Luxury real estate in Southern California is unparalleled and offers residents comfort and ease of mind in knowing they made a wise investment. You can live year-round in a vacationers paradise, or you can own your vacation spot as it pays for itself during the times of the year you aren’t there. Luxury real estate is a significant investment, so be prepared to get out there and see these homes in person! The photos can be gorgeous, but your agent can help you get in to see the house to appreciate the space at full scale. Those in the market for swanky condominiums and impressive estates should consider the following tips before starting their search.
Understand the process
You do not need to start studying for your real estate license, but more so, understand the process of purchasing real estate. Luxury properties are hot commodities, but purchases like this often need financing, and it is not wise to skimp on title insurance, all of which take time. Of course, not needing financing would expedite the process, but finding the right property, inspections or negotiations, and obtaining insurance is often necessary before you get to the closing table.
Your real estate agent and financial advisor should be involved in the process so that you are informed and able to seek counsel at every step. Many of these properties are shown by appointment only, so representation can help get your foot in the door or exclusive tours. Diversifying your portfolio with luxury real estate can be highly lucrative and rewarding, so understanding what to look out for and when to buy is very important.
Consider the amenities
Luxury homes are known for having lavish amenities, not including the average pool and hot tub combination. Some homes come equipt with state-of-the-art fitness facilities, rock walls, and tennis courts, while others have bowling alleys and movie theaters. Before you start the search, it is vital to know what your options are and what is available to you. It is equally important to decide what you do not care about or need in a home and whether an area of your house will end up unused and a waste of square footage.
Maximize your search by creating a list of features you need the home to have or plan your ideas out so that you can see during the tour whether the house can fit with your design. Another big question is, how much land do I need? Some abhor landscaping and live in luxury condominiums to avoid it altogether, while others want acres to maintain and grow into. Ask yourself what your dealbreakers are, and your decision will be easy.
Know your goals before starting the search
For some, this search is for their new family home, while others are looking to use the property as an income stream. If the search is for a primary residence, your checklist will be personalized to who and how many people will live there. If you are looking for an investment property, your dealbreakers might be how centrally located the property is or if there is a particularly great view that people would pay extra to see. If you are considering this, your agent might be able to guide you on hiring the best property management company if you plan on using it as a passive source of income. Some might be looking for a combination of owning a vacation property while intending to rent it out when they aren't using it.
You should also consider how much time, work, and money you are prepared to put into the property and how that affects your plans on moving in or how soon you need to see a return on your investment. When you know your goals and plans ahead of time, your search will be refined, and ultimately you have a better chance of finding what you want. Letting your real estate team know what you are looking for at the beginning will also facilitate the process.
Location, location, location
When purchasing luxury real estate, it is essential to consider the property's location. A property with an unbeatable view of the mountains has the upper hand over one with plenty of character but in a less desirable locale. Southern California is a temperate paradise, with year-round sunshine and many outdoor activities available to you.
Those looking for a new home or a vacation property can choose from the gorgeous Palm Springs condos for sale and Indian Wells homes for sale. From private villas to gated communities, your options are varied, and the desert area of Southern California has everything you could need. There are golfing communities, like the Mission Hills Country Club in Rancho Mirage, where you can play golf with friends or host an event at their facility. Palm Springs and the surrounding desert cities have upscale shopping and dining options while offering views of the rugged California terrain, towering palm trees, and scenic mountain ranges. Your real estate purchase is an investment, and selecting the right location can determine your eventual return.
Work with an experienced luxury realtor.
When you're ready to purchase luxury real estate in Southern California, hiring a realtor who deals with high-value properties and has an intimate knowledge of the area is crucial. These homes are in high demand, and inventory is constantly changing hands. The right realtor can get you into the dream house you found online and even the hidden gems you have not yet seen. Your property search should be guided by someone who can operate within your budget and discuss financing options.
Gregg Fletcher has over 30 years of experience in the real estate industry, and he takes an individualized approach with each of his clients. For a tailored experience and reliable representation, contact Gregg today to discuss your needs.
