Guide To Buying Luxury Homes

May 1, 2021
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1.  Guide To Buying Luxury Homes

Buying a luxury home is a desire for most people — from MEGAT AND PARTNERS

The demand for luxury real estate is growing in emerging markets across Nigeria, high net worth individuals see purchasing luxury houses as good investments. In addition, modern families wish to live in secure, upscale, amenity-rich neighborhoods.

Whether it is the location, the price, or the amenities on offer — every luxury property has characteristics that make it appealing to a buyer.

When acquiring luxury real estate there are certain things buyers should consider — compared with buying property in general. Taking these factors into account will ensure that you get the most out of your investment.

In this mini guide, we will highlight some of the best luxury home buying tips out there.

However, a properties location says nothing about what’s actually inside the house or its appearance. What’s inside a house and how it looks, are factors that are just as important as location — when deciding if a property is luxurious or not.

A luxury house is one that provides its owner with prestige, comfort, security and privacy. It should also allow you to explore your passions and practice any hobbies you may have. Amenities that enable such, are what a buyer should be focused on when looking for a luxury house.

Home feature list

What one person may describe as luxury, is not necessarily what another person would describe as so. It all depends on your tastes. Having said this, there are features and amenities that luxury homes usually have in common:

  • Prime location
  • Exquisite architecture
  • High-quality interior finishing
  • Smart home technology
  • Outdoor living space: outside kitchen, outdoor living room, custom pool, spa etc.
  • Lavish home office
  • Stylish kitchen
  • Designer dressing room
  • Spa bathrooms
  • Home gym
  • Entertainment rooms: games room, cinema, bars etc.

House buying tips

Now that we have defined what luxury homes are and some of the features they have, we shall give you some tips for buying luxury homes in Nigeria.

Work with a reputable real estate –MEGAT AND PARTNERS

Finding a luxury home is not as easy as it sounds. Given the fact that luxury properties are meant to be “exclusive” — they are not always listed for sale on property portals, due to privacy concerns. The upscale market works more on the basis of “word of mouth”.

Due diligence — have the luxury house inspected

As they say, the devil is in the details. It’s not just how a house appears on the surface that you need to worry about — the house also needs to be built on a good foundation.

Mold, pests, poor electrical wiring, leaky roofs, faulty plumbing, structural damage etc. are all issues you must look into. Hiring a professional home inspector is wise. A home inspector will provide you with a comprehensive report of the main structural and mechanical systems of a house.

It’s always better to be safe than sorry, especially given the somewhat huge amounts of money involved in acquiring luxury real estate.

Make sure your finances are in order

Buying a luxury house is a considerable investment. Therefore you should make sure your budget matches the cost of the features you’re looking for i.e. are you qualified to buy? There’s no point having an endless list of features on your checklist, when it will cost more than you are willing to spend.

Location matters

Location has an impact on various issues and is something that must be considered carefully. You will need to sit down with your realtor and map out what neighborhoods you would love to live in. Not every neighborhood will be able to accommodate all your wishes.

Key things you should discuss include:

  • The local trends in the area
  • Future plans for that neighborhood (that may make the location more or less desirable)
  • The types of goods and services you require

This will allow you to pinpoint specific neighborhoods that tick most of your boxes, making your home search much easier than it would otherwise be.

Can you sell this luxury house (easily) in the future?

People’s circumstances are always changing; consequently you may find yourself in a situation where you must sell your home in the future.

A home with strong resale value is certainly more valuable than one which lacks this asset. A homes condition and its location are among the two biggest factors that determine its value. Therefore buying a home in a great location, with strong demand, will ensure you are able to quickly sell it for a good price.

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