Photo by Daniel Salcius on Unsplash

If you’re looking for that second home in the vacation paradise of your dreams, these five locations have just turned the corner from luxury sellers’ market to luxury buyers’ market: 

Maui, Hawaii

Tennis clubs, golf resorts and views of white sand beaches and pristine blue water top the reasons why Maui has become a top-five hot luxury market. After experiencing a surge in vacation home prices over the past few years, the market here is now beginning to level out. This is good news for homebuyers seeking refuge on Hawaii’s second-largest island. If you’re in the mood for a tropical island paradise that won’t cost a millionaire’s fortune, Maui could be the solution. 

Palm Beach, Fla.

Forty-seven miles of beaches and the absence of state income tax are only two of the draws for those looking to buy a luxury home in Palm Beach. Now becoming a strong market for buyers, this highly populated area of the United States features exotic nightlife and culture for days. There’s always something to do and someone to do it with in Palm Beach, including buying a luxury home. 

Washington, D.C.

It’s mostly young millennial couples who are buying up the luxury homes in and around Washington, D.C., including the area of Arlington, VA. High-paying jobs enjoyed by highly educated workers make this a hot spot for the upwardly mobile among us and the hottest commodities right now are new constructions or homes that have been renovated in the last five years. 

Kauai, Hawaii

Kauai, the northern-most island of the Hawaiian chain, has always been a magnet for the wealthiest home seekers. Privacy, lush green spaces and a quiet, unconventional lifestyle factor among the reasons for Kauai’s popularity. Not known for it’s sizzling nightlife, this area is prized for just the opposite — as a private, respectful place to settle in and kick-back on vacation, spectacular views included. 

Brooklyn, N.Y

Surprisingly, Brooklyn — with its population of over 2.5 million people — has recently become a luxury buyer’s paradise. Once all but forgotten in the shadow of nearby Manhattan, the new construction of luxury condos, coupled with the old-time charm of the traditional brownstone, has rocketed Brooklyn to the forefront of choice places to live in the U.S. For luxury home buyers who enjoy the hustle and glamour of city living, Brooklyn is holding its own. 

If you’re looking to buy a luxury home in an area that may have been previously unaffordable, make one of these five luxury hot spots your new jumping-off point. 

Tagged with:
 

Image by Mohamed Hassan from Pixabay

When it comes to selecting a home, every situation is a little different. Do you purchase a house because of its size or is the location more important? Both factors play a crucial role in determining your choice, but the unique details in your life can help you decide which is more important. 

When realtors talk about a home, they often stress the importance of location. However, if you are newlyweds starting a family and you want to buy a home on a tight budget, you might favor the size of the house over the location. On the other hand, if your purchase is to build your portfolio or to be your forever home, location might matter more than size. When considering size versus location, let the steps below guide you.

Sacrificing Location for Size

While location is important, you may need more space for a home office, a workshop, or a large play area. If that is the case, consider size over location. If home size is your focus, the location doesn’t need to be trendy. Choose size over location for these reasons:

  • You Have Children: If you have children, it’s preferable to search for a bigger home. Looking for a larger house in many cities might mean you move to areas where you can get better value for your money. While these areas might not be your dream neighborhood, or ideal for your work commute, they may be a great place to begin a family. 

  • You Have A Large Household: If you have a large family or have multiple adults in the same household, you may be looking for additional space for everyone. A bigger house means you could add play space for your kids, a lawn for your pet, office space, more bathrooms, and outdoor space. 

  • You Need More Space for Guests: If you often have people coming to stay with you; your in-laws, friends, or family members — then having more space or guest room will improve your quality of life. Finding a larger home that meets your housing needs is important, and if having room for guests fills you with joy, then size is important.

Choosing Location over Size

  • You Plan to Rent Out Your House: If you are buying your home intending to rent it out either on a long-term lease or as a holiday rental, your choice of location plays a vital role. Proximity to points of interest and public transportation determine your rental’s demand and supply, and it will have a significant effect on your profit. 

  • You Have Kids That Are Still in School: If you have school-age children, you would want to consider the type of schools available in the area. If there is a specific standard of education you want for your children, ensure you inform your realtor about this before the house hunt process begins. 

  • You Plan to Sell Your House in the Near Future: If you intend selling your home sooner rather than later, you need to be strategic when picking your neighborhood. Location is the crucial factor that affects your resale value — if you are buying a house intending to sell in an abbreviated time, it’s essential you pick an area that will increase your home’s value in the short run. 

Both the location of your home and its size are vital things to look for when house hunting, but your decision on which is more important should be a factor of what you need now. Talk to your realtor about your motivation for buying a home and get their professional advice on what fits your needs the most.

Set your Twitter account name in your settings to use the TwitterBar Section.