Ever wanted to buy a luxury property of your own? How about renting one, in a prime location that affords you an amazing view of the city or coast every time you open the curtains?
While luxury property ownership often seems like a complete pipe dream, we’ve got some good news for you: it may be more possible than you first thought.
Indeed, the next time you move house, you could end up with a technically luxury property under your belt.
And if you’re interested in making a move like that in the future, here’s what you should think about right now.
Avoid Buying Beyond Your Needs
When thinking about a home you might own or rent in the future, you do have to think about how your needs will change.
But when you want to move into a luxury property, you also need to think about staying within your means as firmly and strictly as possible.
For example, why invest in a large, 5+ room property when there are 2 bedroom luxury, amenity-rich apartments available to you as well?
While you may have plans for all that extra room in the long run, you need to think about your life as it stands right now and how you might get there.
Simply put, if you want to go luxury, don’t make too much of a jump between one and the other.
Don’t Be Tricked By Good Staging
Sometimes, luxury properties can be sold to us as much more valuable than they actually are. And that’s all done to the right words, good staging, and making a wonderful first impression.
When you want to buy a luxury property, you need to uncover the real property underneath all of this spin.
When was it built? What condition is it in? How many renovations and/or repairs has it been through? How long has it stood without an owner or any tenants?
If you go to a viewing, these are the kinds of questions to ask. They’ll help you pierce through the gilding and determine if this luxury property is actually as luxury or expensive as it first appears.
You May Have a Much Longer Buying Window
Getting into luxury real estate takes some time. You can’t just search through online listings to find the most perfect luxury property for you, and especially not for one that’s comfortably in the middle of your mortgage range.
You need to take time to set up a few connections with luxury real estate vendors, and make sure you stay up to date on the news from the world of luxury home ownership.
You need to know what the latest trends are, as well as what state the market is in. Plus, it’s always best to know a few agents by name too!
Fancy a bit of luxury to call your own? If you want to move into a luxury property, these three things will keep you on top of your plans.