If you’re in the market for a luxury condo, you might feel overwhelmed with possibilities. Is it better to stick with the city you know and love, or move across the country to get a better view or enjoy better weather? Is it better to splurge and get a condo with everything you’ve ever wanted? Or stick with something more modest and live below your means?
We can’t make luxury condo hunting easier in the strictest sense, but there are several critical tips that can help you in your journey.
Why Luxury Condos Are Such a Big Decision
Luxury living spaces represent a major decision – more so than regular condo hunting – for several reasons:
- Total cost. The cost of a luxury condo is much more significant than a traditional condo. You might be paying $6 million, instead of $500,000 or $750,000. Even if you make plenty of money to reasonably afford this condo, this is still a multi-million dollar decision.
- Impact on life. Many people don’t realize it, but your choice in condos can have a massive impact on your life, in general. Living in the right luxury condo can help you destress and relax, ultimately making you happier, healthier, and more productive. Getting access to the right facilities can help you stay in shape and stave off chronic conditions. And being in an environment with lots of successful people can provide you with networking opportunities that can allow your career to flourish.
- Amenities and other variables. Deciding on a luxury condo isn’t just about the location or the floor plan. It’s also about the amenities. Most luxury condos come with a selection of extras like pools, recreational areas, and even services like dry cleaning. There are too many variables to make this a simple decision.
How to Find the Perfect Luxury Condo
That said, these strategies can help you find the perfect luxury condo for your needs:
- Set your personal priorities. Before you get too deep in the search, take the time to set your personal priorities. What are some of the most important “must have” features of a luxury condo, in your estimation? And what are some nice-to-have features that aren’t strict necessities? For example, if it means getting access to a beautiful view of the ocean, would you be willing to deal with a lower total square footage? How many bedrooms do you need? How important are amenities? What styles are you interested in?
- Set a strict budget. Even if you have plenty of money, it pays to be fiscally responsible. Early in your search, you should set a strict budget for what you’re willing to pay. Feel free to set a target price, which you’d prefer to pay, and a stretch price, which you’re willing to pay if a condo meets all your wants and needs.
- Expand your search. If you have a long list of requirements or if your budget is tight, it may benefit you to expand your search. Don’t just look in one city; look for condos in surrounding areas and even other cities throughout the country (if you have the flexibility to do so). You might uncover some amazing opportunities that would otherwise go unnoticed.
- Talk to experienced searchers. It’s worth your while to talk to people who have searched for a luxury condo before. They may have some insider tips or ideas for where to search that can expedite the process.
- Tour multiple condos. Don’t fall in love with a place too quickly. There are many options out there worth exploring.
- Review the amenities. The style and layout of the condo might appeal to you, but how are the amenities? These are part of the core experience of living in this luxury condo, so don’t underestimate them.
- Interview residents (if possible). Before finalizing your decision, it’s a good idea to interview some of the residents (if you have the opportunity). What do people think about the building? Are they happy living here? What are their biggest gripes and do they seem manageable to you?
- Plan for the future. While considering your options, try to make decisions with the future in mind. You might be living here for several years, so it’s important to give yourself as much flexibility as possible. How might this area change in the near future? How might your goals and your financial situation change?
You might not find the perfect luxury condo after a few days of searching, or even a few weeks of searching. But if you go in with the right mentality and you remain patient, eventually, you’ll find something that meets all your needs.
