Buying a luxury property is a significant milestone and a wonderful chance to check several life goals off your list. Have you always wanted to live by the beach or in the mountains? Do you like the idea of a stylish and sophisticated home designed by the most innovative architects of the moment? Do you want the opportunity to engage in a hobby like yachting, golfing, snowboarding, or sailing in a stunning location? A benefit of owning a luxury property is the massive life upgrade.
In this article, you’ll discover how to choose the location of your future luxury property.
1. Research Your Options
When it comes to investing in luxury properties, the world is your oyster if you’re willing to look beyond national borders. The international luxury real estate market provides endless opportunities in terms of prices, amenities, and features. Differences in climate, geography, culture, lifestyle, or politics can also represent a significant advantage when looking at properties abroad. Research your options with an open mind and determine your priorities based on market offers. By looking at both the national and the international real estate markets, you may discover that you can afford a lot more than you thought.
2. Consider Your Lifestyle
An important factor to consider when choosing the location of your future luxury property is your lifestyle. For a real sense of an elevated lifestyle, your luxury property should be in a place where you can live your ideal life. If you love playing golf, it makes sense to look at locations known as a hotspot for the sport. For example, golf properties in Spain attract many professional and recreational golf players due to year-round sunshine. Thinking about your hobbies, passions, and lifestyle preferences before buying your luxury property will help you find a location that matches and even surpasses your expectations.
3. Determine Your Priorities
When looking at the luxury real estate market, the first observation is that some locations have a stronger allure than others. However, a popular location known for attracting property investors is not necessarily the ideal choice for you if you have well-defined priorities. If you enjoy yachting, sailing, and various water sports, a property in a landlocked area is not a good choice, no matter how much sense it makes financially. Similarly, if you enjoy fine dining, art galleries, and sophisticated cultural events, you may not feel happy in a popular but remote area. Which aspects of your lifestyle do you consider a top priority? The answer will help you can narrow down your options.
4. Do Not Disregard Popular Locations
Whether you want a holiday home or a luxury property to rent out, looking at popular locations first can be a sensible approach. Popular locations attract attention for good reasons. Although a luxury property in an area that attracts many investors will likely be more expensive, the advantages may be worth the extra cost. For example, if you’re considering international locations, a place popular with ex-pats or retirees probably offers attractive visa programs. Popular destinations may also provide more in terms of local amenities and return on investment. If the area attracts tourists as well, you can easily rent out your property while you’re away.
5. Compare Property Taxes and Residency Options
Finding a luxury property with all the features and amenities you want at a price you can afford can be challenging. But there’s nothing more frustrating than realizing that your dream property is inaccessible due to unfriendly residency requirements or high taxation. The legal implications of owning a luxury property in another state or country can be difficult to navigate. And a language barrier can create additional issues. However, many countries are very welcoming towards property investors. If you choose a popular location, you will find a developed system for helping foreigners settle in. For example, access to multilingual lawyers and accountants is much easier in a place popular with foreign investors.
Finding a luxury property that has everything on your list is difficult. To make your search easier, look at possible locations first. Do you prefer to stay within national borders? Or do you like the idea of owning property in an international hotspot? The more you expand your search area, the more opportunities open up. Not only luxury real estate is a lot more affordable in some countries, but by owning property abroad, you can explore a different culture, enjoy a warmer climate, and live in a unique natural environment.