Luxury goods - and homes - can do a lot to boost self-esteem. People in opulent surroundings feel successful and accomplished. The lack of clutter and the inclusion of awesome amenities can also boost mental health.
Here, we're going to talk about luxury homes in Contra Costa County, California. Read on to learn what constitutes a luxury home and what to look for when investing in one.
The Basics of Luxury Homes
A "luxury home" is a large, sophisticated residential building. It frequently has a large open floor plan, though some older luxury homes may have unique and characteristic layouts.
They're made from durable and high-end building materials like marble and heavy wood. The decor is opulent and beautiful while amenities might include pools, courtyards, sitting rooms, large dining areas, and library spaces.
The main criterion for being a luxury home, though, is price. If a house is part of the top 10% of houses in the housing market, it qualifies. The Contra Costa luxury market cites the median listing for these prestigious properties at $799,000.
Choosing Luxury Real Estate
If you're looking for your personal dream house, find a location with the architectural features and finishes that you personally like. Customizable spaces are often key to building the perfect space. Design your own kitchen and bathroom layouts, molding, and framing. This will perfectly elevate your lifestyle so you feel at home and sophisticated in your comfortably opulent space.
If you're looking to invest in high-end real estate to rent out, you should further consider how easy your home will be to stage and showcase. This is a critical first step toward finding well-off renters who want to live in gorgeous spaces.
Location is also critical. Some California locations will offer a house a higher property value while that same house will have a lower value in other areas. Contra Costa County, CA has generally high property values, which can help you make more passive income.
After all, rent should be 0.8% to 1.1% of your home value, so those who buy more expensive properties can collect more money than those in poorer areas.
The Benefits of Luxury Home Investment
Those renting out luxury homes don't just turn a higher income because of the property value. They also can frequently offer longer leases than people with regular apartments can.
This is because high-end buyers want to rent out a space long-term. They're also likely to show interest in renting to own, which can get you a lot of income over several years!
Luxury home investors also have more opportunities to foster great tenant relations. Since these spaces are so large, you may be able to accommodate multiple tenants. Whether they're roommates or multiple independent units, this is a great chance to get more rent money.
Rent Out Exclusive Homes in Contra Costa
Now that you know the ins and outs of California luxury homes, it's time to find the perfect investment property to suit your specific needs. PMI Contra Costa is excited to help you select a high-end home, market it, and help you with all aspects of property management.
Request a free rental analysis to learn more about how much passive income you can make monthly with your rental!
