The number of people considered to be ‘High Net Worth’ (those with assets of more than $30 million) is predicted to increase by 95,000 over the next ten years. With this in mind, it is expected that a growing number of people will be dipping into the luxury real estate market. So where countries hold the most expensive real estate in the world?
Archives for October 2015
Ever try typing your address into Zillow.com and wonder how the heck they value your home at $30,000 less than your neighbor’s that is smaller? Or type your address into Trulia.com and find it is $40,000 more than Zillow’s estimate?
The truth is, these sites are at best ballpark estimates and vary greatly depending on the market activity in your area of interest. These sites base their estimates on recently recorded sales from the county. What they do not take into account are things like condition, upgrades, and lot premiums paid for views or location. Within the same city there can also be value differences associated with the quality of schools, proximity to parks, recreation and shopping.
Regardless of where you choose to invest, there are two opposite ends of the investing spectrum when it comes to your involvement and required resources.
Do-it-yourself real estate investing puts all the risk and responsibility squarely on your shoulders. Typically that involves everything from sourcing the property, acquiring it, funding it, renovating it, managing it, selling it, and coordinating every other step in between.