Luxury Housing and You: What to Know

Luxury Housing and You: What to Know

Most people have a general idea of what their dream homes should look like. The dream very rarely lacks ambition. Whether you want a penthouse suite overlooking a city skyline or a beachfront home with a breathtaking ocean view, most of us dream of owning a luxury home.

When purchasing that home, however, you discover a plethora of options to choose or not.

Actually buying the house turns into the easy part. Here are four things you should know about luxury housing.

Know What you Want Frequently, when we dream of buying things, we consider the biggest and best opportunities without really fine-tuning the possibilities down to what best suits our needs. For instance, a penthouse apartment with mirrored walls overlooking the New York City skyline might not provide the best option for raising a family. Similarly, a sprawling five-bedroom mansion in rural Pennsylvania might not work for a bachelor working in finance on Wall Street. Narrow your search down to suit compatible locations and home styles meeting your personal, family and career needs.

Look for Strong Resale Value

What satisfies your dreams today might not satisfy them next year or a decade later. As people make changes to their careers, families and hobbies, their home needs change. Plan for this potential change by buying a house with good resale value when the time comes.

Luxury homes usually command good resale values on their own, as long as they nestle in prime locations and show good maintenance habits. A run-down home markets as a fixer-upper no matter the size. In fact, the more amenities it comes with, the higher the cost of fixing it. Other features securing good resale values include great lighting in the rooms, high ceilings, practical layouts, and lots of storage.

Broaden your Search Luxury homes are often unlisted to protect the buyer’s privacy. To find these higher end luxury homes, rely on personal connections. Your connections may prove sufficient. Otherwise, hire a realtor who can tap into these hidden markets for you. Some smaller websites catering to niche markets might also provide interesting results, especially if you want something unique and different.

Don’t Rely on Photographs Like people, even the most beautiful homes might not photograph well. Similarly, many people aren’t very good at taking pictures of even the most beautiful things. If a home meets your needs on paper in terms of location, size, and amenities, visit it in person to see it for yourself and make a sound decision. The reverse also holds true. A home that looks great in pictures may not meet your expectations in person. Be open minded about the homes you choose to visit for the best choices available when making your purchasing decision.

Spend Less than you Can If you qualify for a $4 million home, it doesn’t mean you should buy pay that amount. The bigger the house, the easier to hide little problems that create big expenses later. What if you lose your job or make a bad investment? This happens more often than anyone wants to admit. Spend only as much as you budgeted for, and less, if possible. Luxury doesn’t always need to come at exorbitant prices.

Roman Temkin is an entrepreneur and a real estate developer from NYC.