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Buying a home requires a lot of thought and consideration. Home is where memories are made and lives are shared. Factor in the ability to purchase an exclusive and luxury home, and the options are endless. In this article, we’ll explore the buying process for luxury homes for your affluent clients. Share with them the following information and ask Mavon about access to coverage intended for specialized products and higher limits, including our High-Value Home Insurance policy.
Understand the listing process.
Due to the well-known status of many luxury homeowners, these affluent estates might not be listed on traditional MLS sites. For this reason, luxury home buyers need to inquire about their realtor’s personal connections with these sellers to determine if they have enough access to the market.
Work with a local expert.
Going hand in hand with having access to the exclusive market, working with an expert who knows the area is a must.
“It’s critical to have a good buyer agent who is familiar with the area you want to buy in. There’s a bit more control on access to high-end properties in terms of fewer open houses and more appointments have to be made to see them,” says Elizabeth Blakeslee, Coldwell Banker Residential Brokerage, Washington, D.C., to HGTV.
Arguably the best advice your affluent clients can get is to come prepared. Financial documents, proof of cash reserves and pre-approved mortgage information are ideal if they want to secure a property that has a lot of competition.
Look to the future.
Buying a luxury property has a lot to do with location. Luxury home buyers should inquire about the neighborhood’s future development plans, if any, to prevent buying a home that will be surrounded by something distasteful in coming years.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.