How To Make a Profit From Luxury Properties
If you buy a luxury real estate property and plan to sell it within a few years, there’s no guarantee that you’ll get back your initial investment. The property could lose value if the area declines or if money flees the real estate market in general.
Long-term investments are much more fruitful since cities with growing populations are typically great real estate markets for premium properties. It’s much more likely that over time, your property will increase in value and you’ll better be able to leverage its returns with complementary services or businesses to boost its profitability.
Here are some tips for making the most of luxury properties:
Flipping
Flipping, in real estate, is to buy a property, renovate the interior and exterior of the house, and sell it at a higher price in the future. You want to buy low, preferably during the pre-selling stage. And sell high, when the house or condominium building is constructed and amenities are fully functioning.
You might think it’s impossible to flip luxury homes, but there are certain strategies to play in the market to close the sale.
Look for houses and condos with open floor plans, this gives you more space to customize the interior of the house. For outdoor flipping, you can plant flowers to give color and emphasis. There’s also the option to put up a gazebo, make tree sculptures, build perimeter fences, and outdoor grilling areas. Country homes are also hot commodities since they offer even more space to flip.
Well-off OFWs and real estate-savvy individuals are drawn to luxury real estate that have been revamped because of the modernized furniture and fixtures.
Also Related: Ways to Maximize Property Investment Returns for OFWs
Renting out your premium house or condo property
High-end vacation rentals near tourist attractions are hot commodities in the Philippine real estate business and tourism industry. Luxury homes or condos often have a positive appeal to foreign tourists who want the best place to stay in. Consider condos located in tourist destinations such as Tagaytay, Baguio, and Palawan.
You can even acquire condos for sale in the bustling cities of Metro Manila where all the social and entertainment happens. This way, you can yield high returns since tourists want to be near places where the adventure takes place.
OFWs and Filipino travel buffs have the upper hand since they can rent out their property to their foreign work colleagues or friends when they visit the Philippines.
Also Related: How To Rent Out Your House While Working Abroad
Buy a residential lot for sale in luxury neighborhood
There are several advantages in buying residential land for sale and building a custom house. A handful of OFWs prefer to acquire a lot for sale because it’s low-maintenance and an opportunity to build a house according to your preference, style, and budget. Building a house from the ground up in a community deemed fit for the affluent market also has its privileges.
Affluent families lean into residential lots for sale mainly because of the greater customization it offers. These families envision big things. We’re talking about 3-storey mansions, a backyard swimming pool, spacious parking space for their cars, and a basketball court within their land area.
Also Related: Are Lot Only Properties a Good Investment for OFWs?
No matter where you are working, trust that Vistaland International can help you find a timelessly elegant property fitted to your lifestyle. You have a diverse selection of affordable to luxury real estate properties to choose from.
And as for OFWs looking for high-end properties either for your family or investment purposes, Vistaland International has official offices in Italy, United Kingdom, Qatar, Saudi Arabia, United Arab Emirates, Kuwait, and the United States of America and real estate brokers and agents in various countries as well.
