A Statista survey revealed that 99% of homebuyers relied on the internet to find homes for sale. But most literature out there does very little to help, focusing only on the critical features to look for instead of explaining how to know what essential features home buyers need.
What factors should you consider when buying luxury property in Corona del Mar?
Buying a luxury property in Corona del Mar is a significant financial decision with no room for error. Carefully consider the few factors below to determine what features can make or break the deal for you:
Your budget itself is a non-negotiable in that you shouldn't spend more than you intend to, even if the bank offers more funding than you expected. But it also determines what you will consider your non-negotiables.
We all want a big home with as many bedrooms as possible, lush gardens, swimming pools, an indoor and outdoor theater, and incredible views. And if we had the means, those could be our non-negotiables. But most people don't. So, the question to ask yourself when shopping for your luxury property in Corona del Mar is, "what do I plan to spend and what can that get me?"
After determining your budget, list the amenities you prefer your home to have, such as a swimming pool, large yard, indoor theater, and the likes. Cancel out all the amenities that are out of reach of your budget and sort the remaining ones in order of decreasing necessity. This list will help you determine the most valuable home in your budget.
Your current situation
Assessing your current situation lets you determine what you need in a home to live comfortably.
Your future plans
How often you will live there, how long you intend on owning it, and what you plan on doing with it once you are done, among others, will determine your non-negotiables, as discussed later.
Your tastes and preferences
Non-Negotiables to Consider When Buying Luxury Property in Corona Del Mar
1. A preferred neighborhood
Some neighborhoods are more expensive than others, so your budget determines what kind of neighborhood you can afford.
Your future plans also determine the neighborhood. For example, if you are planning to raise kids in the home, among your non-negotiables is a neighborhood with a sense of community, kid-friendly activities, and proximity to schools.
If you plan on selling it in the future, you will look for a home in a neighborhood known for consistently rising home prices. If you plan on subletting, you will buy a home in a neighborhood with no rules against subletting. Your future plans largely determine the neighborhood you settle for.
Your tastes and preferences also determine the choice of neighborhood. You wouldn't move into a noisy area if you prefer a quiet environment. If you prefer living next to other people with neighbors around you or where you are excluded, you can find neighborhoods that cater to each preference.
2. Home size
So, depending on your future intentions, you can have in your non-negotiables list the number of bedrooms you cannot go below.
Your budget also determines the home size. The bigger the budget, the bigger the size you can afford. But if the budget is tight, you cannot have a big home as one of the non-negotiables.
3. Access to Schools
Access to schools might be a non-negotiable only if you have kids in school or are planning to have them in the future.
Even if you don't have kids in school or aren't planning to have them in the future, having a home close to good schools in Corona del Mar can increase its resale and rental values. So, if your future plans involve selling or renting, you could have easy access to schools among your non-negotiables.
4. Outdoor spaces
Especially now that people have experienced lockdowns, access to outdoor space is critical. Access to fresh air from the comfort of your home is vital, and no one wants to experience another lockdown confined in a small house.
But the size of outdoor spaces you should be looking for is determined by your budget. By considering your budget, you will be able to decide on the size of outdoor space you can afford and must have in your home.
5. Garage and storage space
Your current state and future plans determine how much garage space and storage space you need. If you own or plan on owning more than one car, an oversized garage will be on your list of non-negotiables.
If you are sharing the home with family or friends, chances are, you will need extra space to store various items, or they will fill up your everyday space. It shouldn't be a deal-breaker if it doesn't have storage but has the capacity to add storage. It's relatively cheap nowadays.
Renting a storage space could work, but that extra cost can be avoided by having ample space as a non-negotiable.
6. Home Style and Age
7. Smart home features
Smart homes offer several conveniences such as ease of light, TV, and home security control. If you prefer these features, you can have smart home features among your non-negotiables. You could buy a home without one and install it later, but they are pretty expensive, so you can save costs by purchasing a home with a pre-installed one.
Are you fully or partially working from home or bringing your work home from time to time? If so, then you need a space to focus. Assessing your current needs can help determine whether you need a home office.
However, just like access to schools, you would be better off having a home office in case you plan on selling it in the future. It could elevate its value. That said, whether or not to include a home office in your non-negotiables list depends on your current state and future plans.
The nine non-negotiables highlighted above are unique to each buyer. By determining them using the factors discussed, you will simplify and shorten your search process and increase the likelihood of finding the ideal property. But some non-negotiables are universal and should always be considered without regard to personal specifics.
Get the help of a realtor in Corona del Mar
The best way to find luxury property in Corona del Mar that has everything you need is through someone with extensive knowledge of the area and properties. Someone with years of experience finding properties and closing deals for clients in Corona del Mar. A hard-working, passionate, committed, and knowledgeable partner. Blair Walsh is that someone for you.
Blair is a successful real estate agent in New Port Beach who has excelled in navigating the fast-paced and competitive luxury real estate market in the region. He is a devoted and hard-working realtor who is determined to offer outstanding customer service to home buyers and sellers alike.
Call Blair directly at (949) 244-1834 to get valuable insights about the real estate market in Corona del Mar!