We tend to associate luxury homes with the glamor of Hollywood. Luxury homes are made for VIPs and celebrities. Luxury is all about being flashy, over the top, and excessive.
At least, that is what the popular image calls to mind. In reality, luxury homes remain a popular asset because they do not always meet the expectation of a paparazzi-haunted star lifestyle. On the contrary, you can find luxury in elegant and peaceful areas, such as Camas, a peaceful city of Washington State on the border of the Columbia River.
In appearance peaceful and unremarkable, the city hides a plethora of houses that could be easily described as luxury habitations. Far away from the golden gate XXL mansion of Hollywood, the properties are spacious, stylish, elegant, built in a quiet neighborhood, and filled with the unmissable charm of the region.
There is a new investment strategy to consider for anyone willing to think of luxury as something achievable, enjoyable, and tranquil.
Indeed, when luxury becomes something you can obtain, how can you leverage the value of your affordable luxury home?
Selling for the best offer
It makes sense that selling a high-end home for profit is the dream of every investor.
However, marketing a high-end property to appeal to the right buyers is a delicate art. Indeed, bringing a luxury property to the market is no easy task.
Sellers wishing to maximize profits need to work closely with experienced realtors to identify the best time and the right buyer. Timing can make a huge difference between selling at a profit or selling at a loss, as ineffective marketing strategies can be devastating.
An experienced realtor is more likely to be able to promote the property at the correct price tag. Failure to communicate the features of your luxury home successfully is expected to reflect on the price offer.
It is fair to say high-quality professional photography and cross-platform marketing presence will also contribute to finding luxury buyers.
Turning it into a profitable rental
A luxury home can make a long-term side hustle investment as a rental business. Luxury rentals are top-rated among wealthy holidaymakers and professional adults.
Holiday rentals tend to be more profitable than long-term residential rentals because you can offer an additional and unique experience.
Luxury holiday platforms offer some of the most beautiful homes in the most sought-after locations.
It’s important to make a clear distinction between a popular tourist destination and a luxury destination.
While these can refer to the same place, typically holidaymakers expect their luxury rentals to be in a peaceful and isolated area, away from the crowd. In popular destinations, the typical holiday rental can in the town center, while the luxury villa is more likely to sit on the hill overlooking the town or on the outskirts.
Similarly, a rental will also need to provide extra services for the guests, such as unique concierge services, airport pick-ups, and unmissable holiday experiences.
The bottom line: You can’t make a luxury rental appealing unless you crank the level up on the luxury extras.
Is it suitable for a movie?
The filmmaking industry is constantly looking for exciting locations. In Los Angeles only, on-location productions have increased by almost one-third over the last decade.
On-location shoots now exceed 15,000 per year. A luxury home can therefore find a profitable business in the movie industry.
Some cities are more popular than others, such as Los Angeles, New York, New Orleans, and Toronto. However, production teams are often willing to relocate filming in a different town for the right house.
Typically film producers are on the lookouts for family homes, mansions, and even warehouses. In other words, your luxury home can be appealing to some projects, but not all!
Renting your home can range anywhere from $1,000 to $4,000 per day. Luxury accommodations tend to be promoted by specialist agencies and websites.
So it pays off to document and maintain the unique features of your properties.
The pleasure of a beautiful home
Even when luxury properties are not a money-making investment, they are not to be underestimated. Finding your dream home is a unique source of joy and satisfaction that nothing else can match.
A lot of homeowners think of their homes as a source of pride that reflects their self-worth. While it’s not to say that an expensive property instantly makes you feel good about yourself, there is a strong correlation between your happiness level and your perception of your home.
As to whether you should or shouldn’t invest in luxury property for your own pleasure, it’s a question for another day. Ultimately, how much is your happiness worth?
High-end properties are still thriving on the market despite the global housing crisis. Buying a luxury home is a valuable investment that can generate a high return, whether you sell or rent it out.
But, more to the point, sometimes a beautiful home only exists to put a smile on your face. Sometimes beauty is worth the investment in its own right.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)