5 Things to Check Before Buying a Luxury Apartment
Some people want to buy a luxury apartment because they see it as the best way to reward themselves for a lifetime of hard work. Others because they want to invest their money in something that could be worth more in 10 years. And sometimes, because they want to live in comfort. No matter what makes a luxury property stand out for you, you’re right to find it appealing. An upscale apartment in a good area
A luxury apartment can be worth the high price tag, but sometimes the property isn’t as impressive in real life as it is on paper. Even if budget isn’t a problem for you, you should still know the difference between a luxury condo and an overpriced one to make the most out of your investment.
Check the evolution of the local market
One of the biggest mistakes you could ever make when purchasing luxury property is choosing a location that you don’t know too well. That doesn’t mean you should never seek to branch out, but insider knowledge is needed if you want to avoid common traps. For example, the neighborhood is trending now, but did you check the forecast for the following ten years? What infrastructure developments are expected soon and how will they influence market prices for the long term? If you are thinking of purchasing a luxury apartment in Europe, Geneva, Monaco, and Paris are great locations you can’t go wrong with, but at the same time, you can also look at
Get a building report
Luxury apartments usually have a large marketing budget. You’ll see them in fancy catalogs and the photoshopped images will take your breath away. But don’t buy an apartment just because it looks great in perfect lighting. Photographed by an expert, even a college dorm room can look appealing. Instead, look at the apartment with a critical eye and
Visit the area at different times of day
If you loved the apartment at the first viewing, make sure you schedule the second one at a different time of day. Unpleasant surprises don’t happen all the time, but sometimes you may see things that you don’t like. For example, maybe the apartment building is close to a kindergarten and there’s too much noise and traffic at noon. Or perhaps it looks great during the day, but the alley is poorly lit at night. To be even more thorough, ask the neighbors what they think of the area and its past. Did any crimes occur there lately that made the previous owner move out? Did the area lose its appeal among a particular demographic?
Steer clear of trendy additions
Consider additional costs
The apartment’s final price might not be the one you bought it for. You will also need to consider additional costs such as insurance, utilities, and property taxes, which can unreasonable levels, even for a luxury buyer. As a general rule, the larger the apartment is, the more you will pay for utilities and, if the building’s electrical and plumbing systems haven’t been restored in decades, you are better of buying a house. This is especially the case for luxury apartments in period buildings. They might offer spectacular views, but they cost thousands to maintain. Last, but not least,