Fort Lauderdale is a premier location for buying luxury real estate. With miles of exquisite beaches, top-tier shopping and dining experiences, and homes worth multi-millions, it is the ideal spot to grab your piece of Florida luxury. And waterfront properties in Fort Lauderdale are in high demand. A vacationer’s dream, the Fort Lauderdale area sees over 13 million visitors
each year. It comes as no surprise that after visiting, many people look to buy their own piece of Fort Lauderdale real estate.
Owning a luxury home in the picturesque Fort Lauderdale area is a dream for many, however, a lot goes into purchasing a high-end property. The GSM International Group
has been helping match clients to their perfect Florida homes for two decades. Over the years, they discovered six things many buyers often do not know before buying their luxury home. We compiled the top tips you should know before buying your Fort Lauderdale waterfront property or luxury home.
Luxury real estate comes at a hefty price tag, however, there is also the chance of getting a significant return. Real estate is often considered to be a relatively safe investment and luxury properties are no different. Luxury homes tend to be less affected by the traditional housing market
and will not lose value the same way conventional houses do.
Broward County, Fla., is a particularly great place to buy a luxury home. In Broward County, the seat of Fort Lauderdale city, new listings for luxury homes for sale spiked in September 2022. Listings for single-family homes priced at $1 million or more grew about 70%
from September 2021, and the number of homes priced $600,000 to $999,999 grew about 33%
in the same timeframe. Total inventory is up by over 50%
, and homes are selling about nine days faster
in September 2022, suggesting a buyer’s market.
With more buyers looking to purchase luxury real estate each year, the market for high-end properties will only grow. With a return like that, a Fort Lauderdale luxury property is worth the initial price tag. However, the key to making a good investment is buying the right property, which tends to be more challenging with high-value properties.
Location is key
Everyone considers location as a prime factor when looking to purchase a home, and this is no different for luxury real estate. When considering Fort Lauderdale homes for sale, taking into account the location is paramount. A high-end home is a big investment. You want to ensure your investment stays sound into the future. Therefore, a deeper understanding of where you are purchasing is important.
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Be sure to research the amenities in the local area. You will want to see high-end restaurants, shopping boutiques, and plenty of things to do within driving distance. The neighborhood should be quiet and complement the aesthetics of your luxury property. Considering location not just now but into the future will ensure the continued value of your luxury property, especially waterfront properties in Fort Lauderdale. You don’t want to purchase a property just to have a highway put in too close. However, if new parks, amenities, or schools are in the works, that’s a good sign your investment will pay off.
Patience is important
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Buying any home is often a tedious process and purchasing a luxury home is the same. You never want to jump too quickly into a big purchase. A luxury home is a huge commitment. You want to be sure you’re making the right decision.
This often means going deliberately through the process even if that means going slower and being beaten out by other buyers. Do not rush to get your offer approved on a luxury home just to get there before other buyers swoop in. Be sure to view as many properties as you can and have a trusted realtor on your side so you are confident when the time is right.
Negotiation occurs for luxury homes too
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Many first-time luxury home buyers are prepared to pay a premium price for the perfect property. Remember, just because you are making a large payment does not mean you cannot negotiate to save some money.
Looking into other properties in the area can help you determine if the price you’re getting is fair. However, many luxury homes are expertly crafted to be unique, therefore it may be hard to pin down exactly what a good price is.
Be sure to have a home inspection
done before purchasing a property. A home inspection will certify that the property is in good condition. If an issue is discovered, you can use that as leverage to negotiate a lower price on the home.
Luxury homes are marketed differently
You’ll have to search for Fort Lauderdale luxury homes differently than you would a conventional house. That’s because luxury real estate is not marketed or listed like regular properties. Wealthy homeowners often want to remain anonymous through the process of selling their home. Therefore, when looking for a high-end property, working with a trusted realtor is more important than ever.
Many luxury properties are never listed on traditional real estate databases. For these exquisite luxury properties, their availability is typically passed around by word of mouth among a small pool of specialized agents. When you have a qualified luxury realtor on your side, you will have access to their network and exclusive properties not listed anywhere else.
A trusted realtor is extremely valuable
If you are looking for a luxury property, you need to have a qualified professional on your side. They will walk you through the process and support you during each phase. Only an experienced agent will have the connections to show you a wide selection of luxury properties and the knowledge to help you through the process of finding and purchasing a multi-million-dollar home.
For access to a quality team who specializes in matching buyers with the luxury real estate of their dreams, contact the GSM International Group
*Header photo courtesy of Shutterstock