If You’re Buying Luxury Real Estate, You Need to Know These 9 Things

If You’re Buying Luxury Real Estate, You Need to Know These 9 Things

  • Sean Sonoda
  • 01/20/23

Living in a luxury home is unparalleled. While each piece of property carries its own distinction, luxury real estate tends to have several attributes in common. Beauty. Grace. Uniqueness. Superb views. Matchless amenities. A sense of seclusion. And, of course, sheer elegance.

Whether you are scouting out luxury properties for your first purchase or are a seasoned investor, there are various things you must know before and during the process. 

With this in mind, Oahu real estate agent Sean Sonoda has compiled a list of nine things to be aware of before putting in a purchase offer.

1. Location is crucial

There is a marked difference between a high-end home in an average area and purchasing a luxury estate in an incredibly desirable area. Selecting a property in a coveted region will help ensure your investment holds onto its value over the passage of time. Depending on the place, this will either mean seclusion, remoteness, and privacy–such as Maui’s La Perouse Bay–or a location that is near an impressive number of amenities like restaurants, bars, and shops, such as what you would find if you were searching for Honolulu beach homes for sale.

A candid and qualified real estate agent will provide you with particulars on where the region is headed in the future, safeguarding you from purchasing an estate that may lose appreciation – whether that’s in terms of a location that is showing signs that it is starting to falter or a planned development that will shrink, if not prohibit, the views from your property. If you are looking for real estate in a state that sees a high number of visitors–such as Hawaii–pursue properties that are out of the way of crowds just enough to offer a feeling of serenity.

2. Determine your must-haves

A large part of a luxury estate’s appeal? The amenities it offers. There are a handful of commonalities in luxury homes; wide-open floor plans, spacious chef’s kitchens, roomy, walk-in closets, and lofty ceilings are a few of them. But to ensure you are wholly satisfied with your investment, ensure the estate possesses or has the potential to accommodate the amenities you need and desire. For some, this may be a deluxe master bath complete with a rainfall shower and sauna. For others, it may mean a wine cellar and tasting room or an Olympic-sized pool that’s situated next to a steaming-hot jacuzzi. And for others still, it may mean an in-home theater, an on-site gym, a tennis court, or even a golfing green. Listing the amenities you prize will aid your real estate agent in their search for your ultimate residence.

3. Understand the region’s natural forces

Because so many luxury estates tend to be located away from congestion, they are, naturally, more open to the elements and also vulnerable to them. A private lakeside estate in Washington, for instance, may make you prone to flooding, while an oceanside luxury home in Hawaii may be susceptible to changes in the waterline, tsunamis, and hurricanes. Ensuring the home is well-equipped to weather all that it may encounter will save you from having to invest further in safeguarding your private palace.

4. A private tour is often a must

It may be tempting to purchase a property sight unseen once you have fallen in love with the photos, but it keeps you from fully comprehending the home’s attributes, potential faults, and overall energy. After all, photography can provide an illusion that is at odds with reality, while touring the estate in the flesh will allow you to understand the home’s flow and details.

5. ...and due diligence is an imperative

No matter how immaculate the luxury home may be–or how many other buyers you are bidding against in our presently-hot seller’s market–you should never overlook the importance of conducting due diligence to guarantee the value and price of the home accurately parallels its genuine condition. A professional home inspection is necessary for all buyers–but is particularly critical for luxury real estate investors.

6. Enter the process with patience

Finding, exploring, and securing a luxury estate requires patience. It is an enormous investment that requires several steps, and delays may be part of the process. Launch your search with this in mind, and go at a leisurely pace to make sure you don’t suffer from buyer’s remorse.

7. Grasp the estate’s resale value

You may believe you are purchasing your forever home, but there are few guarantees in life. If you are using the home as your primary residence, you may decide that you would like to relocate sometime down the line. The home’s resale value should be one of your top considerations as you make a decision.

8. Get a full picture of the HOA rights and responsibilities

As exclusive as luxury properties may appear to be, many are part of a homeowners association, and owners and tenants are required to follow their rules and regulations. If you love to entertain well into the night, a home located in a community with a strict rule against noise after nine at night may not be the best fit. Likewise, you may have ideas about how you would like to redesign or paint your exterior, only to learn that it falls outside of the HOA’s restrictions. A luxury home provides a lifestyle – you want to ensure that lifestyle suits your passions, habits, and personality. A real estate agent will walk you through this aspect of the home to make sure you will be thoroughly satisfied.

9. Work with an experienced, reputable real estate agent who doubles as a local expert

A consummate real estate agent who knows the enclave you have elected well is one of the keys to finding, and purchasing, your dream property. They know the ins and outs of the luxury home market and will steer you towards estates–and decisions—that meet, if not exceed, your requirements. They are also often aware of exclusive, high-profile properties that aren’t listed on the public market.

Sean Sonoda is exactly the realtor to call if you are searching for a luxury estate in Oahu. He has an in-depth understanding of Honolulu real estate market trends and specializes in luxury properties throughout the state capital and into the windward side. Timely, responsive, and knowledgeable, he will provide you with an unrivaled experience.

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