Most buyers enter into searching for a home to purchase with a set of wants or must-haves. Occasionally, the list can be scrapped once buyers see what their price point looks like in actuality or as they see more homes. With luxury homes however, everything is elevated -- the price, the desire, and of course, the specifications of the buyers. When it comes to luxury buyers, most times there's less room to give when it comes to the priorities list which makes it imperative that agents be in the know when it comes to the top 10 general priorities for luxury buyers.
1. LOCATION
A good location is arguably the most important aspect buyers take into consideration while buying any property but especially luxury properties. A grand home in a poor location could be deemed almost worthless depending on the purpose of the purchase and the opinions of those looking to purchase.
Whether it's beachfront or nestled in the mountains that the buyer is looking for -- location is key and at least one beautiful view is often necessary. A luxury home almost always has owners that want to entertain regularly or are searching for peace and seclusion -- and location and views from the home are key in both of these scenarios.
Location is also important for neighborhood amenities like proximity to shopping, entertainment, and various dining options. While walkability may not be a necessity, it's definitely a plus and whether by foot, bike, or car --- it's paramount that there are places to go that entice the owner and their visitors.
2. COMMUNITY
Community and the kind of people an individual is living with plays an important role in their day to day life and their expectations when entering a neighborhood. Singles and young professionals mostly prefer to stay at vibrant communities that offer late night lounge destinations and plenty of local businesses to support. Family oriented households or older individuals and couples seem to prefer residing in communities that are quiet and lack the hustle and bustle of downtown metropolitan areas. Some neighborhoods are full of young families, some are full of middle-aged adults, and some are filled with empty-nesters wanting a new lease on life -- either way, it's important to know what community is desirable to a luxury home buyer. While these are of course generalizations, they stand true in the majority of real estate situations which is proven by neighborhoods being largely populated by the same or similar demographics.
3. LIFESTYLE
Every individual enjoys different types of lifestyles, sometimes multiple at that! There are some buyers who enjoy casual beach-side living, while others love to live amidst lush greenery of a golf course or set back in nature. There are also buyers who would love to buy an apartment or a penthouse at one of the high-rise towers and enjoy the breathtaking views of the concrete jungle they call home.
Luxury home buyers and their lifestyles are of even more importance because if one is going to spend an extraordinary amount of money on a home, that home should be an example of the owner and the lifestyle they lead and wish to project. One's home is often a large part of first impressions and can tell a lot about an individual or a family.
The amenities mentioned in the location section of this article help define this lifestyle and will point agents and buyers in the right direction when deciding on where to purchase a home.
4. SMART FEATURES
Some smart homes feature are:
- Controlled lighting
- Smart temperature control
- Video and security systems
These features are a priority for luxury property buyers as they want to be able to continue to upgrade their home with technology as new advancements roll out on the market. While heating and air conditioning are not typically thought of as "smart" features -- several companies now offer smart temperature control systems that allow owners to change the temperature of their home remotely with their phone, or just from the comfort of the living room couch. Smart features offer convenience factors that are second to none and luxury home buyers are often in pursuit of convenience and other ways to make the inside operations of their home as streamline as possible.
Smart features add an elevated additional layer of sophistication to a home, so naturally they are actively sought out by most luxury buyers.
5. DESIGN AND LAYOUT
Every individual has a different sense of taste when it comes to the interiors of their homes but certain "trends" or styles are in high demand by pretty much everyone looking to rent or buy a home. When it comes to interior desires the typical list consists of:
- Modern fixtures
- Well designed kitchens with well-thought out storage
- Spacious closets
- Bathrooms that defines luxury
- Open floor plan
The reason for the above five characteristics lies in the instant upgrades they offer any home and the fact that well designed closets, kitchens, and bathrooms all make life feel more streamline which is often synonymous with luxury.
6. MULTI CAR GARAGE
Having space for multiple cars or other toys to be parked is something that every luxury property owners look out for. Various cars, motorcycles, perhaps a boat -- the list goes on and is tailored to every owner and their individual tastes or the taste of the families that reside in the property. The fact remains that ample space must be available to store and protect vehicles and the likes from the elements.
7. AMENITIES
The common amenities while buying an expensive property include:
- Swimming pool
- Infinity pool
- Jacuzzi
- Fully equipped gym
- Spa
- Private elevators
- Access to private beaches or lakes
Especially in apartment buildings or neighborhoods, amenities are highly sought after. What the building or neighborhood offers in terms of amenities is sometimes as important as the property itself. Of course, amenities are available in properties that are "standalone" like pools, elevators, etc. -- and those are in high demand as well. The property must be complimented by how well it can host and pamper the owners and their guests.
8. SECURITY
While security is a very personal decision and is based on a myriad of factors, luxury homes need to at least come with the option for round-the-clock security and cameras.
This security can come in the form of a driveway gate, a guard gate, a doorman in the lobby, cameras, and many other personalized options depending on property type and budget allocated to security. Security cameras have come a long way, even in the last five years. With companies like Ring and Nest -- homeowners and renters alike of any size or value of property can opt to self monitor or have a service monitor any amount of security cameras they choose to purchase. Floodlight cameras and Ring doorbells are exceedingly popular these days and regularly catch Amazon-package-thieves or those looking for unlocked cars.
Home security really depends on personal choices like level of concern, location of a property, and budget. While some luxury properties have built-in security features if they are located in a gated neighborhood or have their own personal gate -- others require the owner to individualize to their specific needs and either way -- it's a common priority for luxury buyers.
9. VIEW
A luxury property with a breathtaking view has far more value than one without. While this can be said for homes in general, this caveat is only exacerbated by the price of a luxury home and the desire to look out one's window or backyard and see something that rivals the beauty of the home itself.
Luxury apartments and condos often boast gorgeous birds eye views of cityscapes, while sprawling suburban residences may have a beautiful canyon or park view, and of course -- luxury villas and the sorts are incomplete without the ocean view.
10. RESALE VALUE
While buying luxury properties, agents and buyers will want to work together to discuss the longevity of a property's value, thus ensuring a smart investment. Since luxury properties are just that; investments -- it's key that they not cause more harm than good to their owner's portfolios. The most important aspect of this future planning is that buyers make sure to purchase properties that will have good resale value as they can lessen their chances of suffering a financial loss at a later date. While we can't predict the economy and various home trends -- aspects like prime location, posh amenities, and open or single-story floor plans will always be in high demand.
Keeping the above 10 priorities in mind when previewing homes, working with clients, or just in an agent's backpocket serves as just another way to prepare for success with every opportunity.
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