If your property buying checklist includes a unit on the top floor of a high rise building, 360 degree views, or a 24-hour concierge, you’re likely looking for luxury condo in Beacon Hill or Midtown Boston. Although the process of high end real estate is the same as buying a lower priced home, there are a handful of mistakes that buyers commonly make.
Mistake 1: Not Enough Research
Market research is crucial when buying a Beacon Hill condo. Buyers need to make sure that the appraisal and asking price are in line with the current luxury market in Beacon Hill. Buyers should plan for a professional home inspection performed by a reliable home inspector who is familiar with the area.
Mistake 2: Lack of Financing Preapproval
Despite common misconceptions, there is only a small percentage of Boston luxury condo buyers that make all cash deals. The remainder of homebuyers must rely on financing. In the luxury condo market, sellers may restrict showings to individuals who have been preapproved, so it’s important to obtain mortgage approval, which can take anywhere between 45 and 60 days, prior to searching for a condo, loft, or penthouse in Beacon Hill.
Mistake 3: Underqualified Real Estate Agent
The typical Boston condo market is much different than the luxury housing market and or the Beacon Hill condo market, so your run-of-the-mill real estate agent likely isn’t experienced enough to help you in your quest for a luxury property in the downtown district. A qualified agent that specializes in luxury real estate downtown understands the valuation of high-end properties and his or her experience can find the right property for your needs, explain the amenities of specific buildings, and assist you with high-priced negotiations.
Mistake 4: Lack of Preparation
Since the buying process is a little more detailed in regards to Beacon Hill real estate, you will be required to provide more information. It is not uncommon for sellers – and lenders – to ask about your line of work, current assets, and even statements from accountants in an effort to ensure that your means are adequate enough to even be considered as a purchasing contender. Be prepared to present this documentation to solidify a deal.
Mistake 5: Not Considering Taxes and Down Payment
Even individuals looking at luxury properties need to set a budget. The budget should not only include the list price of the home, but property taxes. It is also vital to understand that required down payments will be larger and there will likely be different homeowner’s insurance requirements. All of these factors affect your buying budget, as well as your monthly payments, and even your approval amount.
Now that you know the most common mistakes of luxury real estate buyers, you’re ready to start your property search in Beacon Hill and speak to one of our experienced and professional real estate agents. We specialize in the downtown real estate and invite you to check out our inventory of luxury penthouses, lofts, and condos for sale in Downtown Boston. We look forward to hearing from you.
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