1 Lessons from Luxury Buyers

Throughout our diverse and multicultural city, there are plenty of Miami luxury homes available for buyers seeking to purchase a high-end abode. Although quite a few first-time homebuyers are apt to buy one of these luxurious condos, many of the more experienced buyers, meaning people who already own a home or two in one or more cities, are the ones picking up the current luxury condos for sale. We could all learn lessons from luxury buyers.

One of the main reasons that experienced buyers are more likely to buy a second home (besides having the money to do so), and are particularly keen on obtaining a luxury home, is because they are focused on making a solid investment. These buyers look at price per square foot, the reputation of the architect, designer, and developer, and areas that will generate a substantial return in five or more years. More specifically, experienced buyers place a high emphasis on important long-term aspects of the property rather than its upscale finishes or premier amenities.

In general, first-time homebuyers intend to live in the first property they purchase. Thus, if they are seeking a luxury property, they are more inclined to pay attention to the building’s features, the unit’s unique characteristics, and proximity to desirable urban amenities. Although this certainly makes sense and these are aspects definitely worth pondering, more first-time homebuyers should include the same investment criteria that experienced buyers tend to value.

After all, we live in a transient society these days and very few people stay in the first home they purchase for more than five years. Careers, family, and changes in life circumstances often necessitate relocation to a different type of home for a number of reasons, such as price, size, or location. Just as experienced buyers carefully consider the long-term value of real estate, anyone purchasing a piece of property should be thinking about the ability to sell it down the line should the need or desire arise.