There’s no greater joy in life than seeing your goals come to fruition. Once you’ve attained success in your career, one great way to celebrate your accomplishments would be to invest in luxury real estate. To be more specific, purchasing a luxury condo will enable you to enjoy all life has to offer.
There’s a lot of excitement when it comes to buying a luxury property. The possibilities that come with investing in a property can be very thrilling, and your emotions can be overpowering. This is why you should approach the home buying process with careful thought. After all, being cautious and attentive to even the minor details can help you find the best property possible.
To help you out, here is a guide that discusses all the factors you should consider when purchasing a luxury home.
6 Factors to Consider When Purchasing a Luxury Home
1. Why are you canvassing for a luxury home?
Hunting for luxury homes as your residence requires a different approach compared when choosing luxury properties for investment and portfolio-building purposes.
For example, Singapore’s top destinations for real estate investment are Malaysia, Australia, and Thailand. Raymond Kong says that Singaporeans are interested in overseas investments because they trust property as an asset class, and real estate is one way to diversify their investment portfolio.
Identifying the purpose of your investment should be the first factor to consider as you start canvassing for options.
2. Is the location of your home desirable?
Your home is a part of a larger community. If you’re trying to build a family, it’s essential to consider what kind of environment you’ll live in and if that neighborhood will suit your long-term needs.
Apart from the community setting, another point of consideration is the property’s accessibility to essential facilities and commercial establishments. Ask yourself, does the home’s location meet your requirements? Take some time to look at the schools, hospitals, supermarkets, and lifestyle centers near your desired development.
3. Are you partnering with a reputable developer?
A reputable developer knows the appropriate approach for your estate’s upkeep. Do your research to get transparent ideas about your chosen developer before making any deal. Seasoned developers are experienced in effectively managing a property to maintain its condition, ensuring excellent quality of life for tenants and homeowners.
In Thailand, luxury estate developers work with known hotel brands to manage and maintain their properties. This approach delivers hotel-like services and amenities to the residents. Whether you’re purchasing a property for rental or residential purposes, purchasing a unit from a reputable developer is an absolute must.
4. Have you considered what you need in your property?
Everyone has their preferences when it comes to building their homes. Knowing your priorities can help you find an estate that you’ll love. Understanding what you want and what you’re willing to give up will make the buying process a lot easier. Making a list of amenities you need to fit your lifestyle can help narrow down your options and find the best properties for you in less time. Make sure to let your agent know about it before you start house hunting.
5. What’s the property’s potential appreciation rate, resale value, and rental yield?
Before purchasing a property, take some time to review the real estate market’s outlook. As you gather different options, check if your desired properties have a strong resale value, appreciation rate, and rental yield. If you plan to move out or lease your unit, analyzing these factors will make it easy for you to recover the premiums you’ve paid.
Working with a trusted real estate agent can help you determine the best option available. By analyzing different elements such as property location, size, and more, you’ll have a much easier time making the right investment.
6. Are there any restrictions regarding ownership of land for foreign investors?
Foreigners can legally own a residence such as a condominium unit in the Philippines, but they are prohibited from owning land, as stated in The Philippine Condominium Act.
If a non-Filipino citizen wants to buy a house or condo unit in the Philippines, they can consider a long-term lease agreement with a Filipino landowner. There’s also a 40% restriction to foreigners when purchasing a property through a corporation (i.e., condominium projects); Filipino citizens must own 60% of the units.
Purchasing a Luxury Home in the Philippines
Just like any other property, you should take time to examine your purpose, goals, preferences, and lifestyle when buying a luxury home. It’s undeniably a big investment, and this is why you should look for properties with care. Now that you’re aware of the factors above, finding the best property should be much easier.
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