The short guide to buying prestige property: Part 1

From a penthouse apartment in Ephraim Island to a waterfront oasis in Hope Island’s Sanctuary Cove, you want your prestige property journey to be as smooth as possible.

After all, this is more than just buying an expensive home. Prestige homes enjoy some of the most impressive architecture and award-winning landscaping in the most sought after locations.

As discussed in our article Why selling prestige property is different, homes at the upper end of the property market tend to be sold in a different manner to regular real estate. Therefore, it makes sense that the way prestige homes are bought is markedly different as well. Let’s take a closer look.

 


1. Refine your online search methods

 

Whilst the big platforms are not to be ignored and can be a good starting point for prestige property searches, not every property for sale is marketed on realestate.com.au or domain.com.au, many sellers of prestige properties do not want to advertise that they are selling the property in the first place. Hence, they may not advertise on the big platforms. More often, real estate agents in charge of the sale will be quietly showing the property to their network of interested buyers before it is ever published online.

Therefore it is always worth checking out the website sales pages of any company that sells prestige property in your target area. They may only show their listing on their own websites.


2. Work with a local real estate expert

 

Whether you use a buyer’s agent or a real estate agent that specialises in selling prestigious homes, you will need to engage a real estate expert. You want an agent with many years of experience in successfully buying and selling high-end real estate in your desired area.

Why? An inexperienced agent would not have the skills, experience or relationships necessary to develop a network of sellers in the area. Your agent’s network gives you access to homes for which there may be no open viewings or online adverts.

An experienced, high-end agent will know of homes that regular agents won’t have on their radars because it is not their speciality. The key is to do a little research. Ask for recent client testimonials that you can authenticate. Furthermore, check out their websites to see what it describes. Does the agent’s homepage cover a vast or specific area? From the photos, copy and listings, is it clear that they only sell high-end property? (Or do they sell everything that crosses their path?). These details are important as they show where their specialisation and focus lie, so make sure they are congruent.

 

3. Look to the future - check local planning applications and permissions

 

Short of natural disasters, few things will destroy your peace of mind, standard of living (and property value) than unforeseen and unexpected building and construction. Make sure that you are aware of any plans to build in and around the vicinity of your home. You don’t want to buy your dream home only to experience years of noise and unsightliness whilst your beautiful view is built out!

 

Blending indoor and outdoor living spaces


4. Be clear of your property goals

 

Sellers of prestige properties tend not to want too many people coming around viewing their private abodes. Similarly, you’d rather not go to more house inspections than you have to, but you also don’t want to miss out on viewing what could be the one. This is why you should have and communicate a clear idea of what you want from the outset. Naturally, this all comes down to your circumstances and lifestyle!

If you are an avid golfer and your partner is a keen sailor, that absolute waterfront property in Sanctuary Cove may be perfect for you. However, you might have a young and growing family, and more outdoor space would better suit.

Spend some time brainstorming the best hypothetical home that would suit your family and lifestyle. Have a clear list of ‘must-haves’, ‘nice to haves’ and ‘could live withouts’. Ensure your agent knows exactly what you are after so that they can showcase properties that will excite you. 

 

5. Take your time

 

There are many reasons why you should never buy prestigious property as a snap decision. You certainly do not want buyers’ remorse with an investment of this magnitude. For anyone purchasing a home they will live in, you must also be sure you have given your decision deep consideration, as you could be there for many years.

 

 

All information contained on this website is for your reference only. You should always make your own enquiries and seek independent legal advice in respect of any information about real estate law and the purchasing of real estate and related subjects. This website may contain hyperlinks to websites operated by parties other than Mercer & Cooper. Such hyperlinks are provided for reference only and Mercer & Cooper does not control such websites and is not responsible for their contents.