Investing in a Luxury Property in a Gated Community
Making a real estate investment must be a rewarding process, and even more so if you’re investing in a luxury property. There are many reasons for this. First, you need to protect your capital outlay by making the right decision and choosing the right property.
Additionally, the chance to live in a community like the Red Rock Country Club should not be squandered by settling for a home that isn’t exactly your dream home. And if you have future plans, you would want to future-proof them by calling the right real estate shots now.
To make the most out of your decision to buy a home or a condo in a guard-gated community like the Red Rock Country Club, consider these tips.
Prepare your finances.
The most important thing that you must do to successfully get started with the process is to get your finances in order. According to realtor.org, the median listing price for a property in the Red Rock Country Club is at $1.44M, and the median price per square feet is $386. This is about a 26% increase year-over-year.
To get a listing under contract, it is best that you prepare all the financial documents that you will need to contact a seller. These will include your income and assets statements, your debts and liabilities history, and a pre-approved mortgage.
If you can afford to purchase a property in cash, secure proof from your portfolio manager; if you’re enlisting financing, a pre-approved mortgage is a requirement, as some sellers will only entertain offers from buyers with secured financing.
Identify your short-term and long-term goals.
It is also beneficial to determine your specific real estate goals. If you want to buy a home that you and your family will use as a summer house, for instance, your search should be streamlined to include the best properties for that purpose. However, if you have plans of selling the property or converting them into condos that you can rent out in the future, you should opt for a luxury estate that can turn over a significant profit in the future.
Additionally, knowing your goals will inform the other aspects of the process. If you have plans of reselling, for example, and you want to undertake a few renovation projects in the future, then you should be apprised of the rules and regulations for renovations.
Be meticulous when searching for listings.
Finding your dream home hinges upon carefully vetting your options, so when searching through listings, spend time in finding out as much as you can about the featured properties. It is necessary that you base your search on your identified goals, so that you are sure that you will end up with the property that you truly want.
Also, don’t forget to factor in your preferences. For instance, if you’d like a home in the Red Rock Country Club that is located closer to downtown Summerlin or the city center, search through listings in the ideal location.
Similarly, get to know the property as much as you can. More than just looking at photos, check if there are other ways that you can use to see the property up-close, such as a virtual video tour. This will help you better assess the state of the home, and will inform your decision-making. Also, don’t hesitate to contact the seller or the seller’s listing agent for information about the property. Some sellers will even offer a live video chat for your convenience.
Make your offer and sweeten up the deal.
Most sellers of condos and properties in communities like the Red Rock Country Club can afford to wait for a while until they find the perfect buyer with the perfect offer. For many of these sellers, just giving them their asking price may not help you edge out the competition for the property and get the contract.
When making your offer, find out how you can sweeten it by:
Having all the requirements at the ready
Understanding why the seller is reselling their home and aligning your goals with theirs; and
Waiving contingencies, when applicable, to ease the speed of the closing process
Find a trusted luxury real estate agent.
Finally, don’t forget to enlist the necessary kind of help by hiring a real estate agent that will help make the process hassle-free and successful for you. The right agent will:
Have a long history of delivering rewarding results to clients, both buyers and sellers of properties
Have extensive experience in the specific area that you want to invest in
Have deep knowledge on real estate market conditions in guard-gated communities like Summerlin and the nearby areas
Have a comprehensive listing of homes, condos, townhouses, and other properties that you may be interested in
Have a strong network of other agents and real estate professionals, as well as escrow and management professionals, to facilitate compliant and fast transactions; and
Have high standards for customer service
Your real estate agent should be able to assist you with every part of the process, from streamlining your options to settling on an offer price. Additionally, your agent should be able to give you the knowledge that you need to vet listings, evaluate pros and cons of specific properties, and guide you toward making the best choice according to your objectives and your budget.