There are different types of residential real estate. Luxury properties offer the latest amenities and are more expensive. In coastal areas, homes with first-class amenities are more costly and challenging to measure. These are some factors to consider when buying residential real estate.
Luxury residential properties
Luxury residential real estate Menemsha MA often has many modern amenities, including gourmet kitchens, outdoor terraces, and gyms. These features are essential to attracting and retaining tenants, and landlords should think about how to implement these features in their properties. Many new developments even offer gigabit internet to keep residents connected. Luxury properties also provide numerous community amenities. For example, some have gyms, pools, and spas for residents.
Unmatched comfort is offered by contemporary luxury residences, particularly in the bedrooms. Floor-to-ceiling windows and a balcony or other outside area are options for the roomy bedrooms. Thanks to these luxuries, living in a luxurious house seems like a vacation. In addition, modern luxury homes are designed to maximize light and space while offering the latest modern amenities.
Luxury residential properties offer many amenities, including 24-hour security and surveillance. Many of them are gated and have professional guards on-site. In some instances, public spaces are even covered by CCTV. Inside their apartment buildings, residents have access to private gyms, movie theaters, and chef’s areas. Additionally, there are resort-style pools and a cutting-edge business and wellness center. Some even have Zen gardens and courtyards.
More vulnerable coastal areas
Residential real estate is becoming more vulnerable to flooding and storm surges. According to a study by the Union of Concerned Scientists, by 2045, 300,000 residential properties will face flooding. The study estimates that these homes will flood 26 times per year or more, costing an estimated $135 billion and displacing 280,000 people. While these numbers are alarming, property owners and investors can manage risk through proper insurance and underwriting. In addition, rising seas and encroaching coastlines are putting coastal communities at risk.
Relocating residents to higher ground are becoming an important challenge for coastal cities and federal governments. The most common method is known as “managed retreat.” This approach involves offering homeowners money in exchange for moving away from coastal areas. This money usually matches the home’s value, but an additional incentive is sometimes included. This incremental approach has resulted in approximately 45,000 people being relocated in the past 40 years.
As a result, many coastal communities are especially vulnerable to hurricanes and other extreme weather events. These events are impossible to predict and can cause enormous damage. In 2017, for instance, hurricanes caused more than $300 billion in damages and killed over 3,000 people. In addition, these storms are becoming more intense due to warming conditions. The warmer air holds more water and drives more energy into batteries.