French provincial, Greek revival, Italianate and Neoclassical – if these terms are suddenly top-of-mind for you, then you must be considering the purchase of a luxury home.

If this is your first luxury home purchase, you’ll quickly learn how the process differs from that of purchasing lower priced real estate. From determining how much to offer through the close of escrow, the luxury home purchase is more time consuming and requires much more due diligence than when purchasing in the lower price ranges.

Whether you dream of purchasing a Tuscan-style Italian villa, a French chateau or an English manor house, you’ll find the devil is in far more of the details than just the home’s architecture. Here are tips to keep in mind when purchasing luxury property.

Financing a Luxury Home Purchase

A common misconception is that most luxury homebuyers pay cash for their homes, when in reality only 31 percent pay cash, according to the Coldwell Banker study, “Who’s Buying Luxury Property in America .”

While this number may have changed in the 12 years since the study was published, it’s safe to assume that most luxury homebuyers require a loan to purchase a home.

Another common misconception is that the buyer with financing can’t compete against the cash buyer. As long as the terms you are offering are attractive and you come in with a large down payment, you are in equal position with a cash buyer offering less than market value for the home, according to Iyna Bort Caruso in The Wall Street Journal.

How much is a “large down payment ”? Plan on paying as much as 30 percent of the purchase price. Aside from making your offer more attractive to the luxury homeowner, many lenders require higher down payment amounts on large loans.

The loan approval process may take longer for a luxury homebuyer perhaps as long as 60 days. The extra documentation requires extended verification periods. As well, on particularly large loans, lenders sometimes require more than one appraisal. Gathering all required documents before visiting a lender will help speed the process. Although your lender will tell you what to bring, be prepared to show the following:

• Asset statements
• Tax returns
• Employment verification
• Proof of cash reserves

If you own more than 25 percent of a corporation, you will need to show additional documents, such as profit and loss statements, K-1s, 1120s and supporting schedules.

Use a Real Estate Agent

While using a good buyer’s agent is a must in any type of a home purchase, it is imperative when purchasing luxury property. In fact, the ideal agent for you is one who specializes in luxury property.

One of the most important considerations in the home buying process is price: Am I paying too much for this home? Determining the market value of luxury property requires the ability to compare the incomparable, according to luxury real estate guru Jack Cotton.

This ability primarily comes from experience. An agent who spends his days selling moderately priced homes lacks this experience, so ensure that you work with a luxury home specialist.

Another bonus of using a luxury home specialist is that she typically has a network of contacts that allows her to hear about upcoming luxury listings before they hit the open market.

Don’t Rush the Process

Estate homes are full of design details and amenities that are lacking in homes in the lower price ranges. These amenities, such as sophisticated security systems and multiple mechanical systems, may require the services of specialized home inspectors.

In larger homes, an inspection may take from six to 10 hours, or require a team of home inspectors. Then, factor in the additional time required for specialized inspections. It’s important to not rush the process, but to take the time necessary to order all the inspections you feel you need to be comfortable with your purchase.

Tips for the Cash Buyer

If you are paying cash for your luxury home, even though there is no lender to require an appraisal, ask for an appraisal contingency anyway. This allows you to get another opinion as to the value of the property and to walk away from the purchase if the appraisal is far lower than what you agreed to pay.

Cash buyers should also guard against misjudging the competition. cautions Ashleigh Patterson with Reuters Money. Many times the cash buyer overestimates his negotiating power and comes in with a ridiculously low offer. As mentioned earlier, a loan-backed buyer may gain the upper hand if her offer is clean and she comes in with a large down payment.

Information is king in all real estate transactions but in those that are more complicated, such as the purchase of high-end property, it is critical. Learn as much as you can about the process, go into it well represented by a luxury home specialist, and take the time necessary to inspect the property thoroughly.