Interested in investing in luxury real estate in Scottsdale, AZ? Check out our helpful guide on how to get the most out of your investment:
Understand what makes luxury real estate different
Not all million dollar homes can be considered luxury homes. In some of the most expensive cities across the US, the million dollar price tag may apply to nothing fancier than a modest 3 to 4-bedroom single-family home.
The location within desirable neighborhoods also increases the appeal and value of homes, making them worthy of being called “luxury homes.” In Scottsdale, for example, a concentration of luxury homes can be found in the wealthy neighborhoods of the Boulders, DC Ranch, and Pinnacle Peak.
Luxury properties have proven to hold up better than traditional real estate markets during a downturn. They remain desirable regardless of market trends. Their steadier values may also make them safer investments compared to stocks.
Figure out your investment goals
The great thing about investing in luxury real estate is the many ways you can take advantage of the market.
Flipping luxury homes is one option. This means buying a luxury home and then renovating it with the intention of putting it back on the market with a heftier price tag.
You can also rent it out. Many luxury rentals like those in Scottsdale and Paradise Valley lure in occupants because of their scenic locations and high-end amenities.
Building your luxury home from the ground up is another option. It’s also a great opportunity to employ new materials, the latest building techniques, popular styles, state-of-the-art home systems, and the most sought after features and amenities. Your custom home will take time to build, but it promises the biggest return on your investment.
Know what buyers want in a property
Each luxury home is unique, built to the specific needs and whims of its owner. A collector may have a showroom garage for their prized cars. Others may boast of outdoor yoga platforms, indoor sports courts, outside kitchens, and spa bathrooms.
While luxury home features don’t always have universal appeal, high-end buyers typically look for:
- Enhanced privacy
- Stylish architecture
- Well-designed interiors
- State-of-the-art amenities
- Spectacular views
- Custom finishes
Research the location
Before investing in a luxury home, look beyond the actual structure. High-end buyers usually seek out homes in wealthy neighborhoods and communities that offer lavish amenities. Buyers also want easy access to posh shops and boutiques, world-class dining, and recreation.
Scottsdale has made a name for itself as one of the leading luxury markets in the world. It has everything luxury buyers look for including a vibrant downtown area, a thriving arts and culture scene, and beautiful outdoor destinations.
Hire a real estate agent with expertise in luxury properties
Hire a local specialist. Your agent should be able to show you the top luxury properties in the area, including homes that are unlisted. Check out their track record as negotiators. Look into their connections with the community and the services they provide.
Learn all about Scottsdale’s rich housing market today with Urban Luxe Real Estate. We are a team of highly skilled real estate professionals here to help you achieve your real estate goals. Give us a call today at 480.359.6519 or send an email to info(at)urbanluxere(dotted)com.