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Red Flags to Look Out For When Buying a Luxury Home

Posted on: April 27, 2020

What To Know When Buying A Luxury Home

When you’re buying a luxury home, you don’t want to make a decision too quickly. You want to get the best value for your money and select a home that you’ll love for years to come. When you’re narrowing the playing field, there are a few red flags you want to look out for. Here are a few major things to consider when selecting your luxury home.

Bad Neighborhood

While it can be good to find a home in an up-and-coming neighborhood, be wary if you see a bunch of other houses for sale nearby. A mass exodus from a neighborhood could be a bad sign. If there’s a lot of vandalism or a heavy crime presence nearby, you definitely want to steer clear. If you have children, be sure the local school system is up to your standards.

Sudden Price Drop

It can take a while to sell a luxury home, but if your potential property has had a major price reduction recently, start asking questions. If there are multiple price drops within a number of months, or the price drop is drastic, these may be signs that there’s something wrong with the property and the owner needs to sell now. 

Random Fresh Paint

Typically, a luxury home for sale will be freshly painted throughout the house. But if just one wall has a new coat, the owner may be trying to cover up a bigger problem. There may be a mold or mildew issue or water damage. If there’s a newly painted wall in addition to a funky smell, you’ll definitely want to have it checked out.

Lack of Inspection

Many people do without a professional home inspection and then find a costly issue later down the road. Do yourself a favor and move forward by hiring a professional. They will be able to tell you any hidden issue you may not see yourself. If an issue does arise, you can either choose a different property or negotiate a lower price so that you have funds to fix the problem. 

Call An Experienced South Florida Real Estate Lawyer

Having a luxury real estate lawyer at your side can be an invaluable tool in your home buying process. Mark Schecter is a Broward County luxury real estate attorney who has been helping South Florida families for years. Contact Schecter Law today to discover how Mike can help you secure your dream home.