Thinking of investing in a luxury property this year? Whether it’s the beautiful home of your dreams or yet another rental property to further supplement your monthly income, purchasing a new piece of real estate can be one of the most exciting, yet often stressful, things you’ll do in 2020.
Although choosing another piece of property to add to your portfolio is a huge positive, it can often be tricky to get a full picture of the house or apartment you want to buy, and surveys don’t always tell the whole story. It’s important to know what you’re getting, so that you can avoid unnecessary expense down the line – whether you’re planning on living it yourself or not.
Whether it’s your first luxury property purchase, or just the latest you’ll be adding to your collection, a few important considerations will stand you in good stead to make the right choice – so we’ve pulled together some simple steps to help you along the way.
Enlist the help of an experienced estate agent
First things first – be sure that you are working with a high-quality estate agent who is experienced in dealing with luxury properties, as they will be best placed to answer your questions, make recommendations and make the process as seamless as possible. Someone who knows their properties inside out would be advantageous, and will guide you right through from first viewing to closing with minimal stress.
Know who you’re dealing with
Finding out who lives or lived in the property until recently is a wise move, and could tell you a lot more about the property than first glance does alone. If you can, find out why the person is selling, and do a little research into the area, too. Knowing who your new neighbours will be if you decide to purchase a property is priceless, and will provide you with some useful insight into the type of neighbourhood you are buying into and any people-centred problems that might arise.
People search service, Nuwber, will allow you to run a basic search on addresses in the area, and will give you the peace of mind you need, as well as flagging anything you might need to know before you buy.
Don’t rely on photos
Photos can tell a beautiful story when searching for luxury property listings online, or looking at them in a brochure provided by the estate agent – but there is no substitute for viewing a property first hand. Clever angles and good lighting can be hugely deceptive, so make sure to visit the property yourself and take a thorough look.
Understand the resale value
Do some research into the sort of price you could hope to fetch if selling the property on in the future. Are prices in the area stable, or are they on the increase? If the latter, then it could be a good opportunity to invest.
It’s also worth looking into any work that could be done on the property to boost its value – after all, the name of the game when it comes to property, is ultimately, making a profit.
Scope out properties that are under construction
If a property is still under construction, it’s important to do your homework – so be sure to get completed floor plans and schedules right from the get go. You’ll also want a list of the amenities to be included, as well as a planned date of completion, to ensure that you are well placed and equipped with all the knowledge you need to make a decision.
Find out as much as you can about the developer’s reputation so that you can ensure you will be getting quality. Developers in the luxury market tend to be focused on credibility and it is important to them to maintain a good reputation – so if any red flags arise, then be sure to dig a little deeper.
Safety and security
Like it or not, luxury properties tend to attract unwanted attention from outsiders, and can become the subject of crime if not kept safe and secure. With this in mind, be sure to look into the security measures in the area – gated communities are a little safer, but look for things like CCT cameras and available security personnel to ensure that you and your property would be well protected.
Danger doesn’t come only in the form of petty crime, so ne sure to look out for smoke and fire alarms and carbon monoxide detectors, too. Find out as much as you can about fire exits and evacuation plans, too – as you never know when you might need them.
All stresses and worries aside, buying a new luxury property is an exciting moment to be celebrated, so above all, look for a property you truly love. If it makes your heart sing just looking at it, then you’re onto a winner – just be sure to do your homework first.