Four Insider Tips on Buying Real Estate From the Leading Global Luxury Real Estate Experts

Despite the pandemic, the wealthiest Americans have hardly seen a dent in their total assets. In fact, the overall number people in the U.S. who have assets worth more than $5 million is on the rise. In the past year, this number has risen by almost 15%.

Given the circumstances surrounding the pandemic, this doesn’t make sense. So how have people still managed to turn over profits from their investments? The simple answer is by investing in real estate. In 2021 alone, investors earned a profit of over $3.6 trillion in 2021. People have started to realize that investments in real estate are the best way to save your earnings for a rainy day. But with everyone turning towards real estate for sure-fire investments, how do you make sure you get your money’s worth?

Here are four simple rules you need to know to make the right choice

1. The Basics: Know Your Investment Goals

   

   Rodnae/ Pexels | Owning real estate is easy, it’s finding the right property that’s the hardest

Real estate is not cheap. When you’re looking to put down your life savings by buying a property, you’ve got to be sure you’re making the right investment.

The first question you have to ask yourself is why you’re choosing to invest. What are your long-term plans? These plans can be based on many factors depending on how you want to move about your money. Are you looking to buy luxury property for high resale value? Are you looking to rent out a space for steady income? Or will you be looking to move into the property one day yourself? Knowing the answers to all these questions is crucial before you decide where you choose to invest.

Having the resources on hand to guide you through the process of scouting for investment opportunities is what separates the winners from the losers. Map out a budget with your real estate agent of how much you’re going to spend. Don’t get swayed into buying a property with the promise of high returns only to find out later that you made a poor decision. Start out small to gain more experience and learn how to play around in this real-life high-stakes monopoly game.

Starting out small also helps you learn how to get around government red tape. There are too many stories of get-rich schemes that get hopeful investors to buy properties only to find themselves buried under incomprehensible piles of legal documents that they don’t know what to do about.

2. The Better Location, the Better Return on Investment

   

   Energepic/ Pexels | Planning where to invest can help you turn your savings into monthly profits

If you could put a pin on the one thing that you have to consider above all when buying a property its: the location. Anyone will tell you that it’s common sense to buy property in a good neighborhood, but neighborhoods change.

Anyone who doesn’t understand how the real estate market works will tell you to buy in a good/safe neighborhood. Well, guess what, neighborhoods change, just like everything else.

It’s not enough that you consider yourself the most pragmatic investor because you seek out prime locations and top-notch construction. Do your research into the future of neighborhoods. One of the factors that can help you decide the outlook of the neighborhood ten years down the road is to do a visit of neighborhoods nearby. These areas will be the ones that will have the most influence on your locality.

Look for accessibility to utilities in your location. Being nearer to schools, closer to the supermarkets, or facing the scenic outdoors can add a lot of market value to a property. This will also help you decide the kind of property that will prosper in the neighborhood in the future.

For e.g buying a luxury house in an area that’s surrounded by expanding affordable housing schemes might sound like a good idea today but won’t sound very pragmatic when it looks completely out of place 10 years later.

3. Prepare for the Luxury Migration

   

   Asad Photo Maldives/ Pexels | Luxury properties never go out of value

Its no shock that this year has been the year of change. Experts have called it the Great Re-evaluation. As more and more people have been forced to rethink important decisions of their lives. One change that we have seen this year, with a majority of America shifting to remote work, is the desire to have improve living spaces.

People have been moving out of their cramped studio apartments and seeking out bigger living spaces, as they migrate to luxury suburbs to settle down for good. States with the most valuable properties, such as in California, share the largest chunk of this migratory movement.

People have been looking to rent out their current properties and move to luxury homes while they work from home. This migration has been the biggest contributor to the rise in the interest in real estate.

Considering the global situation, many wealthy owners who were living out of smaller spaces in urban areas have taken out their wealth from stocks and invested in more stable real estate ventures.

4. Find a great partner

   

   Mathew henry/ Burst shopify | Choosing the right real estate partner is the most important decision before you even set out to decide which property to buy

Exploring the subtleties of real estate can be troublesome, so tracking down the right real estate expert to assist you through the process is even more important than finding the right property. Remember that buying a piece of real estate is more than what meets the eye. You’re not just buying brick and mortar. You’re investing in an opportunity that can bring you great profits if done correctly. The best real estate expert can get you to buy a worthless property, and help you turn over millions of profits over it.