The Best Strategy To Use For How To Change Your Life And Start Living A Life Of Luxury - A ...

Published Apr 13, 22
5 min read

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Having a storied history doesn't hurt, either. Many luxury buyers seek the natural beauty of a waterfront location, or at least views of a river, ocean, or lake. Others want countryside or mountainside views. High-end buyers desire many of the same features that all buyers want but on a grander scale.

When choosing a luxury home, it's especially important to think about the aspects of the property that can't be changed, says Mark Fitzpatrick, CEO of RUHM Destination Marketing, a marketing service for luxury properties. "You can't change the path of the sun, the location of the ocean, or the fact that there is a flight path for large airplanes over your head.

How Much Does Luxury Real Estate Cost? In markets where prices are generally lower, as little as half a million dollars can buy a piece of luxury real estate. But you'll need well over $1 million to buy a luxury property in most metropolitan areas, and the entry price point goes up from there.



Whether you're buying a home to live in for a while or to flip for a profit at the earliest opportunity, here are some options: Flip a mansion, Invest internationally, Buy a luxury condo, Buy a high-end vacation rental, Complete a custom build Here's a closer look at each option.

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For one thing, luxury homes tend to be better maintained than the average home, which can mean lower rehabilitation costs. Still, you're limited to the available properties that have just the right mix of architecture, condition, and style. While competition for those properties can be keen, the upside is that fewer flippers focus on that market.

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"We have to remember that the rest of the world does not operate like we do in the States," RUHM's Fitzpatrick says. "You do not want to purchase a property in another country only to find out the government can take it back from you down the road." For that reason, Fitzpatrick advises would-be buyers to use an international real estate attorney and other knowledgeable professionals.

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As always, location matters. "Buying in a luxury-looking building with poor transportation options is a poor investment," she adds. The services and features the building offers can also make or break your investment, Sussek says. "Don't have a full-time doorman? Fine, but what else does your home offer? Views, high ceilings, terraces, all of these features help distinguish your home from other cookie-cutter apartments and can lead to a higher selling rate when it's time to move out.” Keep in mind that when you buy luxury real estate, you buy a lifestyle.

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"They are great for seasonal income and perform well during good financial markets," Fitzpatrick adds. "However, they may suffer more during a recession than the homes near major cities." On the other hand, bear markets can be the best time to buy if you have the cash. In addition to choosing the right location, investors should consider buying a property that will be attractive to vacationing families, Fitzpatrick says.

Complete a Custom Build When things go well, a custom-built home can offer the highest profit margin—although it may involve a longer time frame. Still, a home where everything is new and has today's most desired styles and amenities will often prove to be a good investment when you decide to sell.

You'll want to select a layout, amenities, and finishes that will appeal to a broad segment of the luxury market to maximize your chances of selling quickly and for top dollar. Ensure the home is functional, welcoming, and has the security and privacy features that high-end buyers want. But there's a fine line between building that broad appeal and creating the uniqueness that luxury buyers often look for.

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"If you look at a bottle of '82 Lafite Rothschild, the price appreciation grows exponentially over a vintage that is less superior because of supply and demand. It's the same thing with luxury real estate. The more exclusive and harder to find, the more worthy of investment the home becomes." Tips for Investing in Luxury Real Estate If investing in luxury real estate sounds like a good fit for you, there are a few things to keep in mind before you get started: The goal of investing in any real estate is to earn a return on your investment.

For example, if you hope to turn a quick profit, you might focus on flipping. If you want long-term income, you might consider a luxury apartment or vacation home that you could profitably rent out. Even if you have cash on hand, it's not always the best option. For example, a hard money loan might be appropriate to finance a flip that you plan to complete within a few months.