How to Determine Your Non-Negotiables When Buying Luxury Property in Corona Del Mar

How to Determine Your Non-Negotiables When Buying Luxury Property in Corona Del Mar

  • Blair Walsh
  • 08/12/22

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.

For example, content that recommends "look for a house with a big yard" leaves the question, "how do I know whether I need a big yard or not?"

In this guide, we break down the features that can make or break the deal. These are important to think about beforehand and can save you time, money, and heartache.

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

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

You have to consider aspects such as how many people you live with, whether you have pets, how many cars you own, etc. You wouldn't want to move to a good place that you can't fit in, doesn't allow pets, or something similar.

Assessing your current situation lets you determine what you need in a home to live comfortably.
  • Your future plans

When looking for luxury property in Corona del Mar, considering your future plans can shed light on the type of property you should go for and what features it must have for you to consider it.

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

Your tastes and preferences determine the features of the property and its state. Do you prefer a home with lovely views? A big kitchen? Wide green spaces? By listing down what you love about the current property you have and what it's lacking, you can choose a home with non-negotiables that genuinely match your tastes and preferences.

Non-Negotiables to Consider When Buying Luxury Property in Corona Del Mar

Some of the non-negotiables you can arrive at after considering the above factors include:

1. A preferred neighborhood

When buying property, the neighborhood is just as important as, if not more important than, the property. You want a home in a neighborhood that matches all the above factors.

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

If you plan on living alone or with a spouse without children for the foreseeable future, a one- or two-bedroom home is enough. If you plan on starting a family, you should arrange in advance to get a bigger house. If you plan on having guests over often, add an extra bedroom or two. The same thing goes for bathrooms.

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

There will always be things that need storage, more so if you're a tradesman: a bike, a car, shovels, lawnmowers, flower pots, and other tools and equipment.

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

If you prefer a modern property with the latest features or an old property from the early 1900s or earlier, you can specify that in your non-negotiables list. The same goes for the home style: you can choose a condo, townhouse, and other types of property. You should specify the type of home you want on your non-negotiables list.

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.

8. Home-office

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.

9. Privacy

Most people don't like other people watching them go about their business. They prefer a property that offers them the privacy they need to feel safe inside the home and outside it in the balcony and courtyard.

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

There is no shortage of properties in Corona del Mar that feature most, if not all, of your non-negotiables. But can you give up one non-negotiable for another? You might have to – if you look for the property yourself.

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!

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