All bling is not created equal.
When buying a high-priced condominium, there are two types of amenities that are presented to buyers. There are worthwhile and worthless perks when a buyer is measuring long-term value.
Vanessa Grout, a real estate attorney and a contributor to Forbes, cites nine amenities that she recommends buyers should ignore.
If it is not within the boundaries of the walls, think twice, as it is likely that it is not going to add any lasting value to the residence. Fanciful common areas, complimentary breakfasts, concierge service, pet spas, message rooms, champagne chambers are nice but superfluous. Custom kitchens are also deemed dicey along with finishes and fixtures, outdoors space, a doorman, tax benefits, and emerging developers.
Ms. Grout offers a good argument to support her reasoning. Her advice could save a buyer thousands and keep help build equity from day one of the acquisition. Keep those mowing blades sharp.
…. Prodigy developers. Yes, every great developer was a rookie once. Trouble is, if your builder hasn’t traditionally built high-end, he probably won’t accomplish this feat for your luxury apartment. Look at the track record. If he or she is a rookie, they should offer you a discount, not demand a premium.