Philadelphia has the nation's most diverse economy, a stable job market, and a growing population. The city is an excellent place to invest in a diverse portfolio of properties, including luxury homes.
How do you identify the most luxurious properties in town, though? High prices aren't the only criteria for selecting your next luxury rental.
Read on to explore what defines high-end homes, why you should invest in them, and where to find them.
Characteristics of Luxury Homes
Philadelphia's most elegant residences have a few things in common. To keep affluent tenants satisfied, you should search for properties with the following features:
Space
Square footage makes all the difference for upmarket tenants. Large gardens and spacious rooms always attract more interest, especially from families.
Home Office
Home offices are still all the rage as the work-from-home trend continues. Many high-end clients own businesses and work from home more frequently.
Even without a dedicated office space, most large luxury homes have an extra room that's easily converted into a study.
Smart Technology
Smart technology and sustainable features are huge drawcards in the luxury market. These tenants expect conveniences like smart security systems, thermostats, and lighting systems.
Extra Amenities
More is more in the luxury real estate market. Swimming pools, home gyms, and outdoor entertainment areas are all attractive features among luxury homes in Philadelphia.
Benefits of Owning Exclusive Homes in Philadelphia
According to the Pennsylvania Association of Realtors, the luxury home market is slowing, making now a good time to invest in these properties. These are some of the reasons why you should take advantage of this market:
High ROI
When you buy a luxury property, you're assured of a good return on your investment. You can charge higher rents and attract high-earning tenants who can afford to pay more.
Better Market Stability
Most luxury homes are built using top-quality materials and the latest finishes and fixtures. That means they don't depreciate much over time, especially with judicious property maintenance.
Lower Maintenance Costs
Good-quality finishes are less likely to need repairs or replacement as often as their cheaper equivalents. You'll also find that most luxury homes are well-maintained by their owners, so you won't need to upgrade or refurbish them before offering them for rent.
Philadelphia's Most Luxurious Neighborhoods
Location is key to luxury in any city. These are the best places to start your search for exclusive homes in Philadelphia:
- Rittenhouse Square
- Chestnut Hill
- Old City
- Queen Village
- Society Hill
Properties in these neighborhoods can cost multiple millions of dollars, and they offer access to all the city's best sights, shopping, and attractions.
Reap the Benefits of Owning Philadelphia Luxury Properties
Luxury homes command higher rentals and hold more appeal for vacationers, but you need to ensure you're delivering good value for money at these prices.
PMI Greater Philadelphia can help you find and manage premium real estate in this area. We are well-versed in the preferences of well-heeled clients and offer service levels that meet their expectations.
Our team can assist you with everything you need to profit from luxury real estate in Philadelphia. Find out how we can maximize your profits while preserving the appeal of your investment property.
