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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.