Be Realistic When Searching for Boston Luxury HomesMarch 31, 2012
All buyers have a wish list. Some are location driven, with a desire to live in the best Boston neighborhoods like Back Bay, Beacon Hill, South End, North End/Waterfront or other specific areas. Some are more focused on the living space rather than the area and look for unique architecture or custom cabinetry. All buyers must think about what they want in their Boston luxury homes: number of bedrooms, baths, outdoor space, parking, renovated/un-renovated, elevator (or walk-up), full service buildings, brownstones vs. high rises, types of amenities and the list goes on and on...
Most important to consider is price range. Buyers have a price range in mind which may or may not be met after some viewing. It is important to keep an open mind and be realistic. Buying Boston luxury homes is not a rocket science nor is it an exact science. There are comparable sales that set the standard for the pricing of products in the best Boston neighborhoods.
Many buyers adapt easily to the pricing once they become familiar with the marketplace and tailor their wish list accordingly. In other cases, fortunately not too often, there are buyers who refuse to stay within their budget and try to make their dream come true without altering their budget or their extensive wish list. That is when a dose of reality is needed. The options are very clear. The best Boston neighborhoods have higher price tags. Additionally, every added amenity has a price tag associated with it. Buyers must compromise on something to be realistic – either budget or the wish list has to give.
As you prepare your budget:
- Expand your location search and be more open to different areas and building types.
- Be flexible on size requirements and get creative and resourceful.
- Or, simply accept the fact that you may have to increase your budget to get what you want. For some, this is not an option, so it’s best to end the search until a later date. Otherwise , you can spend years trying to chase a unicorn.
What are some of your non-negotiables?