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.

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!