The energetic and bustling Sarasota real estate market
has been at the heart of some of Florida’s most exciting recent luxury home purchases. With more and more people from around the country flocking to the area, it’s no wonder that people are asking questions about how to best prepare to buy property here. That’s where we can help. Below, we’ve gathered together all our insider’s tips to buying Sarasota luxury homes. If you’ve always wondered what it takes to purchase real estate here, we’ve got you covered. Let’s get going!
The home search requires expert help
The world of luxury real estate is one that’s full of sellers who are interested in preserving their sense of privacy. Whether a seller and their family choose to share their home sale among just a few exclusive agents and buyers or they choose to list more publicly, there are always Sarasota luxury homes on the market you won’t find through conventional channels. That’s why it’s important to have a local real estate agent by your side. You need someone with experience in the field of luxury realty, someone with a deep connection to high end property owners. They’ll be able to get you in touch with buyers that you won’t find on online sources.
Listing photos don’t tell the whole story
While it may be true that conventional listing photos for homes can give you a general impression of a house’s profile and footprint, luxury property isn’t so easy to photograph. It’s vital to tour these kinds of homes in person if at all possible. Many large homes are notoriously difficult to photograph from the front, especially if there is an incline in the elevation. If you can’t experience the house for yourself, we recommend that you reach out to your agent and the seller for more detailed photos and video tours that capture the property from different angles.
Cultivate a strong relationship with your lender
The financial details included in a luxury real estate contract are often much more complex than those in a conventional property deal. You’re sure to have lengthy negotiations with your seller if there are several sources of income, holdings, and investments wrapped up in the purchase. That’s why it’s a good idea to meet with your bank and your mortgage lender early on to cultivate a good working relationship. Be open and honest from the outset and share all your financial documents so that you’ll have an accurate idea of what you can afford and how flexible you can be when it comes time to start negotiations.
Don’t forget title insurance
It’s also important that you have a clear cut idea of your financial situation before you purchase a home. The best way to ensure that your investment is secure is to purchase title insurance
. This will allow you to be more confident that you won’t have to pay exorbitant fees if the seller neglected to disclose information about the condition of the house. Look over the exceptions built into your title insurance too.
Stay up to date with market insights
One of the main tasks of your realtor
in the early stages of buying a home is to provide you with current updates on the local real estate market. Luxury property in Sarasota is a growing market, and the average property values of the most exclusive homes is always changing. You should team up with a realtor who can help you navigate all these slight ups and downs in the market.
Whether they’re keeping you in the know about the hottest neighborhoods for new investors, or when sellers are going to list a home soon, you want to know what’s going on. Since many of these sellers don’t like to publicize their homes to the general public, you want your agent to be on speaking terms with all the high-end property owners on day one.
Set a definite timeline
In the case that the home you wish to purchase isn’t move-in ready, you should have a general idea of how much time you can afford to wait before you’re living there. How long can you continue to make mortgage payments on your current home while you wait for repairs to complete? Perhaps construction delays start to pile up. You don’t want to be in between homes for months on end if you can’t afford it. Create a realistic timeline and share it with your seller and agent so they know how quickly you want to move in.
Be flexible…up to a point
Sarasota luxury real estate is one of the hottest markets in Florida, if not the country as a whole. It only follows that buyer demand is extremely high at the moment. Sellers are in a better position than ever to negotiate for higher initial offers and it’s relatively common for motivated buyers to start bidding wars on the most exclusive properties. If you’re going to close a property purchase in Sarasota, it’s important that you be a little flexible. This may not mean you need to negotiate well above your budget, but you can expect sellers to ask for a few contingencies in the contract. As long as you stick to your principles and stay in touch with your realtor, you should be able to make a competitive offer.
Get in touch with a local real estate agent
We hope this guide to the things no one tells you about buying luxury homes in Sarasota can help you better navigate your next home purchase. If you have any questions or comments to share, or you’d like to learn more about Sarasota luxury homes, reach out today! Contact Kim Ogilvie
for more information.