Investing In A Luxury Property? 5 Features More Important Than Price
Posted on: 23 August 2021
Do you want to invest in a luxury property? With a higher level of investment comes a higher level of potential profit, whether you sell or rent out the property. But for the best results, focus less on simply a high price tag and more on what people want from a luxury property. Here are five elements that will help you find a great property by looking beyond the sale price.
1. A Unique Property
People are willing to pay more for something that they can't get anywhere else and that others don't have. Uniqueness comes in many forms, but it might be as simple as a highly customized property or features that aren't standard in the area. A funky layout, fascinating architecture, or a unique style could also draw in both renters and buyers.
2. A Storied History
A fascinating or special history can make up for a property's failings in other ways. Learn more about a property's story, both as a home and even during other uses, and then embrace it. Was the property once a pioneering small business, one of the earliest homes in the region, or a converted church or industrial business? Did it house famous guests or wild parties in earlier decades?
All these create an ambience that people value. They often want to be part of history — or at least this property's story — and so are willing to pay more for the chance.
3. A Great Location
The right spot could make even a less expensive or more ordinary home into a high-end option. As with all real estate, the one unalterable thing about the property is where it's situated — and it's the one thing no other property has exactly the same to offer. So a pricey house located in the middle of an average neighborhood without anything special to its name isn't nearly as luxurious as one with a great view or that is steps away from downtown hotspots.
4. A Unique Access
Unique access isn't something that every luxury property provides, but it can be a factor. The luxury of a gated community or secure building with its own private amenities can make even a smaller home feel like a castle. Access might also be physical, such as a loft in the heart of a walkable arts district. While the access doesn't need to be exclusive, it should make something important noticeably easier.
5. A Superior Feeling
Finally, does the property make people feel like they're somehow above the hustle and bustle of standard living? Does it feel high-end? Is it quiet and relaxing? Is it expressly private? Or does it make your target pool feel special in some other way? The sense that they're in a superior situation isn't just about property size — it's also about quality and style.
Where to Start
Start looking at real estate in your area with a new eye by looking for luxury elements that may not be so obvious. Whether it's a good history, a unique nature, or a high-end feeling, any of these features could be the key to making a great profit on your next investment.
Contact a real estate agency like John Hook Team: KYRO Real Estate to learn more.
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