The Luxury Home Buyer’s Guide
Buying a luxury property in North Atlanta
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Welcome
A fine home deserves a buying experience to match, and this guide shows you each step of buying a luxury property in North Atlanta.
We are Stephanie, Melanie and Laura of the Brewer Home Team, with Keller Williams Luxury at Keller Williams North Atlanta. We view luxury as simply a state of exceptional comfort, so we tailor every search to you and stay with you from the first conversation to the day you get your keys.
Georgia does a few things differently from other states. Attorneys handle closings here, and most contracts include a due diligence period that gives you time to inspect the home and decide. We explain both below.
Read this once from start to finish, then keep it handy. Bring your questions to us at any point, because no question is too small.
The process at a glance
Eight steps take you from first meeting to keys.
Before the contract
- 1Meet with usGoals, timing, budget and buyer agreement
- 2Get pre-approvedKnow your budget and loan type
- 3Tour homesSearch, showings, neighborhood checks
- 4Make an offerPrice and terms, negotiated for you
Under contract, about 30 to 45 days for most financed purchases
- 5Due diligenceInspect the home, negotiate repairs
- 6Loan and titleAppraisal, approval, title search
- 7WalkthroughConfirm condition and agreed repairs
- 8CloseSign at the attorney’s office, get your keys
The first four steps move at your pace. Once a seller accepts your offer, the contract’s deadlines set the schedule.
What sets a luxury purchase apart
Luxury homes follow the same steps, but they call for more preparation on financing, inspections and privacy.
Keller Williams Luxury counts properties priced at $1 million or more as luxury.
| Area | What changes |
|---|---|
| Financing | Loans above the conforming limit are jumbo loans, which usually need more cash reserves and documentation |
| Proof of funds | Sellers and listing agents often ask for it before a showing or with the offer |
| Value | Fewer comparable sales make pricing harder, and some lenders require a second appraisal |
| Inspections | Plan for specialists on pools, multiple HVAC systems, generators, specialty roofs, wells, septic and guest houses |
| Insurance | High-value homes may need specialty coverage, so get a quote early in due diligence |
| Privacy | Ask your attorney and tax advisor whether to hold title in a trust or LLC, and tell us if you need a confidential search |
| Availability | Some homes are marketed quietly, so we also ask our agent network about homes that are coming soon |
Get financially ready
Have your pre-approval or proof of funds ready before you tour homes, because listing agents for luxury properties often ask to see it first.
Base your budget on the monthly payment you are comfortable with, not the highest amount a lender will approve. Your monthly payment usually includes principal, interest, property taxes and homeowners insurance. Add HOA dues, utilities and money for upkeep to see the true cost.
Common ways to buy
| Option | Typical cash needed | Good to know |
|---|---|---|
| All cash | Full price plus closing costs | Offers the strongest terms and fastest closing, and you will need proof of funds |
| Jumbo loan | Commonly 10% to 30% down | For loans above the conforming limit, and lenders usually require cash reserves |
| Conventional loan | From 5% down at higher loan sizes | Works when the loan stays within the conforming limit |
| Asset-based or portfolio loan | Varies by lender | Can suit buyers whose wealth is in investments or whose income is complex |
| VA loan | 0% within lender limits | For eligible veterans and service members, and some lenders offer VA jumbo loans |
| Bridge financing | Varies by lender | Lets you buy before your current home sells |
What to budget for
These amounts are approximate. Your lender will give you a Loan Estimate with figures for your own loan.
| Cost | Typical amount | When you pay |
|---|---|---|
| Earnest money | Negotiated, often around 1% of the price | Shortly after the offer is accepted, and credited at closing |
| Due diligence fee, if any | Negotiated, and more common in competitive situations | When the contract is signed, as the contract states |
| Home inspection | About $800 to $2,000 or more, depending on size and specialists | During due diligence |
| Appraisal | About $800 to $1,500 or more, and some lenders require two | During the loan process |
| Down payment | Commonly 10% to 30% with jumbo financing, or all cash | At closing |
| Closing costs | About 1% to 3% of the price | At closing |
| Georgia intangibles tax | $1.50 per $500 of the loan, usually paid by the buyer | At closing |
| Prepaid items | First year of insurance, plus tax and insurance reserves | At closing |
What your lender will likely ask for
Working with the Brewer Home Team
We sign a written buyer agreement with you before we tour homes together, so you know what we will do and how we are paid.
The agreement covers the services, the length of the term and our compensation. Buyer agent compensation is negotiable and is not set by law. A seller may agree to pay some or all of it, or you may pay it, and we will go over the options before you sign.
Who does what
| Person | Role in your purchase |
|---|---|
| Brewer Home Team | Represents you, finds and shows homes, writes and negotiates the offer, and manages deadlines through closing |
| Lender | Reviews your finances, issues the pre-approval and funds the loan |
| Home inspector | Examines the home’s condition and writes a report |
| Appraiser | Estimates the home’s value for the lender |
| Closing attorney | Runs the title search and conducts the closing, and often represents the lender rather than you |
| Insurance agent | Provides the homeowners policy your lender requires |
| Tax or estate advisor | Advises you on holding title in a trust or LLC and on the tax effects |
Tell us early how you like to hear from us, whether that is a call, text or email. We will keep you posted on every deadline, and we can recommend local professionals, though the choice is always yours.
As part of Keller Williams, we work by a shared set of beliefs. They include win-win or no deal, integrity, customers always come first, and communication that seeks first to understand.
Find the right home
Define the lifestyle you want before you start touring, because at this level every home is different and direct comparisons are harder.
We will build a tailored search around that picture and arrange private showings on your schedule. You can also use the KW App to search homes, organize favorites into collections and follow your transaction status. Ask us for our link.
| Must have | Would like | Deal breaker |
|---|---|---|
At each showing, look past the staging
- Roof age, HVAC age and water heater age
- Water stains, musty smells and cracks in walls or foundation
- Drainage and slope around the home, especially after rain
- Storage, natural light and how the floor plan fits your daily routine
- Road noise, power lines and what backs up to the lot
Check the area on your own schedule
- Drive your commute at rush hour, including any stretch of GA-400
- Confirm school assignments directly with the school district, since zones can change
- Read the HOA covenants, fees and any limits on rentals, fences or parking
- Look up the county property tax bill and the FEMA flood map
- Visit in the evening and on a weekend
Fair housing law applies to everything we do. We can point you to sources about schools, crime and neighborhoods, so you can draw your own conclusions.
Make a strong offer
A strong offer balances price with terms, and the highest number does not always win.
We will pull recent comparable sales, review the home’s condition and days on market, and recommend a price and terms for you to decide on.
| Offer term | What it means for you |
|---|---|
| Purchase price | What you offer to pay, which the appraisal will later test if you have a loan |
| Earnest money | A deposit that shows good faith and is held until closing |
| Due diligence period | A set number of days to inspect the home, during which you can generally end the contract for any reason |
| Financing contingency | Protects you if your loan falls through, within the contract’s terms |
| Appraisal contingency | Protects you if the home appraises below the price |
| Closing date and possession | When you sign and when you can move in |
| Seller contribution | Money from the seller toward your closing costs |
| Items included | Appliances, fixtures and anything else that stays with the home |
Due diligence is your most important protection, so mark its end date. If you back out after it ends without another contract right to do so, you may lose your earnest money.
When there are multiple offers
- Offer your best terms up front, since you may not get a second chance
- Show a recent pre-approval letter and proof of funds
- Be flexible on closing date or possession if you can
- Consider an appraisal gap only if you have the cash to cover it
- Shorten due diligence only if you can still complete inspections in time
We will explain the risk of each term before you agree to it. Once both sides sign and the final acceptance is delivered, you have a binding contract.
From contract to closing
Most financed purchases close about 30 to 45 days after the contract is signed, and cash purchases can move faster.
We track every date and tell you what is due next.
- Deliver earnest money by the date in the contract.
- Schedule inspections right away. Attend the end of the inspection if you can, and consider termite, radon, sewer or septic tests.
- Negotiate repairs. Before due diligence ends, we ask for repairs or a credit, or you can walk away.
- Finish your loan application. Send your lender documents quickly and lock your rate when you and your lender agree the time is right.
- Complete the appraisal. If it comes in low, we renegotiate, you cover the gap, or you use any contingency you have.
- Clear underwriting. Your lender verifies everything and issues a clear to close.
- Title search and insurance. The closing attorney checks for liens and other claims. We recommend buying an owner’s title policy.
- Buy homeowners insurance and send the policy to your lender.
- Review your Closing Disclosure. Your lender must provide it at least three business days before closing.
- Do the final walkthrough shortly before closing, to confirm the home’s condition and agreed repairs.
- Close at the attorney’s office. Sign, fund the purchase, and get your keys once the sale is complete.
Bring to closing
Avoid common mistakes
The most costly mistake is wiring closing funds to a scammer, so always verify wire instructions by phone first.
Use a number you already know is real, never one from an email or text.
Between pre-approval and closing, do not:
- Open new credit cards or finance a car or furniture
- Change jobs or switch to self-employment without calling your lender first
- Move large sums or deposit cash you cannot document
- Miss a payment on any existing debt
- Skip an inspection to save money or time
After you get the keys
File for your homestead exemption, because it can lower your property taxes each year.
In Georgia, you generally must own and live in the home on January 1 of the tax year and file with your county by April 1.
Be wary of official-looking mail offering a copy of your deed for a fee, or demanding payment on your mortgage. Call us if anything looks odd. We are still your team after closing.
Glossary
| Term | Meaning |
|---|---|
| Appraisal | A professional estimate of a home’s value, ordered by the lender |
| Binding agreement date | The date a contract becomes final, which starts the contract’s deadlines |
| Clear to close | The lender’s confirmation that the loan is approved to fund |
| Closing Disclosure | The final statement of your loan terms and closing costs |
| Contingency | A contract condition that must be met for the sale to proceed |
| Due diligence period | The agreed time to inspect the home and decide whether to continue |
| Earnest money | A good-faith deposit credited to you at closing |
| Escrow account | An account your lender uses to pay property taxes and insurance |
| Homestead exemption | A property tax reduction for a home you live in as your primary residence |
| HOA | A homeowners association that sets community rules and charges dues |
| Title insurance | Protection against ownership claims and defects in the title |
This guide is general information, not legal, tax or financial advice. Costs and rules change, so confirm details with your attorney, lender or tax advisor. Each Office Is Independently Owned and Operated. Equal Housing Opportunity. If you are currently in a binding real estate brokerage engagement, this is not intended as a solicitation.
Let’s Get Started
Your next step is a short conversation about your goals, timing and budget. Reach out however is easiest for you.
Prefer to talk? Call 678-820-9098, our office at 770-663-7291, or email info@brewerhometeam.com. Or book a time online.
Stephanie Brewer & Melanie Conley
with Laura Petitone, Brewer Home Team. When you reach out, you hear from a real person on our team.