Though subjective, most people would agree a luxury property has high intrinsic value. Factors like prime location and breathtaking architecture make a house stand out, whether on the shores of Miami or amongst the skyscrapers of New York City. And as the owner of such a home, you have several ways to increase its value while elevating your lifestyle — until you decide to sell.
At The Experience, we recognize that even the most appealing properties have room for improvement. Homeowners like you stand to benefit from the full spectrum of home improvements. Everything from minor cosmetic upgrades to significant renovations is in play. With an eye for design and some funds set aside, you can uplevel your lifestyle and boost your home’s eventual resale value.
Still, with a virtual infinity of possibilities at your feet, it can be challenging to choose the best path. It’s essential to make decisions that make immediate and long-term sense. That’s where we can help. Do you want to enhance your home’s comfort, style, and functionality? Simply read on to explore critical investments and improvements you can make to your treasured home.
Make interior updates
In your luxury property, ensuring that features never feel outdated is crucial. Whether you're dealing with a historic Palm Beach mansion, a mid-century masterpiece in the Hamptons, or a pre-war apartment in Manhattan or Miami, you might prioritize up-to-date kitchen appliances and countertops, bathroom fixtures and amenities, lighting and electrical systems, heating, cooling, and ventilation systems, as well as wiring to accommodate smart home features.
These are non-negotiable aspects that you, as a homeowner, should always address, as they are in high demand. Most importantly, these investments are worth your consideration since they can significantly increase your property's sale or lease value, far exceeding initial costs. As long as your property's interior is clean and tasteful, a skilled home stager can effectively showcase its best features to potential buyers. You can leave subjective decisions about wall colors and decorative styles to the discretion of the next occupant.
Landscape to highlight the setting and structure
For your luxury property with expansive outdoor spaces, you'll find that thoughtful landscaping, highlighting the best features of your setting, can be an investment that more than pays for itself. The most exceptional landscape designs take various topographical elements of your property into account. These elements may include the property's solar orientation, view, slope, soil quality, bedrock, erosion potential, and natural vegetation.
The goal is to create outdoor spaces that seamlessly blend with the natural surroundings rather than appearing as imposed features. High-end landscaping enhances your home's architectural characteristics and establishes a strong connection between your indoor and outdoor areas. At its best, landscaping can evoke awe, delight, and tranquility.
When it comes to luxury properties, landscaping should never be an afterthought. It's a feature that should be professionally executed to enhance your property's value and generate excitement about what lies beyond your home's walls. While top-notch landscaping may require a significant investment, it's an investment that's rarely, if ever, wasted. This is because it not only captures the eye but leaves a lasting impression and contributes to the overall beauty of your home.
Conduct routine, professional maintenance
As a homeowner, it's essential to understand that few long-term investments can pay off as reliably as your property's routine and careful maintenance. Regardless of the property's value, all homes are subject to depreciation through wear and tear and exposure to the elements. Inside your property, walls and floors naturally settle over time, window seals deteriorate, and water can find its way into various nooks in the foundation and roofline.
Outdoors, the combined forces of rain, sun, and temperature changes can lead to cracks in pool decks and the displacement of paver stones, while hedges grow untamed, invasive plants creep in, and trees may succumb to disease and storms.
To safeguard your luxury property against the effects of time and weather, it's crucial to remain vigilant and allocate regular resources for maintenance. If you are less inclined or suited to handle maintenance tasks personally, consider building relationships with trustworthy and knowledgeable contractors. The key is to stay ahead of your property's needs to prevent minor issues from escalating into unnecessarily costly problems.
Monitor legal and regulatory spending
Paying a lawyer might not seem to have much to do with elevating the value of a luxury property. However, it might surprise you to learn what a skilled real estate attorney can accomplish when safeguarding and enhancing your prized asset.
Property values in luxury real estate markets depend on more than a physical structure and the land it sits on. They also reflect the scope of an owner's rights to use and control that property and the obligations that come with it. And if you're not vigilant about defending and advocating for those rights, they can change at the whim of a politician, bureaucrat, condo board, HOA representative, or adjoining property owner.
Investing in legal services can positively impact the value of your property. For instance, legal professionals can help challenge unfair property tax or condominium assessments, negotiate or limit others' rights of access to or use of your land, and ensure that you have a say in potential changes to zoning or land use ordinances that dictate where or how you can build. These legal services can give you a voice in shaping the future of your property and protecting your investment.
Off-property investments
Sometimes, the value of a luxury property depends, at least in part, on what's next door, in view, or within earshot. Unwanted development or uses of neighboring or nearby properties can diminish what your property is worth. Conversely, exercising control over those parcels can significantly elevate your property's value.
Luxury property owners should constantly look for opportunities to enhance their home's value by acquiring nearby real estate assets. The cost of purchasing a neighboring parcel can be a fraction of what is gained by securing the space needed to build an accessory structure on the land, preserving its scenic view, or guaranteeing privacy.
Let the Experience Team help elevate your luxury property's value today
You can make investments today that will elevate your property’s value. The Experience Team can help boost your home’s allure and market it to serious buyers.
If you're ready to place your investment property on the market, The Experience Team is here to help. The Experience is a tri-market team with access to the premier luxury listings in and around Palm Beach, The Hamptons, and South Florida. Our agents can take you through the details of purchasing property and living in this area, including gaining access to extravagant, exclusive communities.
Contact us today to discuss the value we can add to a home and our services.
