How Long Does it Take?
When buying any kind of property, luxury or otherwise, there is a standardised process in place that takes time, and therefore patience. There can be hitches and unexpected situations to deal with along the way, but those aside the key to ensuring the transaction runs as smoothly as possible is methodical forward planning. When entering a luxury property purchase well prepared, the time and stress associated with buying real estate can be significantly reduced. Every property purchase is by its very nature a unique transaction, so the period of time involved in each investment opportunity will vary slightly or considerably, depending on the circumstances. The information here is intended as a basic guide to keeping things simple, in order to ensure a straightforward property purchase.
Making the Right Choices
Depending on the nature of the property purchase (as a residence, for rental income etc.), time should be spent researching neighbourhoods. All conceivable factors should be considered in accordance with the intentions for the property: whether as a home or as a rental investment, amenities, schools, crime statistics, property taxes, parking, shopping, leisure facilities and other considerations may all influence decisions. Equally important is careful selection of the right estate agent. Some will have access to unique investment opportunities in off-market luxury properties; an estimated 15-20% of luxury London properties priced in excess of £2 million is sold privately. At Compare The Financial Markets we can connect investors with reputable real estate professionals and companies offering such services.
Financing and Surveyors
Before an investor has found the ideal property, ensuring financing is already in place is essential, as is relating investment intentions to the financial institution concerned, especially as the need to act quickly to secure a purchase may arise. It is also advisable in advance to obtain the services of a noted lawyer specialising in high-end property transactions, as well as contacting a surveyor or home inspector experienced in luxury properties. When a property has been found and everything above is in place, an offer can be made and negotiations will begin in earnest. Once a deal has been officially struck, it is likely only a matter of weeks before completion and possession of the acquisition takes place.