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Pros and cons of owning a luxury home

Yard of a home

Owning a luxury home is a dream for many. After all, who wouldn’t want to live in a property that’s spacious, well-built, and full of high-end home features? But before making the decision to buy a property with a million-dollar price tag, take a look at its advantages and disadvantages first.

Here are the pros and cons of buying an expensive house in Las Vegas:

PRO: Luxury homes have all the modern comforts.

One of the main benefits of owning a luxury home is its features. From gourmet kitchens to spa-like bathrooms, luxury homes have a variety of elements that enhance one’s quality of life.

Space is an essential feature that defines a luxury home. These high-end properties tend to have more indoor and outdoor space than a typical house for sale. Some luxury homes even go beyond and above by having a home theater, swimming pool, and a top-of-the-line home automation system.

CON: The cost of maintaining a luxury home can add up.

The high price tag isn’t the only expense that comes with owning a luxury home. When it comes to maintenance and repairs, expect the average cost to be around 5% of the property’s value. These additional costs also vary depending on the features and amenities in the home. If the property has a swimming pool, for example, the pool should be cleaned regularly and get serviced professionally every other month.

That’s why planning ahead is important when buying a luxury home. Those planning on buying a luxury home should factor in the additional upkeep costs apart from common homeownership expenses like mortgage payments (if bought via a mortgage), insurance, and homeowners association fees.

PRO: Luxury homes are in a prime location.

Luxury homes are typically located in highly coveted areas, whether it’s in the heart of a thriving city or in an exclusive neighborhood away from all the noise. Being in an excellent location puts you close to all the best and the most exclusive amenities. You can also expect amazing views outside your windows, whether you’re in the city, the valley, or the mountains.

CON: Luxury homes tend to have higher property taxes.

Another expense to prepare for as a luxury homeowner is property taxes. This amount, which is paid annually, depends on the assessed value of your home. Property tax rates vary from state to state. Fortunately, Las Vegas has one of the lowest property tax rates in the country. Property tax rates in Las Vegas range from 0.5% to 0.75% of the home’s purchase price.

PRO: Luxury homes have high resale value.

Luxury homes are a great investment because of their high resale value. Aside from the sought-after location and top-notch amenities, the value of the property itself and the community it’s part of has already been established. With the right market conditions, a higher return on investment is possible if you decide to sell your luxury property later on.

Its prime location, upscale features, and high resale value are just some of the advantages that set a luxury home apart from other properties. If you’re thinking about buying an upscale home in Las Vegas, get in touch with luxury real estate expert Anthony Romeo.

With a spotless track record and more than 500 successful sales, Anthony is the Realtor to call for Las Vegas luxury homes. Give him a call at 702.353.6759 or send him an email here.


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