Top 7 Things To Consider Before Investing In Luxury Property
Luxury homes are considered a good option for both investment as well as dwelling purpose. In India, the demand for luxury properties has seen a rise especially among high net-worth individuals HNIs and non-resident individuals NRIs.
If you’re paying big amount for your new luxury home, you want to make sure it’s money well spent and if you are planning to buy a luxury home, it’s likely that you want to look into every minute detail to ensure that everything is exactly as you had imagined your home to be. One such important detail is to evaluate the developer’s credibility. Many developers offer specifications like private pool, gym, smart systems, security and safety and theme based infrastructure.
Here are tips to help you make the right purchasing decision that will get you the property you want at a fair price and will leave you with no regrets.
- Patience:- If you’re considering buying a luxury house, you should learn to be patient. Making a hasty decision will only lead to buyer’s remorse. You don’t want that. What you want is the best value for your money.
- Find a House That Fits Your Lifestyle:- You may find a beautiful property with a gorgeous pool which your friends will love, but if you don’t like to swim, it might not be the best choice for you. Your home should allow you to do more of the activities you’re passionate about.
- Hire a Top Luxury Realtor:- You have to find a realtor who has experience with high priced real estate and good understanding of the neighborhood you're interested in specifically. Hiring a strong realtor will help you immensely. He will provide you with the most recent trends and help you through the entire luxury home buying process. Since they are seeing homes all the time they will have a great understanding of what a good deal looks like.
- Location:- Even if you have endless money, you just might not be able to build your dream house close to work or where you exactly want it. You need to prioritize what is most important to you. The smartest buyers also pay attention to the quality of the neighborhood. Even if a buyer is looking for complete privacy, they are going to buy in an area that matches their lifestyle.
- Top-end Amenities:- Top-notch technology features, imported flooring materials, high-end kitchen and bathroom fittings and there is no end to what the customer demands and gets. It is essential to know the amenities your developer offers in the amount you invest.
- Developer's Reputation:- This can be done easily online by scanning reviews, news reports, etc. However, try not to judge based on a single bad report or review, rather try to look at the big picture and what the majority opinion might be about the developer. You can also engage your social or professional network to get feedback about the developer.
- Safety and Security:- Security is an important feature in a luxury home. CCTVs installed in designated areas and guards on patrol round the clock give you a peace of mind. Safety facilities are also available in high-end luxury house like fire exits and clear evacuation plans placed in conspicuous areas.
Not everyone can afford a luxury home, but if you are able to, you should absolutely take the time and make the effort to ensure the home you buy is the right one for you. Get familiar with the luxury home buying process, understanding housing trends in various neighborhoods, and practice some patience as you go from house to house in search of the perfect home.
By: Gunjan Johar | Real Estate Analyst & Home Decor Blogger