Have you ever thought about investing in luxury real estate? If you think that these types of properties will not interest renters, you would be mistaken.
People rent for all kinds of reasons, not just because they can't afford to own a home. Here are some of the features of luxury homes that will attract high-net-worth renters.
A Customized Experience
Functionality is one of the most attractive features of luxury living. Residents want a space that is directly tailored to their needs.
This can be for visual aesthetics or things like disabilities. One example might be lower countertops in the kitchen space for wheelchair users.
Another common example is a kosher kitchen. People with special dietary needs, or who keep kosher, often want two separate spaces for meat and dairy preparation. You can accommodate that need in a luxury real estate property.
Privacy and Seclusion
Wealthy people value privacy above many other features of a luxury property. The freedom to do what they want, when they want is essential so they can feel at peace.
Consider high walls, privacy fences, and other measures to keep people from looking in on the property. These can go around the backyard area or the entire home.
Automatic or electronic shades are also a popular option. They allow a luxury homeowner to have privacy when they want and also take advantage of large windows to let in sunlight.
Access to Amenities
Amenities are an important feature of any home, but they're paramount to a luxury renter who may see the space as their second home. They'll need everything they are used to to meet their needs in the new space.
If the property is in an HOA community, it's more likely to have access to shared amenities. Some of these include:
- Pools
- Spas
- Gyms
- Playgrounds
- Dog parks
- Business Centers
- Golf courses
Depending on the wealth level of the resident, they may also want their own private amenities. For instance, many people who live in Palm Springs have aquatic features in their backyards.
Exquisite Outdoor Spaces
When it comes to luxury property, you need to focus on the exterior as much as the interior. People want to enjoy time outdoors, especially in vacation homes.
Make sure outdoor spaces work for everyone. You shouldn't just have a pool and call it a day. Get creative so you can attract a wide variety of renters.
For instance, a space for their dogs to relax and play is a great addition. You can add a play set for families with young children.
Consider Investing in Luxury Homes
If you're a real estate investor, luxury homes are not out of reach as potential rental properties. With the right marketing strategy, you can potentially make a lot of money on these types of properties.
Ready to jump into the real estate market in Palm Springs, CA? Our Coachella Valley location is the perfect partner.
Our extensive property management experience will help you tackle any problems you may have as a landlord. Contact us today for a free rental analysis.
