Investment in luxury homes is a major financial decision. Plus, there’s additional pressure if you are considering putting all your money on an investment property overseas.
If you are clever about it, you can look into many other avenues to finance your purchase without touching your savings.
When you contemplate such a huge investment, you should keep in mind that considering a brand new location for investment requires you to do some homework. And that is exactly why we are here.
In the following section, we will discuss top tips to consider before investing in luxury homes in two of the top cities in the world – Brisbane, QLD, and Franklin, TN.
Luxury Homes in Franklin, TN
Buying a luxury home in Franklin, TN is pretty straightforward. Firstly, learn the search process. Most home buyers start by looking for available properties online.
You need to keep in mind that the top luxury homes are probably not going to be listed on the same sites where average properties are listed. Moreover, many of these prestige homes may be bought and sold privately. Usually, realtors are told about these luxury properties and sell them using their personal contacts or networks.
Once you have found realtors or the sites where you want to focus your search, you need to consider the following factors.
1. Financing Your Investment
It’s going to cost you a lot, and you are probably prepared for it, but that doesn’t necessarily mean that you splurge more than you should. The seller and the agent already know that you have deep pockets, and it’s your responsibility to get a good deal.
Firstly, get your finances sorted. You can either speak to the bank for credit or use your savings and create a budget. If you’re going on the credit route, then it’s also important to consider interest rates on these loans and adjust your return on investment accordingly.
Most importantly, don’t hesitate to bargain, because every dollar counts, and you deserve to get a fair deal.
2. Location is Key
Well, if you are experienced with buying or renting our luxury homes anywhere in the world, you already know that location is paramount. In fact, location is probably the prime reason why it is labeled as a luxury home. For example, you could come across many luxury properties in below-average shape but with a high price tag simply because of the location. But it’s best not to opt for a bad location, even if the price is great. Don’t fall for that trap.
We suggest you look for a neighborhood in Franklin, TN with high livability scores, and that ticks all the boxes on your checklist. You don’t want to spend all your money and have negative returns for decades. This asset may soon become a liability if you are not making the right decision.
3. Focus on Brand Value
Simply put, premium brands carry higher price tags. Yes, houses listed with top real estate agencies, and developers are obviously going to cost you more money. But this may be a good thing. You want reliability when you are spending money to buy a property.
However, don’t get distracted by lucrative offers about buying homes. There are always loopholes, so evaluate and assess properly. If you are unsure, get professional real estate experts or agencies to walk you through it.
We recommend you to go with a brand that has a proven track record of satisfying their client’s needs and requirements, and we are sure that you won’t regret it.
Luxury Homes in Brisbane, QLD
Brisbane is a highly livable city and is home to over two million people. It’s a truly multicultural city bustling with people from all cultures. Furthermore, it has amazing weather and a promising economy.
Whether you buy or rent a luxury home in Brisbane, QLD, you are going to love the laid-back vibe. Here is a typical list of things you need to consider for buying or renting luxury homes in Brisbane, QLD.
1. Availability of Luxury Homes
Finding suitable properties, for a luxury home is probably going to be the biggest challenge, unlike in Franklin, TN.
Prestigious properties have their own unique features, hence they are referred to as “luxurious homes.” Such properties are usually called so because of being located in prime spots with amazing views, and the features of the homes themselves, such as the architectural design.
If you are waiting to find a luxury home, be patient. Plus, keep in mind that you may not be the only person eyeing that property, you are likely to have competition too. It is a common practice all across Australia, and not just in Brisbane’s housing market. It’s best to find yourself a real estate agent with a good track record, especially if this is your first time buying.
2. Off-Sale Market
Here’s a fact: Many of Brisbane’s luxury properties are sold “off-market.” It basically means that these properties are often exchanged between the buyers and sellers directly, without the interference of an agent, or being listed on the open market.
The buyer usually has a lot more experience when they buy off-market. They have their set of networks and often receive updates on when such prestige properties are available. This is another reason why many luxury homes are never open for the real estate market.
So either you have to build your own connections to get access to these properties or you need to restrict yourself to whatever is publicly listed.
3. No List Price
Top luxury homes in Brisbane are often up for sale without a price tag. This makes it harder for buyers to get an idea if this could be a match for them.
Many of the luxury homes in Brisbane are in fact sold by auction. Comparing prices with similar properties also becomes tough, as you are not able to determine the price range of these properties.
However, if you enlist a real estate agent, they can assist you with their expertise, and potentially guide you to a price that’s fair.
4. Bidding At Auction
This again is a stressful factor that is extremely common in all of Australia, and it applies to all properties, not just luxury homes. There are multiple potential buyers for one single property, and they often have to bid at an auction. This is not convenient when you are trying to make a good investment decision, as you can end up spending a lot more than its actual market value. The ratio of buyers increases the demand for the property unfairly.
There are bidding experts who can help you to set some bidding strategies if you are considering participating in an auction.
Conclusion
Buying a luxury home in Brisbane and Franklin, TN has significant differences. The buying process, property availability, and price comparisons are all different from each other, especially since the real estate market in each location is quite different.
If you are serious about exploring these top cities for buying homes, you should first invest in gathering adequate information on how to proceed. This article should just be the beginning of your research process.
Now that you have the basic facts, it would be best for you to speak to international property investors or well-known real estate agents in both these areas for further guidance. Good luck!