If you work in a high-powered industry -- such as finance, law, or medicine -- that requires you to engage in some after-hours hosting duties in addition to your job tasks, you may find yourself embarrassed by the size or general run-down condition of your current house or apartment. Often, especially early in your career, you may be uncomfortable with the realization that your surroundings don't reflect your new salary. On the other hand, it may not make much sense to base your next home purchase around the hosting or event-planning aspects of your job, especially if you contemplate a career change in the future or find yourself only hosting one or two gatherings per year. Read on to learn more about the factors you'll want to take into account when deciding on your next home, as well as some interim options to help you get through the next few gatherings without being self-conscious about your humble home.
What factors will you want to consider when deciding whether to upgrade to a luxury home?
The decision to upgrade one's housing should almost never be driven by a desire to impress or appeal to one's friends, peers, or coworkers -- but there are often some other circumstances that can make purchasing a higher-end or luxury home a good decision at certain points in your life.
You'll first want to consider your area's general housing market and stability. If you're in a region that's in the midst of a real estate boom -- like Seattle or San Francisco -- you may find yourself simply priced out of the luxury market before you begin. On the other hand, areas that are still struggling to recoup housing values since the Great Recession (like parts of the South and Southwest) may offer luxury homes for sale at lower prices than were available a decade or more ago, improving your odds of turning a profit even if you sell within a few years.
You'll also want to consider the amount of time you plan to spend in this area. Choosing a luxury home as your "forever home" can give you the opportunity to leave a legacy to your children, grandchildren, and other heirs, but buying -- only to sell within a few months or years -- usually isn't a cost-effective decision.
What are some other options if a new home purchase isn't yet in the cards?
If you're not quite ready to pull the trigger on a new home, or if you're still searching for the perfect place for your family, you still have some options that can allow you to throw quality parties on a budget.
One option is to rent a short-term luxury apartment or condominium. These apartments are designed to serve as gathering places, and can allow you to throw a sophisticated gala in the center of town by paying a relatively low daily or weekly rental price.