Have you recently come into a large sum of money and want to make the most of it? In that case, you can invest in luxury real estate.
Industry leaders believe buying a house or apartment from a large inheritance requires a few crucial and careful steps. First, you must determine whether the money is 100% yours by finding bank statements or the will. Based on that, you can choose how much you want to invest in real estate and get a mortgage.
Forbes suggests that the median home value in America was USD 495,100 during the first quarter of 2023. By December, it had dropped to USD 426,056. Is the inheritance money enough to cover all that and more? If yes, then you’re ready to find the best neighborhoods.
In this blog post, we’ll discuss a few locations or cities you can move to with your large inheritance money.
#1. Miami, Florida
You’ll fall in love with Miami’s vibrant cultural scene and unique beaches. Many consider it the epitome of luxury living due to the pleasant weather and unique properties available. The upscale shopping districts, exclusive nightlife, and multicultural community make it an attractive choice.
But do you know the best part? Miami is home to the residences offered by the Aston Martin brand. These properties boast luxury and upscale living.
You can move here only if you’ve received quite a lot of inheritance money. On average, the Aston Martin Residences Miami prices range from USD 4,646,900 for a 3-bedroom luxury apartment to USD 59 million for a 7-bedroom penthouse.
If this is a little out of your budget, you can look for waterfront properties in River Run or choose a cosmopolitan lifestyle in the Chula Vista area. Other localities you can try include Brickell, Wynwood, or Coconut Grove. The median home price in these areas is USD 448,531.
#2. Upper East Side, New York
Reports suggest that New York City reigns as the supreme luxury destination for buying houses for the most elite. One area that’s the most famous in this city is the Upper East Side. Industry leaders have suggested that this neighborhood has a median home price of USD 1.94 million.
This location is the epitome of sophistication, elegance, and pristine luxury. After getting your inheritance, you’ve probably considered moving to the Big Apple. Well, the Upper East Side is where the magic happens.
You’ll appreciate the pre-war architecture and the timeless feeling this area offers. The culturally rich and accessible communities also make it a good choice. Do you know the best part? This is where all the historic brownstone residences are for the high rollers.
You can also get a property at Fifth Avenue if you’re looking for luxury condos or iconic townhouses. In this area, you’ll find the most attractive dining spots, tranquil retreats, and the best urban convenience.
#3. Malibu, California
A Forbes article reports that Malibu is like a dream home destination for many. Even though Miley Cyrus’s song ‘Malibu’ paints a sad picture, the city is far from being so. However, the cost of living in this city is 188% higher than the national average.
The median home price was USD 3,486,952, and the city’s housing market witnessed a +3.9% value change between 2023 and 2024. If your large inheritance money can afford this, then becoming a Californian is the right decision.
The coastal luxury offered here remains unparalleled in the country. You’ll witness pristine beaches and celebrity allure as you walk or drive down the streets. The best part would be the unique mountains surrounding Malibu. For instance, you can go hiking or cycling at Point Dume or Sandstone Peak.
There are multiple beachfront estates and gated communities that offer optimal privacy. You can either choose a ranch-style home in the Malibu Hills or a modern architectural property in the suburbs. But the community here is a little laid-back.
In the end, buying real estate in a luxury location with your inheritance money can be a wise decision. Choose the Upper East Side for its cityscape vibe. Similarly, choose Malibu for the mountains or Miami for the beaches when looking for houses or apartments.
Each of these destinations has its own unique charm, luxury, and enjoyable amenities. But don’t forget to consider the location’s cost of living, weather conditions, job market, and quality of life.