[This is a guest post.]
Buying luxury property isn’t anything like purchasing lesser priced homes. The financing process and property inspection are far more complex and often require additional diligence. That’s why you should definitely hire an experienced real estate agent who knows their way around the market and can properly assist you in this process. Still, there are many things that can go wrong when buying luxury condos in Boston area – here are top errors you should avoid to ensure that you don’t regret your purchase later on.
1. Choosing the wrong location
Naturally, the location is extremely important to luxury property market. In Boston, luxurious apartments are usually located in the most convenient neighborhoods, such as Back Bay, Central Square, Midtown or Downtown Crossing. Be sure to take your needs into account as well – will you be commuting by train or make regular trips to the airport?
2. Being slow
When considering new luxury opportunities in Boston, you need to act quickly. Consider this – the prestigious Millennium Tower Project was already 90% pre-sold. If you wanted to buy a unit there, you’d need to wait at least a year for another chance. Experts predict that upcoming luxury developments will sell very quickly in Boston. Your agent should provide you with key information about a development projects to ensure that you seize your chance and get a piece of Boston’s growing skyline.
3. Selecting the wrong agent
It takes a certain skill and market knowledge to negotiate luxury property prices and properly identifying their value. To put it simply, choosing an agent who has no understanding of Boston luxury home market is a very bad idea. You’ll need their expertise during primary phases of the process, as well as price negotiation, so make sure to pick the right person for this job.
4. Ignoring amenities
One thing you should be aware of when buying luxury properties is the value of amenities. Boston luxury market goes way beyond the simple concierge today. Buyers want anything from personal movie theaters and spas to fitness centers or private dining options. And developers are responding to this need with a range of new luxurious alternatives. Research the market to learn which amenities are really worth their price.
5. Forgetting about the view
If you aren’t afraid of heights, you can easily count the view as one of the property’s amenities. Boston’s developing skyline is something you should take into account when choosing your property. Some developers consider the view a primary amenity and have drones fly at the height of each condo to show what future owners would see from their windows. Make sure that the view from your luxury property is to die for – it’s worth the investment.
6. No attention paid to layout
It’s key to consider the apartment’s layout as well. If you plan to live there, you should definitely give yourself some room and ensure that the setup is comfortable. Private and social spaces should be clearly separated. Long hallways, uncomfortable stairwells and awkward columns are all space wasters which should never appear in luxury apartment layouts.
7. Thinking ceiling height isn’t that important
Actually, it’s pretty crucial – especially if you’re buying this property as an investment. Generally speaking, the higher the ceiling height, the better. Instead of focusing only on square footage, look at cubic footage too. It’s rare to find a luxury apartment with 8.5-foot ceilings. On the other hand, ceilings that are more than 14 feet high can cause a drop in marginal returns. Look up and you’ll make a better-informed purchasing decision.
8. Ignoring the building’s reputation
A building with good reputation tends to retain its value. It’s as simple as that. Instead of relying on your agent to provide you with all the information, have a look online to check what kind of opinions are posted about the building where you’re considering to buy a property. Visit the area yourself and ask established locals about what kind of people live in the building. If it’s full of renters or transients, consider it a warning sign – you might be dealing with maintenance problems sooner than you’d like to.
These are some of the most common errors buyers make when choosing luxury properties. Make sure to avoid them and hire an experienced real estate agent to guide you through the purchasing process – together with their expertise and your diligence, you’re bound to choose from the best Boston luxury condos out there.
Bio: James Pointon works at OpenAgent where he discharges duties of both a writer and customer consultant, helping people find the best real estate agent in their vicinity and navigate through the difficult real estate market.