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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.

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!