When money is no object and you are out to buy the luxurious property of your dreams, it is often fair to say that common sense sometimes takes a step out of the equation. So many buyers investing in exclusive homes in London each year make the unfortunate mistake of diving headfirst into the first property that appears to tick at least some of the right boxes, never realising that something entirely more breathtaking may have been just around the corner. Whichever way you look at it, investing in luxury property is a wholly different ball game than standard real estate investment and therefore needs to be approached rather differently.
So from the experts who specialise in nothing but exclusive property in retail in and around the capital, here’s a quick look at six essential golden rules to follow when looking to go about a purchase:
1 – Remember: Listings Aren’t Everything
First of all, if you have fallen into the assumption that each and every rock-solid investment opportunity will appear by way of standard listings, you’re already treading thin ice. The reason being that now more than ever, out of market property sales are becoming not only more common, but in many instances accounting for the vast majority of top-end luxury property sales in London. Roughly translated, the home of your dreams may never be destined to be publicly advertised in any way, shape or form and so you need to understand and acknowledge that standard listings aren’t everything.
2 – Look Beyond Images
It’s a pretty common sense rule that applies to all real estate purchases in general, though in the case of luxury properties it is important never to read a great deal into images and descriptions. It’s no secret that photographs and online images of incredible buildings and structures never do them justice and the in-person experience is always radically different. And it’s exactly the same thing with luxury properties which is why it is important not to read too much into images or to write the place off just because it doesn’t necessarily measure up to the mark up on paper.
3 – Employ an Expert
Try to bear in mind that there is a very big difference between heading out to a luxury real estate agent and hiring a dedicated, personal professional to handle your case on your behalf. The latter of the two always makes the wiser choice as these are the experienced experts that will already know not only each and every one of the best estate agents to work with, but also how to tap into the exclusive properties which are never advertised publicly. It’s basically a way of putting your involvement down to an absolute minimum while increasing the effectiveness of the property search exponentially.
4 – Forward Thinking
Never forget that when looking to invest in a property in London, you are looking at an incredibly vibrant and fast paced city where the appeal and indeed the value of certain boroughs and districts is in a state of constant fluctuation. As such, it’s worth thinking ahead slightly longer term as there are exceptional opportunities for property investment which due to growing interest in any given region could represent an absolute gold mine in years to come. After all, it isn’t only about what’s fashionable and in-demand right this second.
5 – Building Checks
Another important golden rule to follow is that of trying to avoid being blinded by the beauty of an outstanding penthouse or upper level suite to such an extent that you forget to thoroughly check out both the building and its owner. Suffice to say this is something of a time consuming and painstaking process, which is again why it is a good idea to side with a professional who will carry out all such checks on your behalf. The last thing you want is to find yourself in ownership of the property of your dreams, only things to be turned rather sourer by an incompetent building owner or brand.
6 – Take Your Time
Last but not least, experts always advise that when seeking luxurious properties in London, there really is no sense in rushing into a decision. It’s important to remember that this end of the property market while admittedly smaller than the standard real estate market also attracts considerably less attention from mainstream buyers. As such, multi-million pound properties tend to remain on the market for somewhat longer periods of time than more publicly affordable properties, so chances are you will have as much time as you need to ensure you make the right decision. And should a fast decision ever be required, your dedicated personal expert will advise you on this accordingly.