Buying a luxury home is a big investment that requires professional guidance whether you are a new property buyer or a seasoned one. There are many factors to consider especially if you’re buying property in a foreign country with different rules and regulations.
You have to consider the real estate market and financing, and whether you’re choosing an investment that you can afford and that will stay profitable for years. You must also consider your lifestyle, whether you can maintain the property and whether you are able to maximize it for business and personal use. If you are planning to buy a luxury property, read about more helpful tips in this article.
Monaco is one of the most expensive places to live in the world and one of the most expensive places to buy real estate. Despite its small size, the country is a highly sought-after destination with its lavish lifestyle and luxury beachfront properties.
Buying property in Monaco is a dream for many because of the rare experience the country offers. The country has a zero percent poverty rate, and one-third of the country’s population are millionaires. To add to that, Monaco does not charge income tax.
Being financially capable is definitely a requirement in moving to Monaco. If you’re planning on buying luxury real estate, consider these expert tips when looking at real estate for sale in Monaco:
Do all the research
What makes a luxury property? It’s not just the cost. Some people assume that just because a home is highly expensive, it’s automatically a luxury property. Monaco real estate brokers cite characteristics like uniqueness, exclusivity, and superiority as some differentiating factors for luxury homes.
People are willing to pay a premium for features not common in most homes or condominiums. Location plays an important factor, as location denotes a certain type of lifestyle. It could be that the location offers a high level of privacy and security and access to high-end shopping and dining centers. The premium could also be exclusive access to nature, such as a private beach, lake, or mountainside.
Some luxury homes for sale in Monaco are waterfront properties that offer a breathtaking view of the Mediterranean Sea. Most of the types of properties available are apartments, triplexes, penthouses, villas, and townhouses. Depending on your lifestyle, a specific kind of property and location may be best suited to your needs.
Keep in mind what you are looking for. If you are relocating with your family, you would likely prefer a spacious home with multiple bedrooms, a big lawn, and a garage. If you’re buying a vacation home and are only visiting occasionally, you might prefer a smaller size luxury property.
Only hire a licensed realtor
Real estate market trends are crucial to look at especially for luxury properties. Experienced and licensed realtors will talk to you about market trends and whether real estate prices are up year on year. Because luxury properties double as investments, a professional real estate agent will be able to discuss market trends with ease and even provide reports and insights for you to understand that your next luxury home is a profitable investment.
A licensed realtor is reliable, knowledgeable, and equipped to answer all your questions. He or she should be able to make recommendations on your real estate needs, such as where to get financing, which contractors can help you redesign your property, and opening a bank account to facilitate your investment. Think of your realtor as a consultant who is able to give you sound advice not just on buying, but also renting out and selling a luxury property.
Also called an agent immobilier, your real estate agent must be a member of the Chambre Immobilière Monégasque (CIM). The CIM is an institution that represents real estate agents to Monaco’s public authorities and the employment federation. This also means your agent has undergone the required training and is knowledgeable of the rules and regulations in the country.
Look into different financing options
There are different types of financing that you can apply for to buy your luxury property. In Monaco, you can apply for specific types of loans and mortgages:
- Personal Loan
- Commercial Secured Credit Loan
- Real Estate Loan
A real estate loan can be applied for financing for a condominium, residential construction and mortgages, commercial construction, and land development loans. Don’t forget that if you’re buying real estate in Monaco, you are legally required to open a bank account in the country. This will help manage loans and mortgages easier and add a level of security for your luxury property.
Conduct a home inspection
Visiting the property to see it for yourself is one thing and conducting a home inspection is another. You would want to make sure the home’s amenities are in perfect condition. Luxury homes are built with state-of-the-art facilities such as designer kitchens and bathrooms, heated pools, and security systems to name a few.
A home inspection ensures that you are getting the most out of your investment and getting your money’s worth. The inspection will also reveal if anything needs to be upgraded or replaced. Even lights, tiles, furniture, and other things you might think are minor must be inspected prior to your purchase.
Your next real estate investment
Spark and Partners’ international team knows the ins and outs of the luxury real estate market in France, Monaco, and Switzerland. With over ten years of experience, you can trust in their personalized and professional guidance when venturing into your next luxury investment. Schedule an appointment by calling 377.97.777.000 or emailing hello(at)spark-estate(dotted)com.