When buying luxury real estate, and in particular a luxury vacation home, ask yourself these questions…Do you love the city where you plan to purchase? How often will you be able to use your home? And what neighborhood is right for you and your family?
The first consideration with location is do you like the city? If you love the area then you are probably in the right market to buy luxury real estate of your choosing. Often times people purchase a second or third home and assume they will like the city. And it doesn’t always work out. Before you buy your luxury home get out there in the area where you plan to purchase. Most buyers who purchase second homes spend three to five years vacationing in the market they are considering. Become familiar with the local community, the people, and the culture. Make sure they have the retail and food establishments that you want. You have to eat after all!
The next consideration with location is the time that you will be able to spend at your luxury vacation home. Is it within a quick flight or drive away? Most vacation home owners purchase within two hours of their primary residence. Your second home does not have to be that close, but make sure you can get there for a reasonable amount of time each year. No matter how much you love the city, it does not make sense to buy a vacation home that you can’t get to fairly often.
The final step is narrowing a location is finding the right neighborhood and home. A good local real estate agent can help you in finding the right area of town for buying luxury real estate. The needs of a young couple are much different than the needs of a large family or a retired couple with grandchildren. And a good real estate agent will help you narrow down the choices within that neighborhood.
Perhaps you can even buy at auction! If you buy luxury real estate at auction, you are assured the market price on auction day and can feel confident that you will not be overpaying for luxury.
And while there are many other factors, make sure you get the location, location, and location right when buying luxury real estate.
For more on where to buy luxury real estate download our 7 Steps to Winning at Auction. Or leave us a comment on what you think is important when choosing where to buy a second home?