When it comes to buying luxury real estate, it’s always the glitz and glam of the property that catches your attention first. The real question is… do you really need all of it? Outside of the staging and marketing of the property, how well do the bare bones fare?
According to Vanessa Grout, these are the 10 things, besides location, that you should obsess over.
Unobstructed views and light. An interior that is airy and lets in natural light helps improve your mood. Let alone the resale value. If buying a luxury apartment, it’s important to know the air rights and zoning allowances surrounding your building. This can affect the views from your property.
Ceiling height. Anything under 14-feet has diminishing marginal returns. Therefore, the higher the better. Take cubic footage into consideration, instead of square footage.
Architectural uniqueness. It’s safe to say that architecture retains value, so do some research on the architects. Knowing the reputation of your builder can help you decide on a beautiful, and practical design. Your home may look amazing today, but how will it look ten years from now? “Good bones” equal good value.
Practical layout. Make space for you to live and entertain. Don’t waste space with unnecessary architectural add-ons.
Windows. These suckers are the main source of heat and cooling loss. The best windows are double-paned and heavily insulated to protect against weather and noise.
Storage. Whether you are a hoarder or a minimalist, storage is always valuable. No one wants clutter and if you don’t have enough storage, make sure you have the space to create some.
The gym. Oh the gym… This old friend seems to never want to leave. When in search of a luxury apartment, a gym is quite the luxury amenity, especially in the winter. Whether you think you need it or not, it’s always bikini season somewhere.
In-unit laundry. Apartment building basement laundry facilities are definitely not the bees-knees. Yes, they mean that laundry units aren’t taking away from your space, but the basement trek is always a daunting one. In-unit laundry has become the standard for any luxury apartment.
Consider it done and done. Instead of buying to renovate, invest in developments that hire big-name interior designers. The price paid for a move-in ready home is worthwhile when it is a fraction of the per-unit cost you would pay for the same designer to renovate.
Reputation. This may seem superficial, but when a building has a good reputation it usually holds its value. Doing your research should be quite easy and can help you understand the range of values within the building and the neighborhood.
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