Luxury home owners and buyers place a high value on real estate. A survey conducted by a leading real estate company finds that 75 percent of luxury home buyers believe home ownership is a sounder investment than the stock market. What’s more, 57 percent of luxury home owners say home ownership is a bigger indicator of success than their job or title. “The luxury home buyer has high standards and invests the money, the time, and the commitment to making their home fit their needs and reflect who they are.”
The survey revealed some of the following insights into the luxury home buyer and owner:
- They’re willing to sacrifice square footage for luxurious amenities: Sixty-percent of luxury home buyers surveyed said they would rather have as many upgrades as they can afford in their home rather than greater square footage. Ninety-four percent of those surveyed would be willing to give up 1,000 square feet of living space in their next home in order to get the amenities they most desire, such as living in a better neighborhood, living in a house with “character,” more land, access to dining and entertainment, and a shorter commute.
- They want a high-tech home. Sixty-six percent expressed a stronger desire for having a “smart” home than a “green” home. Eighty-seven percent said they would not even consider purchasing a home that wasn’t tech-friendly.
- They also value their outdoor spaces. Luxury homebuyers also placed a high value on outdoor amenities as must-have essentials in a home. For example, they expressed a big interest in having a garden oasis, outdoor fireplace or firepit, and a separate guest house outside of the main home.
- They turn to their real estate agent for guidance and greater insights. The luxury home buyer is looking for their real estate agent to provide them insight into the neighborhood lifestyle (65%), advance new listing notices (64%), advice on housing trends (55%), and support at a personal level throughout the buying process (53%), the survey finds.
Source: Daily Real Estate News | Wednesday, September 11, 2013