Luxury homes are traditionally categorized by price, a home that is valued in the top 10% of the properties on the market would be considered luxury. However, the word luxury has become overplayed in recent years making it difficult for buyers and sellers alike to understand if a home meets not only the technical definition but also checks off all the implied boxes. For sale listings can be written to reflect a jaw-dropping home that exemplifies all that one would expect from a luxury home however upon closer examination you will find that not every home listed as luxury, will in fact qualify because the definition is somewhat subjective.
Greater Square Footage
When it comes to high-end homes, size matters a great deal. Homes that are more expansive are luxurious almost by default. An exciting thing about having a large amount of square footage is this allows builders, designers, and architects more space to customize and add bells and whistles to dictate a greater value. More bedrooms, custom bathrooms, and areas dedicated to specialized amenities create an exclusivity vibe that buyers in this price point drool over. Everyone loves to be unique.
With a large home, adding in a home lift system from a company that specializes in them such as Stiltz Lifts will really elevate your home’s value, no pun intended. Being able to move about the multiple levels of your home using a home lift and essentially eliminating a reliance on stairs certainly gives off a luxury vibe. Not to mention this is a great feature for builders to consider because the showings of the house once it hits the market will include this impressive feature.
Square footage is relative to location. While a New York City apartment may only be a couple hundred square feet, certain features inside it will still allow it to classify as luxury. Specific finishes like exclusive décor items, custom cabinetry, and closet systems, as well as private outdoor space will all lend themselves towards a higher price point even when the square footage is lacking.
You can have a huge home but if it is filled with basic, builder grade, cheap finishes, no serious real estate professional, or home buyer will consider it to be luxury. For high-end homes quality is just as important as quantity and the two are mutually exclusive. The entire property needs to embody the essence of having taken the time and dedicated the energy towards materials.
Staying true to the style of the home will lend itself towards making the right choices for finishes. Certain time periods, and architectural styles command specific interior designs for the overall home to make sense. Be sure to study the character of the home and do your research regarding the interior. Keep in mind also that things do not have to be new or modern to qualify as luxury. For example, an antique touch like a stained-glass window may present as an antique however in the right capacity that antique might be so specific to the home it is in that it is quite valuable and therefore considered exclusive.
Homes that appear distinctive are held in higher esteem than the cookie cutter houses in suburban developments. Having a unique design, or a one-of-a-kind feature to your home means that it will generate special attention which is exactly what people in the luxury home market expect. When the framework of a home is created to lend itself to something specific like, an open floor plan, indoor-outdoor living, or a custom garage geared towards prospective occupants with multiple vehicles the pool of people that will be able to afford such specifications narrows. As these buyer pools are narrowed down, the value of a home may rise as a result. Once the money has been spent to create these customizations to make a home unique, builders and investors can expect a significant return on their investment.
In the world of luxury homes, more is more. It is not enough to have a theater room in your home now, that is expected, you need to level up your amenities and create unexpected spaces. These grand homes blur the line between private life and public life by creating spaces that make it so the owners feel like they never have to leave their home to enjoy socializing or even a vacation.
Swimming pools and tennis courts are traditional upgrades to a property that allow for elegant entertaining opportunities. Expanding these amenities into spaces like full-service outdoor kitchens, or large-scale physical fitness spaces gives owners and their guests an opportunity to feel like they have escape reality and entered a luxurious alternate universe.
As a builder, investor, or simply just a real estate junkie, you can have the biggest, most unique, expensive, custom home in the world but if it is in an undesirable location it may lose its luxurious prestige. Certain zip codes are known for their high-end homes, and once that has been established a home earns the luxury stamp of approval simply via its mailing address. For areas that are lesser known by their zip code or city name there are still ways that location in general is tied to prestige. For example, a home that is waterfront, overlooks the city center, or sits on top of a beautiful mountain is going to have that luxury feel even if the mailing address seems like nothing special. Be on the lookout for the areas that surround a luxury home as well.
Paying close attention to the developments that are happening near the home will be a good indicator of the direction that a neighborhood in general is trending towards. Privacy is a huge wish list item for buyers in this demographic. Even those who do not have a celebrity status, will still want to be shielded from neighbors and onlookers while they enjoy the features and amenities of their home. Walls, landscaping, gates, and security systems are all examples of ways that privacy in a luxury home space can be increased.