I’ve represented buyers and sellers in luxury home and golf club communities throughout Middle TN since 1994. Throughout the years I’ve come up with some solid dos and dont’s specific to buying TN luxury homes that I thought might be beneficial for me to share with you. I also came across two good articles on FrontDoor.com titled Luxury Home Buying Guide and Top 10 Expert Tips for Buying a Luxury Home that I’ve paraphased below along with incorporating my own tips.
1. Learn the search process.
While the majority of home buyers start their search on the Internet, many high-end properties aren’t officially listed on the MLS or major search engines. Many Tennessee luxury homes go unlisted to protect a seller’s privacy. These properties are often found through the Realtor’s personal connections as opposed to the TN MLS. I’ve represented buyers and sellers in luxury home and golf club communities throughout Williamson and Southwest Davidson counties in TN so I often have the inside scoop from both luxury home owners and other area realtors whom I’ve worked with in the past.
2. Go beyond the photos.
Make sure you don’t dismiss properties based on their front elevation photos. Many large homes are best appreciated in person and many sellers, protective of their privacy, refrain from putting extensive photos of their homes on the Internet.
3. Work with a local expert.
It’s critical to have a good buyer agent who is familiar with the area you want to buy in. There’s a bit more control on access to high-end properties. I have over 14 years of experience in the local Tennessee luxury home market and with credentials such as (CLHMS) Certified Luxury Home Marketing Specialist and my membership in the CLHMS Million Dollar Guild I can advise on schools, nuanaces of specific TN luxury neighborhoods as well as property specifics.
4. Bank on your relationships.
I suggest all the home buyers I work with get pre-qualified for their TN mortgage loan prior to searching for their new home regardless of price range . However, the aforementioned is especially important when searching for high end real estate as luxury home sellers will typically ask their Realtor to bring them only pre-qualified buyers and may ask for proof of such prior to opening up their homes for review. Also, expect a longer financial approval process. Even if your financials are in good order, count on 45 to 60 days so have your mortgage broker, loan officer or personal banker obtain your financing approval early on.
5. Documentation is everything.
There is more scrutiny today in the high-end market. Financial documentation is critical. Be prepared with bank statements, W-2s, tax returns from the last couple of years and other financial statements. This type of loan can be different than the typical mortgage prequalification process and could require showing asset statements and demonstrate which assets will go toward the purchase.
6. Making an appropriate offer.
Making the appropriate offer isn’t as easy as it looks. In some cases, luxury home sellers have the financial wherewithal to hold on to a property until they get the right price.
To determine an appropriate offer price avoid over-reliance on consumer-based property evaluation sites. Instead, have your agent research similar properties in the form of comparable prices for active, pending and sold properties in the last three months from the TN MLS for the most accurate picture of what the property is worth.
If you are thinking of selling or buying a luxury home in Nashville, Brentwood or Franklin TN you should know exactly what it’s worth before making such an important decision. Click here for a quick “Comparative Market Analysis” with data taken from the TN MLS for free, and with no obligation.
7. Don’t Forget the Details
The complexity and scale of luxury homes raise the stakes.
Never skip the inspection process. From the potentially hazardous to the structural, you always want to know what it is you are buying. Click here for more information on the TN home inspection process.
Be prepared for closing costs. Who pays for what varies by the customs of the given market and the details of the home purchase contract.
8. Look into the future.
Make sure you know what building is planned around you. What happens if someone pushes the bar and builds another building or home and blocks that lovely view you paid top dollar for? This is where having a local real estate expert with extensive knowledge of the community is essential.
Click here to read FrontDoor.com’s Luxury Home Buying Guide in its entirity.
Click here to read FrontDoor.com’s Top 10 Expert Tips for Buying a Luxury Home in its entirity.
Real Estate in Nashville TN consists of a handful of different communities and towns that are within the Middle TN area. Those communities consist of, but are not limited to, Green Hills, Bellevue, Belle Meade, West Meade, Belmont, East Nashville, Hillsboro/West End, Oak Hill, Vanderbilt, Forest Hills, Crieve Hall, Downtown Nashville, Brentwood and Franklin. You can find out more about the Nashville communities by clicking on the links above.
JoAnne’s has over 30 years in Middle Tennessee, and her 14 years of full-time real estate practice with an emphasis on luxury, golf and equestrian communities. Her 3 children have attended area public, private, and parochial schools, so she can help you find the BEST SCHOOL for your child. Whether looking for a Williamson County estate, a Belle Meade mansion, new construction in Brentwood, a Vanderbilt area cottage, a downtown or midtown loft, a gated community in Green Hills, or a historic home in Franklin, JoAnne’s extensive knowledge will help you find the RIGHT HOME in the RIGHT LOCATION!
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