If you have finally arrived and have the means to buy that luxury home you have always dreamed of owning, congratulations. Whether you plan on paying in cash or taking out a mortgage—which according to a Coldwell Banker study is what 69 percent of luxury home buyers do—there are some things to consider in your hunt for your ultimate dream home.

Use an Agent

An agent is usually a good idea for any type of real estate purchase, but it is particularly so when it comes to purchasing a luxury home. Like anyone looking to buy a home, price is probably going to be the most important consideration and you want to make sure you are paying the right one, especially when it comes to such an expensive item. When it comes to determining an appropriate price for a luxury home, there are lots of things to consider and lots of nuances that only an experienced agent who looks at these houses all day long can accurately ascertain. One agent likened it to ‘’comparing the incomparable.’’

Make sure you use an agent with experience in the luxury real estate market specifically, not only because they will have the right experience, but because they likely have a good network of contacts that make them privy to listings before they officially hit the market. Many sellers want to protect their privacy and their homes may not be listed through conventional channels.

Financing Considerations

Based on the study conducted by Coldwell, there is a good chance you are one of the 69 percent who plans on taking out a mortgage just like most home buyers. You may think that you will not be able to compete against people looking to pay cash, but this is not necessarily true. Provided you have a big enough down payment and you are making a good offer, you are pretty much on equal footing. When it comes to your down payment, a lender may require at least 30 percent on such a large loan. A bigger down payment is also a good sign for a seller as it shows you are serious about buying the house.

Be prepared to fork over a lot of paperwork—such large purchases will naturally invite closer, more in-depth scrutiny of your finances compared to the average home buyer. You may need to get more than one home appraisal. Because of longer verification processes and greater amounts of documentation, it can take up to 2 months to get a loan approved.

Don’t Rely Solely on Photos

While photographs may give you a good idea of what a home and its surrounding property looks like, many larger homes may not be ‘’photogenic.’’ Do not dismiss a house simply because you do not like how the front elevation photo looks. To get a better idea of the home, do a search on Google Earth.

Making an Offer

Luxury homes have many features that make them, well, luxurious. A particular view, extensive remodeling or unique features allow the seller to command a particular price. But, before making an offer, it is important that you and your agent get information on the closing prices of similar properties in the area. Knowing the price accepted for comparable pieces of real estate can help you formulate a good offer that works for both you and the buyer.