Purchasing a luxury home in New York City marks a significant milestone. The joys and comforts these homes bring their occupants are a welcome benefit alongside the refined lifestyle. Many luxury homes in Brooklyn and Manhattan are situated in the best subdivisions in the most beautiful areas, often lending the best in privacy, prestige, and recreational amenities that the city has to offer. That said, buying a luxury home will require a bit of homework on the part of those who are seeking one. Because it is a significant investment, you’ll want to make absolutely certain that you are finding a home that truly meets all of your criteria.
Begin by making a list of what you want out of a luxury home
So, how can you buy a luxury home? As with any home search, you should begin by making a list of the features and characteristics you want to see. With New York City luxury homes, the sky's the limit when it comes to all the amazing amenities, architectural details, and more. This will go above and beyond the total square footage or the number of bedrooms and bathrooms.
Is an ensuite for the primary bedroom something you have been hoping for? How about spacious walk-in closets or separate dressing rooms?
The home you eventually purchase might not have exactly what you want to see, but it should have plenty of promise. There should be room to accommodate your goals if you hire a contractor to fulfill your vision.
Evaluate the surrounding community
Luxury homes are often situated deep within charming subdivisions outside of metropolitan areas. In Brooklyn Heights, for example, you can find gorgeous brownstones in a tranquil community near all the hustle and bustle of Manhattan. Residents enjoy fantastic views of the East River, several stunning parks, and fabulous dining destinations, all within easy reach.
Know what you are looking for in the neighborhood before you buy. If having easy access to specific amenities or community areas is high on your priority list, then make sure the luxury home (and neighborhood) you are considering has these features.
Be prepared to have your financials in perfect order
Being financially prepared to buy a luxury home is a critical step in ensuring a smooth and successful purchase. It entails diligent planning and prudent decision-making. First and foremost, prospective buyers must thoroughly assess their financial situation, including income, assets, and credit score, to determine a realistic budget for the property. Prioritizing a substantial down payment is essential to reduce monthly mortgage costs and demonstrate commitment to lenders.
The process of pre-approval is a necessary step in getting a mortgage on a new home — luxury or otherwise. Additionally, maintaining a strong credit history is crucial to securing favorable interest rates. One should also account for additional expenses, such as property taxes, insurance, and maintenance costs, and have a comprehensive understanding of the ongoing responsibilities that come with owning a luxury property.
Even if you are in the fortunate position to pay entirely in cash for a home, the listing agent and the seller will still want to know that you have the means to purchase the property. This means having all the necessary financial documentation prepared and ready to share at the seller’s request. Financial statements, letters from your bank, tax returns, and other financial documents are typically enough to satisfy the selling agent if you are wanting a cash purchase. Of course, you can always go the mortgage route with a broker. This will mean even more documentation and a certain tier of credit score.
Before you get too involved in your search for a luxury home, have your finances in order. This will save you and your Brooklyn real estate agent a lot of time and headaches. In a competitive seller’s market, mere minutes can separate one buyer’s offer from being accepted over another. If you come into your journey prepared and pre-approved, you will stand a better chance of your offer being taken seriously.
By taking these measures and having a well-structured financial plan in place, buyers can confidently embark on their journey to acquire their dream luxury home.
Look for sales off-market
Though you can scour the MLS listings from your agent and find plenty of NYC luxury homes for sale, one of the caveats before beginning to look for homes of this caliber is that many will not be publicly listed for sale. This is done to protect the seller's privacy, many of whom are higher-profile individuals. If the house isn’t listed, how would you know that it is up for sale?
These homes are introduced to prospective buyers through trusted agents who have extensive professional relationships within the community. A well-connected agent will know what luxury homes are for sale as an “unlisted” property. The seller will also want to be sure that any potential buyer has been properly and thoroughly vetted before the home is shown to them.
Work with a trusted local real estate professional
The search for a luxury home requires the utmost care and attention. These properties involve more legwork than simply scouring the MLS for a traditional home. Partnering up with a New York City real estate professional can take the work and stress off your shoulders.
These expert local agents know the market inside and out and will be intimately familiar with the neighborhoods. Any luxury real estate agent worth their salt will also have developed the connections necessary to find beautiful luxury homes that are privately for sale, giving you access to homes that you otherwise would never see.
When you are ready to begin your journey to buying a luxury home, contact the experts at
Team Wilding Woods. Barbara Wilding and Jillian Woods are top-tier agents who have the expertise, track record, and vast industry knowledge to lead you there.
*Header photo courtesy of Team Wilding Woods
