As with everything in life, what comprises luxury means something different for every individual. This is especially true if you are looking for your next residence.
If you are on the hunt for a new home and have spent time scanning through local real estate listings, you might have seen ads for places labeled as “luxury homes.” This might prompt questions such as “What is it about these particular properties that qualify them to be classified as luxury homes?” Is it all about the hefty price tag?
Before you turn away at the thought of the rather restrictive costs of owning one, it is essential to know that luxury is not just about the specific price of a home.
Over and above the price, “luxury” is a subjective term which means that it is an ever-changing ideal. Without a doubt, luxury isn’t a concept that has a definitive interpretation. Instead, how it is defined also depends on the wants and needs of high-end buyers in a particular locale.
However, luxury homes do have specific traits in common. Here are five essential characteristics that all luxury homes share.
The age-old real estate motto, “Location, location, location” is a cliché for a reason. No matter where you live, homes located in strategic or unique locations are always the ones that are most coveted by buyers and investors.
The specific views and neighborhoods also vary depending on the locale so, for example, luxury homes in Perth, Australia are going to seem very different from luxury homes in Los Angeles in the United States, and Nice in the French Riviera.
That being said, you can be assured that a home that sits on a mountainside, boasts fabulous views of a glittering city from a distance, or has sandy beaches at its doorstep, is going to be considered a luxury home.
2. Elevated Quality and Design
When it comes to describing the luxury housing market, quality is valued over quantity. Luxury homes aren’t necessarily the biggest and most palatial buildings around (although a lot of times, they are), but they will definitely be the ones with premium finishes.
We spoke with Marina Gorbounov from Evolve Property Management who deals with selling and managing luxury homes in Denver. She let us know that luxury homes usually feature elevated quality in terms of finish and design elements, high-caliber construction, and meticulous architectural strokes. If a residence has these qualities, it is definitely considered luxurious.
Details such as hardwood floors, marble countertops, Miele appliances, Venetian plaster, heated floors, bespoke furniture and crystal chandeliers are all critical ingredients in the luxury home recipe.
These days, however, with the drive towards sustainable building construction, many high-end homeowners also emphasize the need for materials that are durable and have a low environmental impact.
3. High-End Amenities
A high-end buyer demands high-end amenities in their home. These include (but will probably not be limited to) tennis and basketball courts, an IMAX movie theater or entertainment room, a fully equipped gym, a home spa, walk-in closets, a wine cellar and home bar, resort-style pools, impressive landscaping and a state-of-the-art security system.
Just as with anything consumable, luxury is what shifts the ordinary to the extraordinary, and these kinds of amenities are for people with exceptional lifestyles.
4. Price Relative to the Area
Although the cost of a residence itself doesn’t automatically make it a luxury home, its price tag relative to the area might. A custom-built luxury home in one area of Australia is going to have a very different valuation to a similar one in another part of the country.
So while a million-dollar home in Sydney would probably not qualify as luxury, a similarly-priced home in Hobart may be one of the most stately around. But what makes a custom luxury home deliver real value for money is that your team of architects, designers and developers will build it according to your specific needs and preferences, regardless of your budget, location or block layout.
5. Prestige and Privacy
Luxury is undoubtedly in the eyes of the beholder. For example, it would be hard for anyone to argue that owning a home or apartment designed by a world-renowned architect is anything other than luxurious. Yet, outside of major cities, such prestige may come in the form of being included in a group or association whose membership is exclusive or by living in a gated community.
When it comes to the world of a luxury real estate, curb appeal is just one of the many requirements of potential buyers. If you are looking to buy or build a luxury home, you should focus on finding or creating a work of art that also caters to your needs, and reflects your stature in life.