There’s no doubt about it – luxury is in. In the past five years alone, flipping of luxury homes – those valued at a million dollars or more – has increased nearly 40% nationwide. You may not have considered this avenue for drastically increasing the value of your investment portfolio, but it’s a valid option for investors with the financial backbone to support the purchase.
While the largest markets for this type of venture are obviously locations like Beverly Hills, the Hamptons, San Francisco, and Manhattan, luxury homes in Dallas are also a lucrative opportunity to increase your cash flow and net worth. In fact, Dallas ranks among the top 10 cities in the United States when it comes to the number of wealthy residences.
What Sets Luxury Apart?
Luxury homes in Dallas aren’t much different from other investment houses, except that all of the amenities that residents normally want and expect are ramped up to new heights. These homes are defined not only by their interiors – lavish fixtures and finishes, custom architectural details, features like swimming pools and generous outdoor living spaces – but also by their surroundings. In addition to top notch security and privacy, there should also be high-end dining, shopping, and cultural experiences available nearby. And, these luxury homes in Dallas are large – typically several thousand square feet.
Now is the ideal time to take the plunge into high-end investment houses. While the market has recovered significantly from the crash in the late 2000s, prices are still reasonable. At the same time, consumers are getting more comfortable with spending on housing, encouraged by the decreasing unemployment rate.
One challenge that you may encounter is finding out which luxury homes in Dallas are for sale. Affluent owners typically try to keep a low profile when it comes to their real estate activity, so it can be difficult to pin down whether a property is even on the market. In addition, financing for luxury homes in Dallas usually takes longer than for a typical mortgage, so sellers may not even show the house to buyers unless they are already qualified.
Connecting with professionals in the area who know the market can open up opportunities you might not be able to access on your own. These resources could come in the form of real estate agents who specialize in the luxury market, or real estate investment groups with industry connections.
If you’re interested in investment houses or luxury homes in Dallas, it’s a good idea to have your financials in order, contact those in the business who may be able to assist you in your search, and be prepared to have patience as you wait for the right luxury investment property to come along.