People want to purchase a luxury apartment to be rewarded for their hard work. Some people want to put their money into something that will be more valuable in 10 years. Sometimes, they just want to live comfortably. You will find luxury properties appealing, regardless of what it is that makes them stand out. A high-end apartment in a desirable area could be a great investment for you and your family. However, before you sign the papers, make sure to consider clear benefits and not just edited photos from the seller’s site.
Although a luxury apartment may be expensive, sometimes it’s not as beautiful in person as it looks on paper. If you don’t have a lot of money, it is important to know the difference between a luxurious condo and one that is too expensive in order to get the best return on your investment.
The evolution of the local marketplace
The biggest mistake you can make when buying luxury property is to choose a location you don’t really know. You shouldn’t be afraid to explore new areas, but it is important to have the right information to avoid falling for common traps. The neighborhood may be trending right now, but have you checked the forecasts for the next ten years? How will these infrastructure developments impact market prices long-term?
Request a building report
Luxury apartments often have large marketing budgets. These apartments will be featured in glossy catalogs, and you’ll be blown away by the stunning photos. Don’t just buy an apartment because it looks amazing in perfect lighting. Even a dorm room in college can look great if it is photographed by an expert. You should instead look closely at your apartment and request a detailed building report. It will show you exactly what you get for your money as well as what problems you can expect over the long-term. You should also consider details like the moisture testing, exterior paving quality, durability of the foundation, and the time it was last restored. Is the restoration company a well-respected one? Bathroom fixtures and window handles, as well as other small details, can be a great indicator of the value of an apartment.
You can visit the area at various times of the day
If the apartment was a hit at your first viewing, schedule the second one at another time. You may be surprised at times, but it is not common for unpleasant surprises to occur. Perhaps the apartment building is too close to a kindergarten, and there’s too many people and cars at noon. It might look great in the day but be dark at night. Ask your neighbors about their opinions on the area and its history to get a better idea. Are there any recent crimes that forced the former owner to leave? Is the area losing its appeal to a certain demographic?
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean. To view our luxury oceanfront condos for sale in Fort Lauderdale, Contact us today!