For London Real Estate Luxury Home Purchases Involve Research

For those investors interested in purchasing London real estate, luxury homes may certainly be on the list for the more well off among them. But is it as simple as picking out a property and dropping your cash on the table?

Hardly. When it comes to London real estate, luxury home purchases require research and planning. The market for these exclusive homes has exploded in recent years with investors from around the globe scouring the city for property of any style. In addition, a recent survey states that among those seeking London real estate, luxury homes are at the top of the list for 89 percent of potential buyers.

But what’s the best way to secure this type of London real estate. Luxury property agents say that there is a practical approach to buying these homes to avoid ending up with a property worth far less than it is really worth.

Document everything

First, the agents recommend documenting everything. From the wording in the advertisement to the claims of the estate agent, make a record of everything you can about the house. When it comes to London real estate, luxury homes can be marketed just as misleadingly as any other home. They can have problems that may not be clearly explained in the ad or may be spoken of in evasive terms by the agent. Recording their descriptions that are made either by mouth or ad can be used as defense in the event things aren’t quite as they were described.

See it first-hand

Next, be sure to visit and view the property first-hand. Now, this may seem like a silly “rule” to insert in a series of tips about London real estate. Luxury homes, however, have become the “plaything” of the “nouveau riche”, according to some real estate agents, who often plunk down hundreds of thousand of pounds – in cash, no less – to purchase property that they believe will enhance their appearance and standing. And they often do so via representatives rather than viewing the property themselves. The surprise of the condition of the property, the agents state, comes too late to be remedied.

Consider the upkeep

Finally, before purchasing London real estate, luxury home agents state, consider the upkeep that such a home will require. Older properties may look majestic but they often come with equally “majestic” repair problems. The plumbing, electrical system, etc., may be from an entire different era and may have to be completely revamped to remain operational and up to government standards.