Select Page

What Does the Term Luxury Community Mean?

Luxury Property Community Market Source Real Estate

Investing in luxury means spending a bit more for the lifestyle you deserve. A home in a luxury community is one such investment that promises an abundance of amenities, a high standard of security, and much more. For many people, it’s considered the true end goal for any homeowner.

However, determining what communities count as luxury may prove confusing. There are also homes marketed as luxurious that aren’t located in places like a gated community.

Here’s what you need to know before buying a luxury home.

Defining Luxury

Luxury is defined as the state of great comfort and extravagant living. As such, a luxury home is valued much higher than most other properties on the local real estate market. They often include more square footage, high-scale amenities, and other features.

What Are the Benefits of Living in a Luxury Community?

A luxury community brings all the benefits of a luxury home and more.

Gated communities are one of the types of real estate available that can reduce the burglary rate in an area. They often come with various security systems installed.

You’ll also become part of an elite community that works together to keep their neighborhood safe and well-maintained.

How Do You Know if a Community Is Luxurious or Not?

Just because a home is luxurious doesn’t mean the neighborhood is. Even if it looks nice, there may be run-down houses just around the corner or poorly maintained roads.

Before buying a luxury home, make sure it’s in a good location surrounded by other higher-end homes. Ask your realtor if access to amenities and a homeowners association in the area.

The Different Types of Luxury Community

One of the most common types of luxury community is the gated community. You can find similar communities at ski resorts and by the beach. There are also exclusive residential communities such as Bel Air, which houses some of the wealthiest people in the country.

The Cost of Living in a Luxury Community

Prices will vary depending on the individual luxury house and the luxury community you choose.

For example, Covenant Shores is one of the top luxury retirement communities in the country. It’s a 12-acre waterfront community with a private marina on Lake Washington. The entrance fee starts at $91,000, and there are also monthly fees starting at $1,930.

The Clare is a high-rise option in Chicago with prices ranging from $300,000 to $1.5 million. Other communities have homes that cost as much as $500,000.

Find Spacious Homes in Salt Lake City

Moving into a luxury community can prove to be a wise choice as you move into retirement. You can get a spacious home for all your needs, access to various amenities, and a safe environment.

Market Source can help you buy or sell a home in the Utah area. We also offer rental finding services and property management services in Salt Lake City.

Contact us to learn more and talk to a Market Source agent.

9 Tips for Owning a Vacation Home

Vacation Property Market Source Real Estate

Going on vacation is a lot easier when you already own a house in the area. However, it isn’t easy to maintain a property that could be hundreds of miles away from your long-term home. 

Here are nine vacation home tips to help you manage your new place of relaxation.

1. Location, Location, Location

Buying a vacation at a location you enjoy visiting should be your number one goal. It’s also easier renting a vacation home out when there are plenty of attractions in the area. 

2. Size of the Home

A big home is a great investment, but it also requires more upkeep. Expect to pay more for cleaning services if you purchase a larger house, as well as charging more for renters. 

3. Furnishings and Amenities

Whether you’re buying or renting, you’ll want to get the right furnishings and amenities. A full kitchen is essential for anyone staying in the house. If kids are staying there, look into durable kid-friendly furniture. 

4. How Often Will You Use It and Who Will Be Using It With You

It’s not uncommon for people to share vacation homes with family and friends. Make sure you set up a standard for how to take care of your property so someone else doesn’t leave a mess or cause damage to it.

5. The Cost of Upkeep and Repairs

When you manage a vacation home, that means you’ll need to keep it functioning as if it were good as new. You can hire cleaners and maintenance for regular servicing since you can’t always come out every month to keep it clean. 

6. Property Taxes and Insurance

You’ll need a separate homeowners insurance policy to cover a vacation home. 

The cost of owning a second home can be reduced through various tax deductions, which are also affected if you rent it out. However, keep in mind that you may need extra coverage if you rent. 

7. Maintenance and Repairs

It’s best to leave repair jobs and maintenance to the professionals if you want to keep the house around for the family. Instead, find a local company that can do routine maintenance when you’re away.

8. Upkeep and Cleaning

Always clean up your vacation home before you leave to avoid pests. Consider hiring a cleaning company to visit after a guest stays there as well.

9. Guests and Renters

If you choose to buy sight unseen, you may not want to use your vacation home. In that case, you can rent it out to people who can’t afford to own one themselves. Provide rules for what they can and can’t do, as well as general cleanup requirements.

Vacation Home Tips

As long as you follow these vacation home tips, you should have a well-maintained place to visit during any holiday season. And if you’re renting the space out, then you’ll provide a comfortable and clean environment for your guests. 

Market Source provides a platform to buy and sell homes in the Salt Lake area. We also offer property management services for your vacation home. Contact us to learn more about how we can help you. 

Buying Investment Real Estate to Help Balance Your Portfolio

Investment Real Estate

Every investor wants to diversify their investment portfolios more. Well, one of the best ways is to invest in real estate, which millionaires still say is the greatest investment around today.

However, there are right ways and wrong ways to generate rental income, so you need to optimize your investment strategy. Let’s talk about how to get the most out of your investment real estate property.

Choose The Right Market

The city and neighborhood where you purchase a home can make or break your investment. An area like Salt Lake City will have plenty of incoming people, as the population grew by over 58,000 people last year.

However, don’t stop there.

Ideally, you want to find a property in an area that’s less likely to go downhill. A neighborhood with access to public transportation that’s walkable to shops or downtown areas or near a good school will be the most beneficial.

Ask around to see what’s going on with the neighborhood and see if there are any red flags like crime, excessive noise, or too many people leaving.

Choose The Right Investment Real Estate Property

The building itself is the other factor that’s somewhat out of your control as a landlord. If it goes downhill, so does your investment. 

Essentially, if you spend the money on a downpayment only to find you need to replace a boiler and roof within a couple of months, you could find yourself completely broke in no time.

For that reason, we always recommend searching diligently for a property that will last. The only time you have total control over the building is when you decide whether or not to purchase it, which brings us to our next point.

Search for real estate and always ask for as much information as possible related to the property’s history and surrounding area.

Choose The Right Realtor

Every realtor will tell you they can “do it all,” but you want to look for a realtor with experience in investment properties, as it’s very different from selling an ordinary home.

Find a real estate relocation agent who is upfront and honest with you about your earnings potential, current tenants, previous issues with the property, and everything else you need to know.

Choose The Right Tenants

Lastly, your tenants are the final piece of the puzzle in the “make it or break it” department. By choosing the right tenants, you’ll substantially limit your investment risks.

Essentially, the wrong tenant can do a lot of damage to your property or cause you unnecessary headaches. During the eviction moratorium, which is still in effect, there isn’t a lot you can do about it.

For that reason, do your diligence and find the right tenants for your property. One bad tenant is all it takes to ruin your income for the year.

Start Earning

Now that you know how to get the most out of your investment real estate property, there’s no time like the present to get started. The sooner you do, the sooner you can earn passive income.

Stay up to date with our latest real estate advice, and feel free to contact us with any questions!

Valentine’s Day Dinner Specials to Enjoy with Your Sweetheart

Please Note: We’re continuing to post about local businesses, events, and area attractions; however, things often change due to COVID-19 restrictions. So please, double-check before you visit any of our recommended spots to confirm availability, accessibility, or any restrictions. Stay safe. Be well. And support Local! Thank you.

 

Valentine’s Day, that time of year when cheesy love notes, heart-shaped boxes of chocolates and red roses take center stage.

Why not really impress your sweetheart this year by making plans to visit one of these romantic eateries in Salt Lake–you may even win extra love points. Make those reservations today!

Fratelli Italian Ristorante

Serving a prix-fixe dinner for $35 a person, you get a 3-course dining experience with your choice of lobster bisque or Campagne Ceasar salad to start, crab cake or petite filet with Cabernet pan sauce for course two,  and chocobella cake or raspberry Tiramisu for dessert.  You can also order off the regular menu that evening.

 

 

Log Haven

If the picturesque atmosphere isn’t enough, the food will impress you. Order the Korean Fried Cauliflower as a starter and you will have a taste of what the evening will have in store.  From the Grilled American Waygu with charred brussel sprouts, pomme frites and truffle aioli to Shrimp Scampi with Fettuccini, you will delight in the satisfying flavors. Chef Jones has even created a 3-course Low Calorie/High Impact Special if you are watching those calories.

 

SLC Eatery 

Enjoy a 3-course dinner for $60 a person with an optional wine pairing for an additional $35. Choose from Roasted beets, black kale salad or seafood fried rice to start. Followed by your choice of Goat Cheese Agnolotti, ora King Salmon, Snake River Farms Beef Shoulder Tenderloin or roasted chicken. End this amazing meal with choice of dark chocolate panna cotta, Raspado, or Affogato.

 

London Belle

A lovely 3-course prix-fixe dinner for Valentine’s Day has been selected at London Belle for $50 per person. Start with smoked salmon nachos or Chermoula spiced cauliflower. The main dish choices are Wagu tenderloin or honey butter blackened sea scallops and your choice of triple chocolate mouse or tangerine English custard for dessert.

 

Tucanos Brazilian Grill

A delicious dinner for two at $31.95 per person which includes the chef’s selections of rosemary herb salmon, roasted rib eye, grilled shrimp, and a special Valentine’s chocolate treat. Complimentary rose included! 

 

What You Need to Know Before You Buy a Luxury Home

Luxury Homes in Salt Lake City

Shopping for high-end real estate is not the same as typical home buying. There are some transferable tips and tricks, but overall, it’s an entirely different process.

When you buy a luxury home, you can’t afford to make a mistake. Any errors you potentially make are going to be compounded.

Understand everything you need to know about buying a luxury home.

What You Need to Know Before You Buy a Luxury Home

First, you should know what a luxury home is. The top 10% of properties listed on an area’s real estate market are the luxury homes of that neighborhood.

As you can see, a luxury home varies considerably based on location. Some people also add that the architecture must be unique or some other qualifier.

Understand the Buying Process

Searching for a luxury home starts a little differently than you’d expect. These differences begin with how it’s listed and continue until the selling is complete.

A large number of luxury homes aren’t listed to protect the owner’s privacy. You can only find these homes by working with realtors who know about them through their own connections.

Take with your realtor and your partner to make your wants clear. Do as much research as possible beforehand. This will help you develop a course of action that will make navigating through the market easier.

Find a real estate company based in Salt Lake City to help you through this complex process.

Don’t Buy a Luxury Home in a Non-luxury Neighborhood

As stated before, a luxury home is defined by its houses. Buying a property in a non-luxury neighborhood drives the house’s value down.

It never hurts to do a little research on the neighborhood before moving in. If you’re looking for a gorgeous lakeside property, you want to make sure a house isn’t going to be built between you and your view.

Luxury Homes in Salt Lake City

Make Financial Considerations

Decide what you’re willing to do financially ahead of time. Know that no matter how large your budget is, there are always limits. Keep in mind there’s usually room to negotiate with the seller.

Your mortgage lender will discuss what you’re able to do.

Luxury Home Values Fluctuate

Be patient. There are few luxury home buyers, and the market fluctuates the same as any real estate market. If the price is too high, you might be able to wait it out. However, this can backfire, and the price could also rise.

Home Inspections

You’re making such a large investment that you can’t afford to waive the home inspection. It may be worthwhile to do this with smaller sales, but not with properties with such high values.

Start Looking for a Luxury Home in Salt Lake City

When you buy a luxury home, it’s exciting and nerve-wracking. The thrill of knowing that soon you’ll be the owner of a beautiful property is contrasted by your fear that one mistake could ruin everything.

Don’t start the search by yourself. Do more research and consult with professionals. This is the best way to mitigate errors.

Contact us for more information about buying a luxury home in Salt Lake City!