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Moving On Up: Buying a Luxury Home!

By
Real Estate Agent with Coldwell Banker Traditions

Moving On Up: Buying a Luxury Home

Buying a luxury home is equal parts exciting as it is nerve-wracking. When buying a luxury home you're investing a lot of money and/or committing to a substantial mortgage. With a large investment like this comes a lot of homework and ensuring you're buying the right property for you and your family. Oftentimes, the same mistakes first-time homebuyers make are the same ones people make when buying a luxury home. This is written to help give you the best tips when it comes to buying a luxury home.

 

What Makes a House a Luxury Home?

What constitutes a luxury home is going to vary depending on the location. Considered to be homes that are in the top 10% of properties listed on the local real estate market, luxury homes offer luxurious living conditions and an extravagant lifestyle. This is a great definition for luxury homes in any market whether it's Charlotte, NC, Virginia, or San Francisco, CA. A luxury home is typically unique to other homes in the area typically thanks to the location, the land, the size, and the high-end finishes throughout. Whether you're buying a luxury condo, luxury townhome, or any type of luxury property this is a great way to define what a luxury home is.

When you're shopping for a lavish house, it's easy to get swept away by some of the incredible amenities and designs. All of a sudden, you're enamored with the idea of having a tennis court when you've never been interested in playing tennis before in your life. It's natural to get carried away in this regard, so your best defense is making a list of what you need, what you want, and what you could go either way on.

When you're thinking about what you want out of a home, go beyond how many bedrooms and bathrooms you'll need. Think about the location you want to live in, how much privacy you desire, which amenities are musts and which you could live without, and how the area might change over time. Of course, you'll also want to be attentive to how much you'll want to spend on maintenance and repairs over the years, as luxury homes can be quite expensive to maintain.

 

There are a number of considerations that determine whether it is a house is high-end. Let's take a look at 7 important characteristics of high-end homes.

 

1. Price

Any home buyer who wants a premium home understands that they will pay more for it. As with size, though, price is relative to the location and amenities. You can expect to pay more for property that is located on the water or located in a resort community.

However, buyers should tread carefully judging luxury based on price. The housing market changes all the time. Pricing should be secondary to considering the more permanent elements of luxury.

2. Location

The old adage is true that real estate is all about location, location, location. In the end, you can change many things about a piece of property except where it sits. And that location is the only truly one-of-a-kind feature of any home.

Finding the right location is personal for each buyer. This may mean a gated community, close access to entertainment and shopping, the right schools, or a historically significant home. What the location should have is something that makes it unique and desirable to homeowners.

3. Quality

Many of the elements of luxury are based on personal taste and are clearly evident. The details matter in luxury homes. Finishes, trim, fixtures, appliances, design, and construction materials should all be above standard.

4. Amenities

What does the home offer that is out of the ordinary? This could be features like a boat lift and pier, a pool, a spa, or a home gym. This could be interior surprises like heated floors, home automation, or a home theater. Community amenities like security, golf courses and private beaches can also factor into the luxury experience.

5. Privacy

Your home should be your castle, and a luxury home even more so. Part of the luxury you likely want is privacy. That privacy can be from lot size, location, landscape, layout, and physical security of the property or its neighborhood.

6. Provenance

The value of a home may go up based on whether the home has a story or history. This may include homes built by renowned architects and designers or homes situated in a noteworthy location. Provenance may also include homes that have been lived in by historical families of importance or celebrities.

7. Be Patient

Buying a luxury home is different than buying a more typical house. There are fewer buyers in this area, meaning there is less competition and things tend to move more slowly. The last thing you want to do is make a rushed decision when it comes to such a huge financial decision.

If it's time for you to transition to a life of luxury, don't do so in haste. Give yourself time to view a lot of different properties and allow yourself the space to make the right decision.

Finding the right mix of these six elements and others is key to finding the right luxury home. But this is a complex task, and the best path to success is working with local luxury real estate professionals.  Elaine VonCannon, Associate Broker of Coldwell Banker Traditions Luxury Homes Division specializes in the Virginia luxury housing market. She can help any buyer weigh their options and decide what is most important to them. Call her to make an appointment.

The epitome of a luxurious home is not just a well-appointed home. Rather, a luxurious home is one whose amenities allow for the owner to feel lavished upon or spoiled. Think royalty; Think opulence; Think extreme extravagance. The word luxury brings to mind plenty of conveniences such as pools, saunas, in-home gyms, backyard tennis courts, game rooms, and fully-stocked kitchens, but what are the items that luxury home buyers want the most?  What is a luxury homebuyer looking for when shopping for their new abode? Here are 10 ideas listed in order of popularity that we think may intrigue even the wealthiest of home shoppers (or if you’re not among the jet-set, then here are 10 lavish home ideas that you can attempt to replicate on a much lower scale and less affluent budget).

  1. A Home Where Character Counts – Open Floor Plans Triumph

A home is not luxurious unless it has a grand entryway with a large two-story staircase and an expansive, airy open floor plan.  In fact, an open floor plan is the number one criteria cited in a 2013 luxury home survey done by Coldwell Banker.

2.  Technology

We cannot shy away from the ever-increasing swarm of technological innovations. Today’s homeowners want it all when it comes to technology, and the builders that cater to this tech-trend are the ones who stay at the top of the real estate 

market. Literally, with a touch of a button on your iPhone you can now lock your doors, control your homes climate, control lights and control your alarm system all from the other side of the country! These are the built-in features that today’s luxury homebuyers are looking for builders who install these wireless home automation devices are spot-on with the trends that luxury homebuyers want. On the opposite end of the technology spectrum is a growing trend for reclaimed materials. Homeowners are increasingly becoming aware of their environmental imprint and are looking for homes that use old reclaimed materials such as wood beams, wood flooring and doors.

3.  Fully-Stocked Kitchen with Warming Draws and Wine Cellar

Ah the kitchen, the heart of the home. Opulent living requires a magnificent kitchen. Forbes Magazine cites that an appliance-lined, commercial-grade kitchen is a necessity when it comes to a million dollar home.  An affluent kitchen will always contain warming draws, wine fridges, restaurant quality appliances, and plenty of storage via a walk-in pantry.

Are you looking for your dream home? Many Americans who are in a position to enjoy a home that is a cut above the norm look for one in the luxury housing market. But what defines a luxury home? And how should these factors be personalized for you? Discover what you need to know about six of the most important defining features.

4.  Outdoor Kitchens and Pools

A fully-stocked indoor kitchen is simply not enough for one who seeks luxury.  Wealthy buyers now crave the creature comforts of a cozy outdoor kitchen and cooking area. The top amenities of the ideal outdoor kitchen would include a built-in gas grill, a sink and stainless food prep area, a small fridge for food and drink storage, and plenty of lavish stone patio seating areas for entertaining. Large pools, hot tubs and changing cabanas also top this lavish wish list. Expansive pools with water features such as waterfalls and plenty of privacy are a must. The leisure life is moving out-of-doors and those homes that have this al fresco flair rank high in the upper crust life style.

5.  Location, Location, Location

Location is the crown jewel of home ownership. Rich or poor? Everyone desires their little piece of paradise. An expansive, private, tree-lined property that keeps prying eyes out is a necessity when it comes to luxuriant living.  Wealthy buyers desire exclusivity on their property; a concealed oasis; a place to be free to relax and wind down in the utmost of secrecy. Whether the property be exclusive beach front, or an expansive ranch?  All luxury home buyers want the perfect clandestine location.

6.  Game and Theatre Rooms

Gaming and movie rooms are an oldie but a still an added plus when it comes to luxuriant living.  It is already a given that a million dollar home should have an in-home theatre and game room. Wealthy home owners are looking to take this trend even farther with amenities such as indoor basketball courts, indoor pools, and lavish sports bar set-ups that feature televisions and liquor storage. Essentially, the more unique gaming and theatre facilities there are, the better; the main goal being the creation of a space where a homeowner never feels the need to leave the comforts of home – it’s all there at their fingertips.

7.  Spa Bathroom

A sumptuous life requires a sumptuous bathroom.  The travels of an affluent individual will take them to some of the world’s best spas and hotels.  Homeowners want to re-create this opulence into their everyday lives via spa-like bathrooms in their very own homes. This includes massive walk-in showers with head-to-toe shower jets, floors with radiant heat, towel warmers, and of course a huge soaker tub where one can escape the stresses of Wall Street.

8.  Exercise Room

The wealthy don’t like to sweat it out at the gym in front of everyone. Who can blame them when they can afford their own private fitness facilities in their very own homes? The zenith of home gyms would obviously include plenty of space for weights and equipment, but would also include built-in wireless speakers, televisions, and of course, a sauna and indoor pool for post-workout relaxation.

9.  Bedroom Fit for a King and Queen

Luxury shouldn’t stop when one crosses the threshold of their most private sanctuary – the bedroom. So many hours of our lives are spent in the bedroom.  It is imperative that the bedroom be a large open space with room for a massive bed and plenty of seating areas. Top-notch technology is also desired in this private abode. With built-in automation systems for lighting, security, remote control window shades and climate control topping the list of bedroom must-haves.

10.  Dressing Room – Superlative Storage Space

An extension of the bedroom is the dressing room. A high priority for wealthy women is a place to store and display their extravagant purchases such as shoes and purses.  Women and men alike seem to have an increasing desire for a large separate room for dressing and displaying their high-end garments.  This area of the home would require walls lined with cedar shelves, racks to display shoes, purses and neckties, and of course plenty of lighting and mirrors to model your chosen outfit or apply makeup.

Decide What You're Looking for Ahead of Time

When you're shopping for a lavish house, it's easy to get swept away by some of the incredible amenities and designs. All of a sudden, you're enamored with the idea of having a tennis court when you've never been interested in playing tennis before in your life. It's natural to get carried away in this regard, so your best defense is making a list of what you need, what you want, and what you could go either way on.

When you're thinking about what you want out of a home, go beyond how many bedrooms and bathrooms you'll need. Think about the location you want to live in, how much privacy you desire, which amenities are musts and which you could live without, and how the area might change over time. Of course, you'll also want to be attentive to how much you'll want to spend on maintenance and repairs over the years, as luxury homes can be quite expensive to maintain.

Your version of luxury and style may drastically vary from others –we all have our own décor tastes and lifestyle goals – however, one thing is for certain – luxury is attainable in your home by including the most modern amenities, technologies and comforts. Do you have all of these abundant amenities in your home? Are you thinking of a remodel or on the market for a new home? If so, then print out this list and take it with you when shopping for your next dream escape?  It will surely help you find the perfect luxury home!

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Elaine and thank you for sharing this great information with us here in the Rain.  Make it a great weekend.

Mar 15, 2024 10:04 AM