Moving to the Hollywood Hills means you are in for a treat! This neighborhood has everything a family needs to live a comfortable and luxurious life. You will be living among celebrities! But before you settle down in this affluent neighborhood, you have to find the right house to buy.
There are numerous luxury houses in Hollywood Hills with a range of features, depending on the size and cost of the place. Since buying a luxury home is a major investment, you must make wise decisions. Often, luxury home buyers make hasty decisions in hopes of getting the house they love but end up facing issues later on.
Here are six common mistakes made by luxury home buyers that you should avoid, making the home buying process smoother for you:
1. Looking for Houses without Getting a Mortgage Pre-Approval
Many homebuyers are so excited at the prospect of buying and moving into a new home that they immediately start looking for houses before getting pre-approved. As a result, they face disappointment when they find out that the house they love is out of their budget or the seller opted to sell it to a buyer who was pre-approved for a mortgage.
To avoid such a disappointment and to save your time, get a mortgage pre-approval to determine your budget and shortlist the luxury houses you can afford. It also makes the negotiation process easier.
2. Being Unsure About House Goals
If you want a luxury house in Hollywood Hills but haven’t set any other goals, then it will only prolong the house search and you also increase your chances of buying a house that doesn’t meet your lifestyle needs. Luxury houses come with their own set of distinguishing features and amenities.
You need to determine the features you definitely want from the house, which will help you in shortlisting houses. For instance, how many minimum bedrooms you want? Do you want an outdoor swimming pool? What would be the resale value of the house?
3. Not Hiring a Real Estate Agent
No matter what type of real estate property you want to buy, having an experienced real estate agent by your side gives you a massive advantage. An expert in luxury houses will be able to help you find the right house as per your requirements.
They are well-aware of the houses on the market, their asking prices, their features and more. Moreover, your agent will also help you in understanding the contractual agreements, negotiate with the sellers, and assist you throughout the process.
4. Making Quick Decisions
It is easy to fall for a luxury house that looks like the house of your dreams. When you find such a house, you will be keen to quickly put an offer on it and close the deal before someone else snatches it up. However, making such hasty decisions can lead to disappointments in the future.
What may resemble your dream house might, in fact, not be the right one for you and your family. You must make a wise decision when buying a luxury house in Hollywood Hills so that you can enjoy your investment for years to come.
Examine both the pros and cons of the place, determine if it meets your lifestyle, and ensure there aren’t any big maintenance and repair issues that may arise.
5. Considering the Asking Price instead of Market Value before Making an Offer
Another mistake luxury home buyers make is making an offer based on the asking price without determining the actual market value of the place. Luxury houses are already expensive, so you wouldn’t want to overpay.
Your real estate agent can assist you in providing a comparative analysis of the market so that you can get an estimate of the market value of the house and make an offer accordingly. You can determine whether or not the house is at fair value, over-priced, or under-priced.
6. Avoiding Home Inspection
A home inspection is an integral step to ensure that the luxury house you are about to buy is in good condition. You wouldn’t want to make a substantial investment in a luxury house only to end up spending more in repair costs.
The home inspector will make sure the house doesn’t have any issues and will even detect any potential faults that may arise. This will help you to decide if you want to close the deal or keep looking further.
Buying a luxury home in Hollywood Hills can be made easy by getting in touch with Pezzini Luxury Homes right away. We will make sure to shortlist luxury homes that meet your requirements and assist you throughout the buying process. Contact us today by dialing 1-310-275-2076.