Debunking Misconceptions about Luxury Condominiums and High Rises
To the average individual, investing in a luxury property is a dream. There is nothing like coming home to a comfortable property fitted with the latest amenities and offering exciting and commanding views of the surrounding landscape. Some prospective home buyers prefer purchasing a property in tucked-away yet accessible locations like MacDonald Highlands or Spanish Oaks, which feature excellent exclusivity and top-class common amenities for the neighborhood. Others, meanwhile, prefer the unique allure of owning a condominium unit or a high-rise residence.
Condominiums and high-rises offer a unique approach to luxury living. They have an urbane and sophisticated feel around them, setting them in contrast to the more homely feel of regular single-detached homes. This sophisticated feel has, however, led to a number of myths and misconceptions regarding condo and high-rise living. A few of the more notable misconceptions are listed below.
High Rise, High Price
One oft-quoted misconception about condo units is the idea that all condo units are expensive multi-level towers situated in exclusive urban locations. After all, most of the prominent condominiums shown in media have been in high-rises and located in urban and commercial centers. Because of this, condominiums suffer from the stigma of exclusivity.
This is never the case; it just happens that the most prominent condominiums are located in noteworthy locations like The Strip. There are actually lower-level condominium properties that look more like townhouses to the untrained observer. The price tag misconception is easily broken due to several condo and high-rise units selling for as low as $30,000, some even in the urban heart of Las Vegas. Additionally, there are condo units that can be rented for short, medium, and long-term residencies that cost a fraction of the price that people perceive them to have.
The Space Issue
Space is essential to a home to ensure that it can handle all the necessities of living, as well as the growing number of occupants. People believe that condos and high-rises are best avoided by growing families because of what they perceive is a limited floor area. Many of the popular condo units tend to be studio-type residences with one or two bedrooms at most, which can confuse uninformed and first-time home buyers about the actual size of these luxury residences.
In truth, condo units can offer enough space to accommodate large families, with options to increase space as needed. Larger three-bedroom units are available throughout Las Vegas, as are units with more spacious living rooms, kitchens and balconies. First-time buyers need not worry about losing space to put their items, thanks to helpful tips provided by interior decorating experts, fellow tenants and landlords.
Cash and Carry?
There are people who choose to invest in luxury real estate, not for the need of a new home, but for the need of a long-term profit. A number of investors put their money in condos and high-rises, sometimes going ahead and investing in pre-constructed condo towers and condo communities even before they reach completion. The idea is that they can gain a return in dividends when the units’ value goes up in the long-term.
This is, of course, not the case. Condo-type residences may be moving at a robust pace now, but newer trends can affect that movement in the short term, ruining any investments. New condo and high-rise acquisition procedures can also hurt a prospective investor’s chances of getting an ROI in a short time. These days, it is just impractical to go for a long-term investment with high-rises in this manner; it’s better to have the unit rented off instead of hoping for its value to appreciate.
Condo and high-rise living offer many positives for the prospective Las Vegas luxury homeowner, but only if they can do away with their misconceptions. Get in touch with an established real estate expert to help make informed decisions about luxury high-rises and condominiums in Las Vegas.