Buying your first starter home for you and your family is one thing, but as you start to expand on your financial portfolio, you may want to also expand your real estate portfolio. If you have the means, there are several different types of luxury real estate properties that you can invest in either to flip or to live in. Before you close on the first luxury home that you tour, there are a few different tips that you may want to take into consideration.
Consider a Luxury Vacation Home
If you are looking for something that's more of an investment than anything, consider looking into a luxury vacation home. When you have a luxury property in a coveted zip code, you are going to be able to rent it out for a large chunk of money every time. For instance, if you have a luxury property in the center of Manhattan, you can rent it out to vacationers for several thousand (if not more) a week, which should not only cover your mortgage but it can help you pay it down a lot faster as well.
Buy a Luxury Condo
When people think of luxury real estate, a lot of them think of large properties on a lot of land. While that may be true for some, there are also a lot of smaller luxury properties out there like condos. If you are looking for a luxury property that's a bit low maintenance, then a luxury condo may be the best way to go. The great thing about these types of properties is that a lot of the luxury benefits come from the actual building itself. For instance, a lot of luxury buildings come with a doorman, on-site laundry services, heated parking, and more.
Plus, your unit itself will typically be equipped with luxury amenities like state of the art appliances and finishes.
Consider a Fixer Upper
While a home may have been seen as a luxury property twenty years ago, nowadays it may look outdated. Consider buying a luxury home in a great area that needs some sprucing up. If you decide to gut the entire thing and then flip it, you can make a lot of money, or if you just want to live in it, you can always sell it later on down the line for a great investment.
To learn more about luxury real estate opportunities, reach out to a real estate agent near you.