Purchasing a luxury condo might seem like a dream come true to many people, but is it really so? Investing in your living space is probably one of the biggest investments many of us will have in our lifetime. That is exactly the reason why we shouldn’t rush it and make impulse decisions. So, even though buying a luxury condo might be the investment of your lifetime, you should be aware of both the pros and cons of such a step.
Pros of buying a luxury condo
The first and the most obvious benefit of buying a luxury condo is that you will be the proud owner of a high-end property. Fancy condos usually come with professional kitchens, modern furniture, master bathrooms, and many other features others can only see in magazines.
You can earn a fortune by reselling such a property
Even though luxurious homes are always in demand, they still tend to spend longer periods of time on the market. This is probably due to the fact that people are not ready to make such an investment every day. Plus, there are many factors that affect the value of your home (the condition your place is in, market trends, etc.). However, if you are ready to wait for a good offer, you could really make a fortune by reselling your luxury condo. Of course, this is subject to market conditions and the condition of the home when you sell it.
Amenities and extras
Luxurious condos usually come fully furnished, which is great since the best architects and interior designers have already made the effort to make your place look fascinating. Extras you can expect to get with your luxurious condo include:
walk-in custom closets;
high-end kitchen appliances and cutting-edge technology solutions;
the most amazing views of the city;
entertainment areas within your luxurious living space;
so much more…
Expensive condos often come with amenities such as:
garage spaces (for one or more cars);
24/7 concierge service;
outdoor terrace (often includes barbecue);
fitness centers and gyms;
private playgrounds, etc.
Beacon Hill condos are the perfect example of such luxury. Brand new homes with those features at such an attractive location are a rare find!
Fairly low maintenance is a benefit
By low maintenance, we mean less work from your part. For instance, you are not responsible for snow removal or lawn mowing. The association is responsible for all the exterior works (in some cases interior too), so you are not expected to make decisions and waste your time on keeping everything in good condition.
The extravagant condo can even be cheaper than a house
If we compare a condo and a house with the same square footage, similar location and features, we will see that owning a house is more expensive. For people who are not so fond of having their own lawn or a backyard, buying a luxury condo can be a perfect solution.
You can never have such a spectacular view of the city from your house
Luxurious condos situated in city centers usually offer a breathtaking panorama which is a feature that attracts many buyers. Take a look at the most amazing Boston penthouses for sale, and you will realize why!
After determining the pros of buying a luxurious condo, it is time for us to take a look at some of the downsides.
Cons of buying a luxurious condo
If you are a house owner ready to move to a condo, you should think twice before making the final decision. Here are some negative sides to the investment.
The purchase price is not all you will pay
If you are new to the luxury real estate market, you should know that the total cost of ownership is much higher than the price tag you see on the listing. There are many hidden costs that can cause a financial disaster you will never be able to recover from. That is why hiring professionals when making such a pricy investment is crucial. For instance, if you are thinking of buying a high-rise condo in Boston, contacting Boston Luxury Condos For Sale is the best decision you can make.
The property taxes
You will have to account for property taxes, just like you would after buying a house or any other property. But the higher the property value, the higher taxes you will have to pay. Again, you should consult professionals who can tell you what to expect.
Emergency maintenance is on you
This is something that house owners are familiar with, but renters might overlook it. The costs of repairs are higher when damage is done to a deluxe place. Even though the associations are usually in charge of all maintenance issues, it happens that their funds are simply not enough for some of the repairs and necessary improvements. That is why before buying the condo, you should find out as much as you can about the association that makes all the important decisions about it.
Insurance costs are higher too
It is only natural that the cost of insurance for an extravagant home is higher than it would be for a regular home. The amount you will have to pay on a monthly or yearly level will depend on many factors. So, before signing the purchase agreement, you should get at least three offers from various insurance companies. Bear in mind that you shouldn’t spare your money here since accidents happen and you might lose all that you have worked for if not insuring your property on time.
Now that you are aware of the pros and cons of buying a luxury condo, you can make your final decision whether such an investment is right for you. Good luck with your purchase!