The word "luxury" means something different to everybody. It could be an estate in the Hamptons or a loft in Manhattan. It's important to remember that luxury is subjective, but there is one constant--the process of buying a luxury home is a bit different from a typical home search. Whatever your definition of luxury may be, our luxury home REALTORS® offer these tips before buying your Long Island dream home.

1. Understand the Search Process
   In many cases, luxury homes are unlisted. This is to protect a seller's privacy, and these properties are often found through your real estate agent's personal connections rather than typical real estate listing websites and publications.
2. Depend on a Local Expert
   Having a great buyer's representative who is familiar with local communities is essential when it comes to buying a luxury home.  Look for a local REALTOR® with experience in luxury markets, a knowledge of the local markets, and a complete understanding of all the financial implications involved.
3. Look Beyond the Photos
   You've heard "Don't judge a book by its cover."  When it comes to buying a home, don't judge a home by its listing photographs.  Often times, large homes don't photograph well.  Seeing a home in person is often the only way to truly appreciate it. Google Maps is also a great tool to explore the property and the surrounding area.
4. Use a Lender With Which You Have a Relationship
   It makes the buying process much easier by working with a lender with which you already have a relationship and understands your portfolio. 
5. Document Everything
   Financial documentation is critical for buying any house, but all the more so when buying a luxury home.  There is so much more scrutiny in the high-end real estate market today. Make sure you have proof of funds ready to submit with your offer, whether you're getting a loan or paying with cash.
6. Don't Neglect Title Insurance
   Title insurance is important because it means that you'll be insured against any unforeseen problems, and choosing the right title company makes all the difference. Ideally, it should be a company that is local, but well-known.
7. Hire Advisers You Can Trust
   You need someone who has experience, connections, and expertise, but above all, you need someone who is trustworthy and has your best interests in mind. Look for an agent who will make skilled and thoughtful suggestions.
8. Consider New Construction
   If you find a luxury home that you love, remember to mind your surroundings. Find out if any construction is planned around you, and if so, how it will influence your property's value and your enjoyment of your home.
9. Don't Skip the Inspection
   A skilled, detail-oriented inspector is important no matter what home you're planning to buy. But it's even more crucial for a luxury home. You need a professional inspector who understands all the special needs that come with a luxury home. This can potentially save you from sinking huge amounts of money into a property with unseen defects.
10. Remember That You Can Negotiate
    Luxury homes command a particular price for various reasons--the view, the surroundings, the amenities, or any of countless individual points--but that doesn't mean the price is set in stone. Ask your REALTOR® to research comparable properties that have recently sold nearby before you make an offer.  If it turns out that the home you're considering is overpriced, don't be shy about negotiating.

Contact our real estate experts at Coach Realtors to learn more about purchasing one of Long Island's luxury properties. Our team is here to help you every step of the way!