Having money broadens your price range when it comes to buying a luxury NJ home. But wealthy Buyers still look for many of the things that the not-so-wealthy home buyer wants. Follow these super wealthy real estate trends no matter what your price point may be.
Super Wealthy Real Estate Trends You Need to Follow
Knight Frank recently posted its 2015 Wealth Report. It tracked the growing wealthy populations of more than 100 cities in almost 100 countries. They found the following super wealthy real estate trends that can be adapted to home buyers of any budget.
Location, Location, Location. Yes, location remains key. Buy a home in a popular location and you can minimize the impact of a major dip in the real estate. Homes in desired locations tend to keep their value during a recession. Even if they do decrease, it is far less than other places. And it tends to rebound much more quickly.
When interest increases in one neighborhood, it can quickly spread to adjacent areas. Look at communities that offer larger lots and/or scenic views near higher priced neighborhoods. You may reap bigger rewards by getting into an up-and-coming community before it takes off.
Diversify. When it comes to the real estate game, more is better. By that, I'm not talking about more square footage. I mean multiple properties in different areas. Like a financial portfolio, you want to diversify your investments in the real estate market.
Local Economic Influence. You want your home to be located in a safe community with a strong economy. Are the businesses in the area thriving? How close are you to essential services like the police, fire department and hospitals? How far are you from shopping and entertainment?
Look to the Future. One of the biggest super wealthy real estate trends to follow is to check out future trends. More wealth in the world has brought more international Buyers into the US luxury real estate market. This increases demand and prices. What kind of investment is the local government putting into the community? How will this affect the local economy in the future? These are questions you need to ask yourself.
You can adapt any of these super wealthy real estate trends to fit any home buying budget. Which of these trends do you think has the most impact on you as a Buyer? Please let me know in the comments below.
Originally posted on my Luxury NJ Homes blog here: http://luxuryhomesnj.com/blog/super-wealthy-real-estate-trends/.
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