Your primary residence. A vacation home. An investment property. When it comes to investments, real estate continues to be one of the more relatively safe bets. On the luxury side, investors typically focus on exclusive, unique, eclectic properties or sit in ideal locations (think beachfront properties like homes, condos, or townhomes).
Put another way: Luxury properties are not all about the price. Investing in a luxury property means buying a property that offers unique and exclusive amenities—for example, location, location, location (you knew we were going to go there). Luxury homes in the Tampa area typically are near the water and have access to activities such as high-end shopping, dining, the arts, and outdoor enthusiast areas. Being in close proximity to other luxury homes and areas is another bonus.
Privacy, security, design and style, and access are highly rated attributes on the luxury real estate investment checklist. Luxury property investments should include homes, condos, and apartments that feature custom architecture, custom design, eye-catching attention to detail, etc. In addition, they are homes with top-notch amenities like luxury pools and spas, saunas, chef kitchens, wine cellars, entertainment, bonus rooms, the latest and greatest in technology and automation, and much more.
Selecting the right luxury property means you selected one that has everything and anything that makes people take notice. It is a place where people want to spend quality downtime, vacation, and family time.
For the investor, the path to luxury real estate purchases includes investments like flipping a luxury home, buying a luxury condominium or high-end vacation rental, or investing in international property.
The Flip
You don't need your own HGTV show to flip an existing luxury property. While purchasing distressed properties and fixing them up is popular, securing a high-end home is another option that could provide an earlier return on your investment. The key is to find high-end homes listed from short sales, trust sales, foreclosures, etc., that need work.
The Condo Approach
Finding a luxury condominium or highrise in the ideal spot is a great investment opportunity (think near the beach, entertainment and dining areas, transportation hubs, offices, etc.). In addition, condos and townhomes with luxury amenities like a pool, spa, fitness center, concierge services, security, rooftop garden, etc., are attractive appeals.
Building Your Own Luxury Property
Investing in the right piece of property in the right location and building your custom luxury property is another option. While it may take longer to reap any benefits, this investment choice offers plenty of awards. In addition, there are no repairs or upgrades to consider.
Going International
Investing in properties outside the US has advantages, including better prices, favorable exchange rates, and must-see locations. Using your property as a vacation rental is an optimum source of additional income while giving you a getaway spot as well.
Posted by Smith & Associates Real Estate on
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