A condo purchase can be a smart investment. Not just for individuals. Condos can be purchased by companies for many reasons, including:
- Tax savings
- It’s convenient to have a place where you can host guests from out of town
- A place for employees to stay when they visit a new city
Developers advertise a wide variety of amenities in luxury condos. There are “irreducible minimals” that you need to be aware of. These are the features that could prevent your condo investment from succeeding. Here are the top ten.
1. CONVENIENT LOCATION
Real estate investments should be based on location. Luxury condos should be in a prime location close to shopping, social amenities, and other facilities. Accessible transportation is also important. Although some condo developments have shopping facilities, it is nice to have a variety of places you can shop.
Selling luxury condos in desirable locations is easier because the buyer also considers the surrounding environment.
2. SQUARE FOOTAGE
Buyers should carefully consider the square footage of any property they are considering buying, whether it is in the city centre or in the suburbs. Your condo is not like single-family homes. It doesn’t have an attic, storage sheds or a garage. You will need to measure the area if you intend on creating a home office in your luxury condo. This could be in the form a dedicated bedroom or extra room. It is important to note that extra square footage can be costly.
The most important reason luxury condos are so expensive is the extra storage. Area footage is a premium.
3. STORAGE SPACE
You will need enough storage space in your condo unit as a buyer to store your stuff. Before you buy, inspect the condo to make sure that it has enough storage space for your needs. You should inspect the condo for large corridors, spacious kitchen cabinets, and ample closets.
4. TOP-OF THE RANGE APPLIANCES
Some luxury condos may not have the appliances that you desire. At the very minimum, they should have upgraded appliances. New top-of-the-range appliances are a common feature in condos. You should look for high-quality stainless steel ranges, microwaves and refrigerators. House fixtures should be elegant and serve their purpose. For example, bathroom fixtures, doors, etc.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean. To view our luxury oceanfront condos for sale in Fort Lauderdale, Contact us today!