Preparing to Buy a Luxury Property

Purchasing a luxury home? It’s exciting, but remember that with a higher price point comes a host of prestigious features which all need to be thoroughly checked, to ensure that your purchase is one that you will be happy with long after the ink on the contracts has dried!

Fortunately a buyer’s agent can save you considerable time and effort by sourcing and inspecting properties, so all you have to look at is a shortlist of carefully vetted homes – and, they usually can assist with other inspections and red tape which need to be dealt with as part of your purchase.

Once you are looking to buy a house in the luxury property market, there are higher end features which, while delightful, have the potential to cause considerable expense or headaches down the track. For this reason, it’s a good idea to do more than the standard building and pest inspections …

Common Features of a Luxury Property 

Poolside: No luxury property is complete without a pool!

While all the relevant approvals will need to be in place for the home to be sold, it’s a good idea to have an expert check on the condition of the pool to ensure there are no leaks – as this is not something that will be part of the standard pre-purchase inspection.

Electrical: When a property is equipped with all mod cons – as a luxury home will be – these usually rely on electricity. Particularly if it’s an older home, consider investing in an inspection by an electrician to ensure the wiring is up to the job.

At the very least, check all lights and devices are in good operating order, such as projectors in media rooms, dimmers, smart switch systems, air conditioners, etc. If a problem is uncovered, you may be able to reduce the purchase price or require that these items be fixed before the sale is completed.

Plumbing: There are some things you could check yourself, such as turning on taps to check water pressure and to see if the drains flow freely, or looking for any obvious signs of water leaks or mould.

However, if it’s an older property or even a new build located in an older area, the plumbing and drainage may be damaged or in need of repair down the track. Fortunately some plumbing professionals are now able to offer drain inspection and pipe repair solutions without the massive expense or disruption of having to excavate.

State of the Art Security: Everyone wants to feel safe and secure in their home at all times. As luxury homes can attract robberies and unwelcome visitors, a security system should be high on your list of priorities. Check to see if it includes:

• CCTV cameras
• Night vision cameras with highly advanced zooming capabilities
• Smart security systems that will allow you to lock and unlock doors from a mobile device or computer.
• High-end alarm system that can be connected to a device for timely alerts.

Alternatively, these could be installed following your purchase.

Before you seal the deal 

While purchasing a luxury property may be a dream come true, it can turn into a nightmare without conducting due diligence. Don’t be afraid to check things thoroughly – and if in doubt, call in the experts!