If you have a dream of owning a luxury home, you should begin by defining your expectations. Keep the following 5 tips in mind before you invest in a luxury property:
- Examine the property for yourself
If you are investing in a luxury property, make sure you visit the site personally before closing the deal. Check for any major issues with the property and make sure that it meets your expectations.
- Do your research
It’s important to do your homework before purchasing a luxury property. For example, you need to know if the building is up to date with its maintenance fees or if there are any deferred repairs that could become your responsibility by buying into it. You also need to make sure that the condominium has enough reserves set aside to cover emergency expenses or major repairs that could affect your budget, as well as insurance coverage for major disasters (earthquake, fire). It’s also worth taking the time to visit the area at different times of the day and night – especially on weekends – to get a better sense of what it’s like when there are fewer people around during the week
- Decide on your budget
It goes without saying that buying a luxury property is a serious investment. You’ll need to think about how much money you can afford to spend on the property, how much you’ll shell out for maintenance every year and what your income sources are. As a general rule, keep aside around 20 percent of your budget for unforeseen expenses like repairs and renovation.
- Check the neighbourhood
Would you prefer to live near good schools or shopping complexes? Or maybe it’s easy access to corporate hubs that matters more to you? Before investing in a luxury home, take stock of the neighbourhood it’s situated in and decide whether it suits your requirements and lifestyle
