One quick glance at real estate listings will often reveal a lot of properties listed as “luxury”. But what does this mean?
It can be difficult to define luxury. It means different things to different people. Although factors like size and price play a part, they’re certainly not what define a property as luxury.
So what makes a luxury property? Let’s take a look at some of the key elements that truly make a home worthy to be called luxury.
The ideal place
The most important factor that determines the home’s value is its location. High-end homes in desirable locations are those that appeal to home buyers.
It could include a large lot that is nestled in a natural paradise. This could include waterfront living. It may also be easy access to the highway, which makes it possible to commute to and from the city easily.
It should be close to parks and great schools for others. It can be attractive for some people to be near tourist attractions. For some, it might be a property within a gated community. As with all aspects of a luxury property, defining what it means to be an ideal place comes down to the individual.
The floor plan
Luxurious homes tend to be larger. Although, you can certainly find some smaller homes that would absolutely be considered luxury.
The important thing is that it has ample space for your needs. The location and individual needs of the buyer will determine how large the home needs to be.
Luxury homes can boast incredible master suites. Others have large kitchens with upscale amenities. Many luxury homes also offer high-end amenities throughout. Some luxury homes include home theaters and game rooms that are ideal for relaxing with friends and family.
Built using the best materials
It is easy to see the high-end materials in luxury homes by simply walking around. These homes often include premium kitchen appliances, granite countertops, and marble floors. Some homes include an infinity pool or decking made from flagstone or elegant travertine.
Smart technology is often a feature of luxury homes that make life easier. Many buyers today are looking for additional features, such as a sauna or gym. They may include antique reclaimed wood flooring and herringbone tile patterns.
The luxury home design is not a cookie cutter; every architectural detail is carefully considered during the design process.
An elegant exterior
The exterior of a home is often the first thing you see. Beautiful exteriors are a hallmark of luxury homes. Luxury residences have striking exteriors that exude architectural elegance. Luxury homes can also include landscaping, water features and lighting.
You can have outdoor amenities like wine bars and outdoor kitchens. Ambient night lighting creates a peaceful backdrop.
There are those who immediately think of a large swimming pool when they hear the word luxury. Perhaps a large gazebo for entertaining.
Every exterior element is designed to match the architectural façade and creates an enveloping elegance.
Pricing and value
Homes listed as “luxury” and “premium” have a higher median price than the median in both value and cost. These properties tend to have higher prices because of their unique features.
Luxury homes are more spacious, have premium amenities and features, are built on prime lots and offer stunning views and surroundings. This no doubt affects the price tag.
These homes are usually, but not always located in a high-end development. While there is no set price that makes a home luxury, many times they’ll start at $500,000. Of course they can go up to several million dollars. This is dependent on the location and community. Luxury is ultimately in the eyes of the beholder, and it is priced accordingly.
Of the highest quality
It doesn’t suffice to have a spacious master bedroom and a grand foyer. A skilled luxury home builder must also be the one to build it. Both the design and construction materials should be of premium quality. In the case of a custom build, many luxury homes can be built to your specifications.
It is important to learn about the builders in a particular community, even if you are looking to buy an existing home. Do they have a reputation for quality construction and attention to detail? Are they using modern techniques to get the best possible build?
It will add value to your home if it is built by a trusted luxury builder.
Conclusion
Much like beauty, luxury can be in the eye of the beholder. Size and price play a role, but realistically it’s what you find to be luxurious that really matters in the end.
So what makes a luxury property? You’ll know it when you see it!