The Ins and Outs

Ready to invest in a mansion, ranch, or other unique luxury property? The opportunities and selections are endless. But first, there are some basics about buying and renting luxury properties that you should know.

Luxury real estate is usually sold at a rate of at least twice the average price of homes in the area. This is due to the size, design and unique features of the property, among other qualities. These properties are located in some of the most scenic areas of the world, from the Mediterranean coast to the tropical islands of the Caribbean to the ski slopes of the western U.S. The features that set these properties apart and make them, in fact, luxury real estate, range from private gardens to one-of-a-kind architecture, from spectacular scenic views to massive size and spread.

Timeshares and Vacation Homes

Pieces of luxury real estate are not restricted to those who wish to relocate. Timeshares and vacation homes are other luxury properties that are available for those who are looking for short-term or periodic living and renting.

Timeshares allow restricted ownership of a property, requiring payment for only the amount of time, or the share of the property, the owner will actually use. The property is "owned" by a number of people, each using the home or property for a few weeks or months out of the year and paying only for their share. Owners of timeshares have the stability of having the same place to stay during each vacation (and no bill at the end of the vacation), or, if their lifestyles or preferences change, the opportunity to sell or rent their timeshares or exchange them for timeshares in other properties around the world. Timeshares are as widely available as other luxury properties and can be found in as many locations.

Vacation homes are more traditional renting properties. Vacation homes allow more of the conveniences of home than a hotel and there is no obligation to use the same rental each year or each vacation. Likewise, these properties are located in any desirable vacation spot.

The "M" Word

As always, one of the most important factors in deciding to buy or rent a new property is money. As mentioned, the cost of a luxury property is most times at least twice that of the average home in the area, and those looking to buy or rent one of these properties should be prepared for high prices when shopping. Two important things to remember in the research and decision process are:

• Decide what factors are most important (location, view, home or property design, etc.) before beginning serious negotiations. This is helpful, as it will help you determine which features you are willing to pay the high price for and which ones you are willing to pass up.

• Get the property professionally appraised by an independent appraiser; this will help avoid an unnecessarily high price.

  Whether you talk with your local real estate agent or log on to the world wide web to begin your search for your new property, the options are endless for those seeking to own or rent a piece of luxury real estate.