Buying a home can be one of the most stressful endeavors in a person’s life. You want to make sure the house you choose has everything you are looking for and at the right price.   If you want to make sure your experience is more heartwarming than heartache, check out these tips:

Cash or financing?  Which is right for you?

There is a crucial question when deciding to purchase a home, will I pay cash so I can eliminate a monthly payment or will I take a loan from the bank so I can keep my cash for other purposes?  When financing, there are some things to keep in mind. First of all, the process for obtaining a loan for a luxury home can often take longer than it would on a traditional home. The potential risk assumed by the bank is far greater with luxury homes because of their large price tag as well as the uncertainty of the actual value in the absence of comparable properties that have recently sold. Be prepared to wait up to 60 days to get approval from the bank and to pay at least a 30% down payment on the property. If you want to move the process along more quickly, make sure you have your financial affairs in order and get pre-approved for the loan ahead of time.

Although this may not be an option for all buyers, using cash can often help deals go through at a lower price. If using cash, ask for an appraisal contingency to make sure you are getting what you are paying for.  Even though cash is simpler and can often help negotiate a lower price, the majority of buyers still utilize credit when buying a luxury home.

Do your homework

This is one of the biggest decisions of your life so you want to make sure that you have the most knowledge possible.  The internet is an amazing tool when shopping for a luxury home.  It allows you to browse homes, making a list of your must-haves and what you can live without.

When you are buying a traditional home, a typical home inspection is usually sufficient, but the luxury market can be more complex.  High-end homes come with some truly valuable amenities that will often require specialized inspections. This will include hiring inspectors who specialize in specific areas such as a pool expert to make sure your oasis will remain cool and free from leaks, a soil engineer to be sure that the ground supporting your house is not going anywhere or an arborists to check on the health of the trees and plants that make the property so beautiful.

It is intimidating for most home buyers to know where to start when making sure that the home they are about to drop millions of dollars on is a good investment and in pristine condition.  Although doing your own homework is important, you need somebody in your corner to make sure that all the details are covered.  This leads us into the final tip for buying luxury real estate.

Find the RIGHT real estate agent for you

A real estate agent is an invaluable asset when buying a luxury home.  The upscale market is vastly different from the traditional market in many ways. When looking for the right agent, it is important to determine if they have the knowledge that you need to find your dream home.  You are looking for someone who is an expert in the luxury real estate market and who has extensive knowledge of the area where you are looking to buy your home.  Your agent will have inside information, knowing when new homes come on the market or a home drops in price.  The right agent will also have connections, getting reports on homes that are unlisted on the public market.

Another aspect of buying a home that needs the expert knowledge of a luxury real estate agent is in determining the market value of a property. All real estate agents use comparables, which are other properties in the area similar to the one someone is looking to buy, to help determine the value, but it is harder to do that with luxury properties because there may not be similar properties in the area.

The right real estate agent will make your home buying experience one-of-a-kind by providing excellent customer service and equipping you with all the necessary tools you will need to make the decision that is best for you.