Properties

6 Important Tips When Buying Luxury Properties

Searching for a luxury property can be more complex than a regular home search. Buyers may find few options on their first go through traditional methods like MLS or other listing platforms. Conversely, those who partner with a local agent gain an essential advantage. Before looking for luxury Key West homes for sale, here’s what to know about the local real estate market.

Luxury sales in Florida experienced a recent decrease marked by low inventories characteristic of 2021. Although the luxury market is beginning to even out, it’s at the expense of rising mortgage rates. As a discerning homebuyer, you may be inclined to wait out high rates for jumbo loans or other financial assistance.

Although sales have decreased, prices continue to rise, and active listings have declined. With this in mind, follow these tips when planning your luxury home purchase.

1. Know your goals

To focus your home search, think about what you want from a property before beginning. Without priorities in place, it’s easy to be overwhelmed or underwhelmed by every home you visit. Luxury properties vary significantly, confusing buyers about what they do and don’t want out of a property. Trusted agents are an indispensable resource for keeping the whole picture in view.

When seeking houses for sale in the Florida Keys, start with fundamental criteria like the number of bedrooms and bathrooms, square footage, design, and location. Then narrow down your list further by accounting for preferred amenities. For example, if you’re bringing your boat to Islamorada you can have your agent hone in on waterfront properties with docks. You may decide some perks are nice to have but not necessary. Your agent can help you weigh long-term pros and cons, such as maintenance requirements and the prospects of its neighborhood.

2. Work with an agent

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Without the help of a local luxury agent like those at OceanSIR, buyers may find it nearly impossible to find a luxury home. For one, luxury properties are marketed differently, given their exclusivity. Many options available aren’t listed on the MLS, and those listed publicly tend to sell quickly. Most properties forego physical signage as well. There are few avenues for buyers to make a successful purchase by themselves.

A local luxury agent will have connections to the correct channels and know about properties in the area that meet their client’s goals. These connections allow them to schedule in-person home showings or invite buyers to a private open house. Additionally, those with extensive experience in luxury transactions will know all the ins and outs of the process, guiding buyers with minimal mistakes.

3. Don’t rely on photos

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Photos are a valuable resource when considering luxury properties, especially ones that are hard to view in person. However, buyers should avoid relying solely on photos. Especially for larger properties like Islamorada luxury homes, photos can’t capture the whole experience of the space. Those who visit in person may notice things about a property that can’t be assessed from a two-dimensional photo or other marketing tools like a digital tour and videos. Before deciding if a property is for you, visit in person.

4. Assess the property

Several qualities can make a home luxurious, and when searching for properties in the Florida Keys, it’s essential to look out for common factors. Price is an obvious indicator, as luxury homes are usually within the top 10% of properties in the area. Buyers should note home features like more extensive square footage, more rooms, and unique designs created with premium materials. Aspects like size and space should be judged relative to location, while luxury materials are concrete indicators of a property’s value.

Buyers should also consider the amenities that come with the property itself. For properties in Islamorada, one of the most desirable amenities is a scenic view of the Atlantic Ocean or Florida Bay. You might also enjoy access to beaches and shorelines. To enjoy nature perks, look for additional outdoor spaces like a front porch, a back patio or deck, and outdoor kitchens. Meanwhile, interior spaces should provide comfort and convenience. Possibilities include game rooms, personal gyms, and wine cellars.

5. Research the location

Photo courtesy of Ocean SIR
When it comes to houses and condos for sale in the Florida Keys, most enjoy desirable locations. The island setting limits inventory and lends available homes an exclusive feel. In a market like this, the value of a house’s location comes down to personal preference. One buyer might treasure a private location with great views, and the next may prefer living closer to town. Your agent can factor in your style and make your dream home a reality.

The Florida Keys will likely remain a popular luxury living destination for several reasons. Its properties span luxury styles from sizeable mansions to elegant conch houses. Coastal life offers daily opportunities for diving, watersports, and fishing.

6. Be patient

Finding the perfect mix of property specifics, amenities, and location perks can take a while in the already slim and exclusive luxury options available. Those starting their search should remain patient and levelheaded. It’s too easy to become frustrated by a long process or disheartened should somebody else beat you to the punch. By the same token, you should aim to stay objective throughout your search and be willing to pass up on a good deal if you don’t love the property.

Ready to buy luxury?

When searching for luxury properties in areas like Islamorada, set clear goals before beginning, then partner with a professional specializing in luxury transactions. Patience, discretion, and a positive attitude are key when navigating the upscale market of Key West. If you’re ready to start your search, contact one of the local agents at Ocean SIR to guide you through the process. Put the Sotheby’s brand to work alongside the most knowledgeable and personable agents on the island.

*Header photo courtesy of Ocean SIR

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