5 Smart Tips for Investing in Luxury Real Estate
If you have a keen interest in real estate investment, and also possess the required financing for it, luxury real estate investment can be quite a profitable choice for you since they are high end products. In case you are a novice as a real estate investor here are 5 smart real estate investment tips to get you started:
Be an educated investor
Before splurging all of your money in your investment, research the prevailing real estate market. Read newspapers and visit real estate company websites or if you know anyone in a reputed financial institution, you can ask them to gain information about the sector. You can check out the luxury projects of the various real estate companies and compare. The more information you have, the better educated you will be as a real estate investor who can then make smart investment decision.
Pay attention to the location
Remember the three Ls in real estate are location, location and location. If you have found the perfect real estate investment opportunity for you but it is in a location that is not easily accessible, you may lose out in the long run. If you are seeking luxury real estate property, make sure it is at a prime location which is already thriving to get the best return on investment. Apart from being on the prime location, a luxury real estate investment also takes into account, its immediate surroundings. Instead of having several stacked concrete structures, the investment property should have an aesthetic surrounding with great scenic views, be it a high rise apartment with a skyline view or a property overlooking a nearby lake.
Choose the developer wisely
The real estate developer is an important ally in your real estate investment. So make sure you choose smartly. A good real estate developer will not make the decision for you but provide you with suggestions so you get the best out of your investment. You can know more about your real estate developer by researching them, looking them up on the internet, and having one to one conversation with someone from the real estate company.
Consider the size and layout of the project
When you are investing in luxury real estate, it must be of a size that boasts of its luxury. A small apartment size of 1500sqft with luxurious features and amenities will be less lucrative than an apartment of say 3000sqft. The apartment layout and design should also be practical and functional to ensure apartment dwellers can get privacy and comfortable living.
Ensure what apartment features and amenities you are receiving
Most luxury real estate apartments from leading real estate companies come with a plethora of features and amenities to improve the quality of life of its dwellers which ultimately raise the value of the investment property. Apart from luxurious features such as outdoor swimming pool, community hall, bbq area, rooftop landscaped garden, gym; make sure you do not compromise with the basics of apartment building such as adherence to rules and regulations to ensure quality construction of your building.
Most of the apartments built today have common features such as security cameras, lifts, generator, fire protection system, car parking space, imported bathroom fittings and many more. Apart from these many luxurious apartments feature swipe card entry locks, motion sensor lights and water sensor tap, solar panel, rainwater harvesting system along with exterior features such as open lawn space, enhanced greenery in outdoors- all of which cater to luxurious and comfortable living.
Before making an investment decision, meticulously research, analyze the information you have on the above mentioned points to be a prudent investor. Luxury real estate investment can be a profitable investment to add to your investment portfolio, provided you have done your homework.
If you are a prospective real estate investor, you can have a consultation with the real estate experts here at bti to guide your investment decision.