Engel & Völkers Licence Partner Costa Brava Sud > Blog > How and where to buy property in exclusive neighbourhoods

How and where to buy property in exclusive neighbourhoods

Knowing where to buy property for both renovation and investment purposes comes down to an old adage: “buy the worst house in the best street.” Achieving a high return on your purchase and getting a firm foot on the luxury property ladder means searching for a property with room for improvement in an area that is seeing or has already seen vast development. Needless to say, it's not an easy task. Here's our guide to entering the world of expensive real estate without breaking the bank.

 17220 Sant Feliu de Guíxols (Girona)
- How and where to buy property in exclusive neighbourhoods

Location, location, location

When considering where to buy property, exclusive locations make for a secure investment prospect. View our interview here with Managing Director of Engel & Völkers Residential, Philipp Niemann, for greater insight into the most exclusive residential addresses in Europe, from Hyde Park to Sardinia. What sets these addresses apart is their growth potential. If you can buy into an area with a shorter supply of homes, you can expect the demand for these rare properties to continue increasing. This is why spending more initially for an expensive, luxury address can pay off in the long run for property investors.

Keep an open mind

Before you set your sights on a certain neighbourhood, weigh all options carefully to find the best fit from both investment and lifestyle perspectives. The area should have the longevity to make it an inviting prospect for future buyers when you’re ready to sell, including favourable local school ratings, nearby tourist attractions, commuting infrastructure and urban planning features. You can view our market reports here to access current facts and figures for many of Europe’s most exclusive areas. With these statistics in mind, narrow down the field to a few different neighbourhoods before you decide where to buy property.

Make sure you’re in the position to buy

Investing in the expensive real estate market is a significant financial commitment, so be sure your accounts and credit ratings are in order before you buy. A good way to determine if you can comfortably take on the mortgage is to look at your current outgoings, whether that means your monthly rent and utilities or existing mortgage payments. Run an assessment using figures to represent the down payment, interest rates, terms, homeowner’s insurance, mortgage insurance, and property taxes.

Downsize in other financial areas

You may need to plan ahead and save prior to investing in expensive real estate, which could mean downsizing in other financial areas such as car payments and luxury holidays for the moment. Money-saving ideas that won’t compromise on your existing lifestyle could include spending less on meals in restaurants and vacationing closer to home.

Make the leap to landlord

Another factor to consider when determining where to invest in property is the availability of multi-unit homes. In purchasing an owner-occupant building or a small duplex, you could then rent out the additional units and transform your investment into an immediate money-maker thanks to rental income.

If you’re trying to decide where to invest in property, view our extensive selection of high-end residential listings. Our qualified real estate agents can assess your situation to help you find expensive real estate that best fits your investment goals.

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Engel & Völkers
Licence Partner Costa Brava Sud
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