Whether you’re thinking of buying or selling a luxury home, you’ll need to keep in mind the ways that it differs from a standard sale. You’re not only talking about more money on the table. You’re also talking about more logistics, more questions, and more things to consider than in a traditional home sale. Find out what to keep in mind, no matter what side of the table you’re sitting on.

Tips for Selling a Luxury Home

1. Consult with your real estate professional on the latest trends

Luxury buyers tend to be among the most discerning in the market, and they’re always on the lookout for the latest and greatest designs, layouts, and upgrades. Before you put your home on the market, sit down for an honest assessment of the property with your trusted real estate agent or broker. They’ll help you identify the changes or improvements that can help you sell your home more quickly and for a higher price.

2. Update, upgrade, and repair as needed

Once you’ve gotten their advice, put it to work and get started on those updates. You may also want to have a home inspection ahead of time so that you can get ahead of any needed repairs. That will help to ensure that it’s smooth sailing throughout the escrow process.

3. Cast a wide net with your marketing

Unlike most real estate listings, luxury listings tend to appeal to a broader market of buyers, including international buyers and property owners in other parts of the country who are looking for a second home. Make sure that your agent is marketing beyond the local MLS and reaching out to buyers in other markets who may be looking for a place just like yours.

4. Focus on the grounds as well as the home

Luxury homes are often desirable for what’s outside as much as what’s inside. The setting, privacy, acreage, and view may be as much of a selling point as updated fixtures and finishes in the interior. Make sure that your agent understands what makes your home special both inside and outside to ensure that your marketing is as comprehensive and convincing as possible.

5. Expect top of the line marketing collateral

Professional photography, videography, and copywriting, along with enhanced online visibility are par for the course when it comes to marketing a luxury property. Ask your agent or broker to share some of the marketing collateral they’ve used on previous luxury properties so that you can ensure it will be attractive and effective in reaching out to your ideal buyer.

Tips for Buying a Luxury Home

1. Think beyond the MLS

In many cases, luxury properties may be sold privately without being listed widely on the MLS. This can be both for security reasons and in order to ensure that potential buyers are well-qualified. Talk to your buyer’s agent and find out what types of connections they have in the luxury real estate community so that you can ensure they will hear of any off-market opportunities.

2. Secure preapproved financing

Oftentimes you’ll need to show that you are financially qualified to purchase a luxury home before you can even tour it. Talk with your lender to ensure that you are preapproved for a budget that would make you competitive with other buyers in the market where you’re searching.

3. Explore local planning and development

You don’t want to buy a spectacular piece of property only to find out that a big-box retailer is moving in down the street. You don’t want to fall in love with a view only to have it blocked by a new subdivision or condominium high rise. Talk to your agent or broker and make sure that there is no upcoming zoning or development to consider when choosing your new home.

4. Prepare to negotiate

Luxury home sales often have many more moving parts than more traditional sales. From artwork and custom furnishings that you might want to keep to sports cars, golf carts, and groundskeeping equipment, there may be a great deal to discuss when trying to nail down a price. Make sure that your agent knows where you stand on budget, timeline, and conveyances so that they can negotiate effectively on your behalf.

5. Understand the requirements of condominiums and co-ops

If you’re buying a luxury condominium or a share in a cooperative housing building, you’ll want to know all of the ins and outs of the ownership agreement as well as the building’s regulations, financial arrangements, and past or upcoming special assessments. Find out what will be required of you and what questions you should ask of the board or management company. Remember, you’re not just buying your individual unit—you’re also buying everything and everyone that goes along with it.

Exceptional real estate outcomes start with exceptional real estate professionals. Talk to your trusted agent or broker about your specific needs, whether you’re purchasing a luxury property or have one to sell. Need to speak with a lender, attorney, or property manager? Your real estate professional has a network of colleagues and referral partners who can ensure a more streamlined process from start to finish.