3 Things First-Time Buyers of Luxury Homes Need To Know

Managing a household may seem like an easy job, but after doing it for a while, it can get tedious. While having a team of people do all the house chores sounds convenient, overseeing everything can get exhausting.

This is why serviced luxury residences are attracting more wealthy homebuyers as of late. Also known as serviced luxury apartments, these properties offer a hotel experience in the comfort of your own home. By living in one of these places, you get to enjoy the highest quality of services and hospitality as they’re often run by white glove hotel operators. With their help, you can enjoy expert management of your household without getting stressed.

But before you make arrangements to see a few listings, though, you might want to know first whether the arrangement is worth it. With all of the extra services that upscale residences come with, it’s important to know if living in one will be a wise decision.

To help you with this, we’ve rounded up a few points about luxury hotel residences. Hopefully, they can help you weigh your options to help you decide whether you should invest in one.

You Need to Do Your Research

When looking at luxury properties, you can’t go in without knowing what to expect. The real estate trade can easily get overwhelming and it’s riddled with lots of legalities that you should know how to deal with. This is even more important if you wish to own a property in a building as there will be lots of rules, regulations, and contracts in place.

It wouldn’t be wise to dive in the upscale housing market without knowing how it works. Don’t hesitate to get professionals involved when deemed necessary.

Fees Galore

Homeowners fees are expected costs if you’re buying a property. They are necessary no matter where you live as they can help keep the building or neighborhood in top shape. This is especially true for luxury residences, as some of them are practically sky high.

Aside from the building fees, you can also expect gardening fees and fees for the various amenities. In many hotel residences, the rates for the use of the fitness center and pool are additional. The use of meeting spaces also usually require a fee. Keeping a pet can also cost you in some cases, so make sure to look into that as well.

It should also be noted that when you opt for a luxury hotel residence suite, you’re only really paying for the real estate and the access to the amenities available in the building. Certain services can come for free, but not all. In many places, you’ll have to pay for the services provided by the housekeeping and kitchen staff so make sure to check the rates for that as well.

Tips are Necessary

Like in hotels, it’s also customary to give tips to the building staff on various occasions. Holidays are one of them, but you can also give them tips whenever you feel like it. While you’re not required to give specific amounts and you won’t get sued if you skimp, you should still think about how much tips you should give.

Because you will be around these people often and need their help from time to time, it would be great to give them the incentives they deserve for a job well done. It might even help improve your relationship with their team, which can bode well for your stay.

Conducting due diligence is always the best way to avoid any problems when buying a luxury property. It’s best to do the heavy lifting now before signing any papers so you don’t have to worry about wrinkles that need ironing later on.

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