A Manual for Purchasing Exotic Homes (With Essential Advice)

Most individuals want to purchase a luxury home, whether it’s a penthouse with stunning city views or a magnificent villa in the country. For purchasers looking for grandeur, the possibilities are endless when you include smart home technology.

Luxury real estate is becoming more and more in demand in Asiatic and African rising markets. High net worth individuals consider buying luxury homes to be wise investments in nations like Nigeria. Modern families also want to live in safe, affluent areas with lots of amenities.

Every luxury home has features that appeal to a buyer, whether it’s the location, the cost, or the facilities offered.

Unlike when purchasing real estate in general, there are certain factors that buyers should take into account when purchasing luxury real estate. You will obtain the maximum return on your investment if you take these criteria into consideration.

We’ll highlight some of the top luxury house buying advice available in this brief guide.

Villa Afrika is an estate agency in Abuja. Check out our property or land listings if you’re trying to find a home, apartment, piece of land, or business property to purchase or rent. Another option is to submit a property request.

A luxurious home: what is it?
There are many different types and sizes of luxury residences, including mansions, duplexes, and penthouse flats. They are typically found in upscale districts or adjacent to other opulent residences. As a result, homes in these neighborhoods are typically more expensive; for Nigeria, consider Maitama in Abuja and Banana Island in Lagos.

Luxurious and costly are not always synonymous. A property’s location is the primary determinant of its market value in real estate, but there are other considerations as well. For example, homes in urban areas are typically more expensive than those in rural ones.

But a property’s location doesn’t reveal anything about the interior or exterior of the house. When determining whether a property is opulent or not, the interior design and appearance of the house are equally as crucial as the location.

A home that offers its owner solitude, security, comfort, and prestige is considered luxurious. It should also enable you to pursue your interests and engage in any pastimes you may have. When searching for a luxury home, a buyer should concentrate on amenities that allow for such.

Features of a luxury residence
Not everything that one individual may consider luxurious is necessarily what another would consider so. Your preferences will determine everything. Having said that, luxury residences typically share the following features and amenities:

Excellent location
Beautiful architecture
Superior interior finishes
Technology for smart homes
Outdoor living areas include custom pools, spas, outdoor kitchens, and outdoor living rooms.
Luxurious home office
A chic kitchen
A dressing room for designers
Bathrooms for spas
At-home gym
Entertainment spaces: restaurants, movie theaters, gaming halls, etc.
After defining luxury homes and outlining some of its characteristics, we’ll provide you some advice on how to purchase luxury homes in Nigeria (or, for that matter, anyplace else).

Collaborate with a trustworthy real estate broker
It’s not as simple as it seems to find a luxury property. Because luxury homes are supposed to be “exclusive,” they aren’t often put up for sale on real estate websites because of privacy issues. The premium market relies heavily on “word of mouth” marketing.

For several reasons, an estate agent with experience in the upscale market is extremely beneficial. They

Recognize the topics that interest you.
Possess off-market properties (those that aren’t publicly advertised)
Maintain a network of contacts who could know of properties that better fit your needs.

can give you the finest prices by accurately valuing your property.
can assist you in navigating the entire purchasing process and spotting any potential dangers.
will maintain the privacy and confidentiality of your transactions.
Make a list of your luxury home’s needs.
As previously said, a number of opulent features or facilities are available. For you and your family, some might be more significant than others. To assist you stay focused on your search, you should compile a list of all the “must have features” that you are looking for. Additionally, it will help the agent you are dealing with locate something that works for you quickly.

Look beyond the digital images and movies.
Buyers ought to explore beyond a home’s digital photos, videos, and brochures. Homes might appear nicer than they truly are because to modern photo editing tools. On the other hand, properties may appear more appealing in real life than they do online.

The best course of action is to go out and physically inspect a property. It will assist you in determining whether the house is right for you by giving you an idea of what life would be like there. Being such a significant investment, witnessing firsthand is crucial, even if it means traveling from all over the world.

Do your research and have the opulent home examined.
The devil is in the details, as they say. You should be concerned about more than just a house’s outside appearance; it should also be built on a solid foundation.

You need to investigate problems like mold, bugs, bad electrical wiring, leaky roofs, bad plumbing, structural deterioration, etc. It makes sense to hire a professional home inspector. A thorough evaluation of a house’s major mechanical and structural systems will be given to you by a home inspector.

Considering the relatively large sums of money required to purchase luxury real estate, it is always better to be safe than sorry.

Make sure that your money is in order.
Purchasing a luxury home requires a large financial commitment. As a result, you should confirm that you are eligible to purchase the features you want and that your budget allows for them. Having a long list of features on your checklist is pointless if they will cost more than you can afford.

Additionally, purchasing a luxury home is typically an all-cash transaction, however your realtor may know mortgage lenders that are ready to provide you a loan. You will also need to look at the tax rules of the country you are purchasing in because of property taxes.

Basically, you have to look at all of your financing possibilities and the possible expenses you can incur. Having this knowledge will help you make a wise decision. It is therefore advised to collaborate with a competent group of accountants, attorneys, financial consultants, and real estate brokers.

Location is important.
Numerous difficulties are impacted by location, which is why it needs careful consideration. Together with your realtor, you will need to plan out the neighborhoods you would like to live in. Not every community can fulfill all of your desires.

Important topics to cover include:

The regional patterns in the area
Plans for the neighborhood’s future (which could increase or decrease the location’s appeal)
What kinds of products and services you need
Your property search will be somewhat simpler as a result of being able to identify particular neighborhoods that meet the majority of your requirements.

Nigeria’s most affluent residential areas include Wuse, Asokoro, Jabi, Victoria Island, Ikoyi, and Lekki.

Have patience.
One of the most significant financial decisions a person will ever make is purchasing a home. Considering the higher amounts at stake in any prospective deals, purchasing a luxury home is much more important.

Therefore, it is essential that you be patient. You should think things out thoroughly before making any conclusions. If you are unsure about a property or feel that a transaction is not right, it is best to walk away now rather than later regret your decision. Since homes are always being purchased and sold, the ideal property will eventually become available.

Will it be easy to sell this opulent home in the future?
You can eventually find yourself in a position where you have to sell your house since people’s situations continuously change.

A house with high resale value is undoubtedly worth more than one without it. The two main criteria that influence a home’s worth are its location and its condition. Thus, purchasing a home in a desirable area with high demand will guarantee that you can sell it quickly and for a profit.

Concluding remarks
With our luxury home purchasing guide, we’ve given you crucial advice and considerations for anyone looking to purchase a luxury home in Nigeria. Having a proper budget, communicating with a realtor, and knowing what you want are all crucial considerations.

Author: Paul Okoh