As with many high-end goods on the marketplace, it does take a level of refinement to identify what is real or what is a farce. While there are many more intricate things to look out for, here are some surface level tell-tale signs that a property falls within the luxurious category.
Prime Location
One of the obvious identifiers or markers for determining a property’s value in real estate is the location. The location of a property is very vital as it determines a lot such as value appreciation, quality of life and socio-economic mobility.
There’s a saying that it is better to buy a wrong property in the right neighbourhood than to buy the right one in the wrong one.
This is because a property can be renovated, a location… not so much!
Supply and Demand
As with all investments, demand almost always drives up the price of real estate. This is especially true for the property market as real estate remains a finite resource. The earlier one secures a property the more in return on investment one stands to gain compared to when there are less properties to shuffle from.
Expert Design and Architecture
Unique and bespoke architectural masterpieces belong to a different class altogether.
Some properties are more equal than others in terms of design, sustainability, climate awareness, uniqueness and the level of detail and expertise that is put into finishes.
These structures are typically not run of the mill, standout and last for a long time thus, draw an ultimate price.
Choice and Quality of Materials
Another factor that heavily impacts real estate valuation is the choice and quality of materials in development. Here, inflation plays a significant role sometimes driving up prices of materials astronomically higher.
Some western countries choose to build with wood as it is readily more available and cheaper than to build with concrete. While some others build with stones depending on environmental or geographical factors as well as availability of expertise.
Choice and quality of building materials determine not only the timeline of development but longevity of said property and ultimately, the market price.
Heritage
There are some properties that hold a peice of history locked in time. These properties have the potential to become areas of historical significance.
A mainstream and popular example is the Home Alone property which was recently sold for a pretty penny, way above the market average due to its unique history or family heirloom.
These type of properties are more often than not sought after due to their peculiar history or for goodwill and fame. They typically aren’t up for sale, but when they are, can be quite pricey.
Now that you know some factors that a property luxurious, you are most welcome!
