Guide to buying luxury property
Whether buying for investment or your own stay when buying a property it is good to consider the following questions.
- Does the location offer convenience and amenities that will enhance your lifestyle? Location and convenience to current and future transport routes, shopping, education and lifestyle amenities have always been regarded as key drivers when buying a property. These should be considered not only according to your own current lifestyle needs and preferences, but also bearing in mind your future needs as your lives change. Even if you are buying a property for your own stay, it is still important to consider the longer term wider appeal of the properties location as this will directly impact your ability to sell or lease the property in the longer term.
- Will the property provide you longevity and increase in value over time? With a wide berth of information available online, it is prudent to conduct some research into the turnover of the other units within the same development and the selling price history of the development over time. It is good to explore whether there has been a high turnover of units and whether are other buyers selling their units at discounted prices, as this may affect the investment value of your unit over time.
- Am I buying a property that will season well and last the test of time? If the design and finishes lack inspiration and are similar to everything else on the market, then you may have a tougher time trying to sell the property in the future. Likewise if the development has hundreds of units with large numbers of units of similar size and design, then it is important to consider that the market for those units will be more competitive should you wish to lease or sell the property in the future.
- Will the design of the property go out of style after a few years? Older buildings can offer character and flair that are difficult to replicate, but that’s only good if the charm is enduring and practical. Conversely with modern and iconic designs, it is important to think about what will be trendy or ‘in fashion’ in 5 or 10 years, not just the current moment. In this sense, one should always consider whether the design has timeless appeal that will last as your lifestyle and tastes change.
- With luxury real estate it’s all in the detail. Evaluating a luxury home is more complicated than a typical home. Once you have shortlisted your property, schedule a detailed property tour to review things like the materials used, architectural highlights, the neighborhood and how the security works. It is important at this stage to ensure that your realtor is experienced and has knowledge of both the luxury market and the nuances of the property.
- Will the space be suitable to accommodate your furniture and suit your lifestyle patterns? When you fall in love with a property, it is sometimes difficult to admit the day-to-day practicalities of life. But you must ask yourself does the space feel livable? Do the bay windows cut into the space too much? Is the dining and living space big enough for the number of bedrooms in the property? You shouldn’t really be making concessions to your lifestyle to suite the appeal of the property, as the initial love-at-first-sight will fade as practicalities set in over the longer term. Sometimes unorthodox designs can seem appealing, but the reality is that they are difficult to live in on a daily basis.
- Does the property allow for your family’s needs well into the future? Always try to look into the future. So, if you are starting a family or have one and are planning to grow or have children leaving the family home in the future, be careful to think about what you’ll need to live comfortably. One of the most crucial errors made by buyers is buying a place that only suits them for the short-term. Lives change, people grow. And to a certain degree your new home needs to have flexibility to it.
- What is the history of the developer and architect in terms of quality in both materials and construction? In cities all around the world, the luxury property market is very crowded with multiple developments claiming to have the most luxurious design, the finest architect and the most luxurious finishes. Always consider the reputation of the architect and the developer and whether the apartment and the finishes are of the premium quality that you expect and whether they will last the test of time? Never skip on your inspection process, with luxury real estate the quality of the finishes is crucial and it is important to take the time to properly inspect a luxury home prior to purchase.