People have varied reasons for investing in luxury and high-end apartments like Pines Garden Apartments as opposed to the lower-tier end of the apartment market. To the luxury conscious buyer, their motivation is the high-end lifestyle they will have access to in these luxury apartments. So for this particular buyer, they’re purchasing so that they can live in the apartment. The luxury items they can have access to include living in an apartment designed by a famous architect, a great view, floor-to-ceiling glass walls, etc.
Then there’s the more investment savvy buyer who acquires a Pines Garden Apartments for the purposes of a future return on investment. This particular buyer usually has a lot of experience in the real estate market and foresees selling the property at a higher value than he bought it.
The third category of buyer purchases the luxury apartment for the purposes of rental income. They know that the rental income from a luxury apartment like Pines Garden Apartments will be much higher than they would get from a low-tier apartment. For an area with a high occupancy rate, this buyer will be guaranteed of good revenue streams for a long period of time.
In this article, we will proceed to look at some of the general factors that apply to all three categories of buyers when buying luxury apartments so that they get the best value for their money.
Location
Location is one of the most important factors to consider before investing in a luxury apartment. For the individual investing to live in it, they want an area that has a great view. You don’t want the apartment to be surrounded by taller buildings that make the apartments dark and cold. For this particular individual, they want to live in a neighborhood that fits in with their culture and lifestyle and if they’re raising children, high-performing school districts with low crime rates. The renter looks at the location in terms of high occupancy rates so from his studies will go for an area with his target market demographic so if he’s targeting vacationers you probably invest in a location close to the beach. The Investor will look for an area where market prices for apartments are high and have always been on the upward trend.
Market trends
The return on investment is based on whether the prices will continue increasing or they are due for a decline. The best way to approach this is to engage the services of a local experienced real estate investor and get the long-term forecast for the price trend of that area. Knowing the future development plans for the area is important because some developments in the area might lead to price declines in the future.
Building inspection
With real estate it’s not necessarily what you see is what you get. It is important to get a building report for your apartment building before you invest in it. The building inspector is a qualified professional who you can take a look around with the building to inspect the quality of the construction including those of the materials used. It is advisable not to make your judgment on just what you see in the building catalogs but to actually go with the building inspector and physically make sure it matches with what is on the catalogs. Not doing this can lead to very high renovation expenses particularly for damaged core components like the foundation, roof, piping in HVAC.
Design functionality and amenities
The luxury you get out of a high-end apartment is determined by the design which is carried out by the architect, the functionality which will include does the floor plan agree with your lifestyle? Do you prefer an open floor plan or a closed floor plan? And the arrangement of the rooms. Some might have awkwardly placed rooms like the case where a bathroom is between the bedroom and the living room and you have to clear across the living room to get to the bedroom. Do the features include the technology used to build the building, is it automated or not?
How good is the security and privacy and also the lighting? The apartment might look good at a certain time of the day but becomes dark because of shadows from adjoining buildings. You also need to be critical of the amenities if you’re into fitness and a healthy lifestyle. You definitely want a luxury apartment with a gymnasium, clubhouse, swimming pools. And if you’re more of a social person you’d prefer one with well–landscaped greens were you can host your barbecues and meet friends and family.
The cost and does it meet your needs
Luxury apartments are definitely expensive but before venturing into one like Pines Garden Apartments you need to be very clear on the features and amenities that are important to you. Do not buy an apartment that has luxury additions that make no difference in your quality of life because you will pay for them but you will not use them. If the apartment building might have additional costs for utilities and property taxes you need to be well aware of this because the running cost of the apartment but end up being too much after you’ve bought it.
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