Buying a home is a significant milestone and it can be a difficult decision because of the numerous factors you have to consider. For example, you may need to consider mortgage rates, the current market, location, and future resale value, among many others. But when your budget isn’t a problem, you may be looking at the pricier options in real estate listings to find luxury homes. Interestingly, luxury homes aren’t always dictated by their sale price.
So, what is a luxury home? And what qualities make luxury homes what they are? In this blog, we will define the qualities and factors that contribute to a luxury home. Additionally, we discuss the other factors to consider to evaluate whether buying a luxury home is worth it.
What is a Luxury Home?
In the traditional sense, when considering the question: “What is a Luxury Home?”, most would agree that luxury homes belong in the top 10% of listed properties in terms of their overall value. However, this definition has been somewhat overplayed in recent years and has lost its meaning. The true definition of luxury is subjective, which means that what some consider to be a luxury home, may not be a luxury home to other potential buyers.
Although luxury homes do tend to be pricey, it is not their price tag that defines them. Rather, the experience of luxury living makes a luxury home: one that has unique characteristics, exclusive amenities, and offers an extravagant experience. In simple terms, a luxurious home allows for the owner to feel lavished upon or spoiled.
By this definition, luxury homes do not necessarily have to be mansions but must offer their owners a true luxury living experience.
What are the Qualities That Define a Luxury Home?
Using a singular definition to encapsulate the air of affluence provided by luxurious living is difficult to achieve since not every high-end home is the same. A luxury home builder might design one home differently than another. Nevertheless, luxury homes do have certain features in common. Here are some common qualities that you can expect to find:
- Location. A desirable location is considered one of the most important factors when determining the value of a home. How desirable a location is will be up to the buyer. It can be located along the beach, on a lake, in the center of a large metropolis, or be nestled in the mountains.
- Price. There is no discounting the fact that luxurious properties will often carry hefty price tags. These can range from a few million dollars to over $ 100 million. Many factors will come into play, including the property’s location, size, premium materials used, and amenities available.
- Square Footage. High-end homes will typically be much bigger than traditional homes. But the size and corresponding value may differ depending on the location. A luxury home in the mountains can be significantly larger than a luxury apartment in New York City for the same price. But regardless of the cost, luxurious New York City apartments can still have tens of thousands of square feet.
- Materials. High-end homes will use high-end materials. A luxury home builder will utilize expensive materials that have bold textures and rich hues and integrate them in a manner that provides a more dazzling and elegant appearance.
- Design. Luxury home designs are rarely available off-the-shelf. Builders pay a lot of attention to the home’s architecture to create remarkable designs that are unique. Their grandiosity also extends to other elements of the home’s exterior, such as its fixtures and landscaping. Overall, the home’s features must work harmoniously to evoke a sense of sophistication.
- Amenities. For most luxury homeowners, what truly defines a luxury property is its amenities. These features won’t be found in traditional homes and can range from exclusive yet reasonable, such as an infinity pool and a first-class spa, to large-scale features such as a shooting range and an indoor tennis court. These amenities can differ across different properties and are subject to the owner’s discretion whether they want to include these amenities or not.
- Prestige. Perhaps the most defining quality of a luxury property is its prestige. These intangible assets can dramatically improve a property’s value while being unquantifiable in nature. A property can be perceived as more prestigious if it has a rich history, was designed by a famous architect, or it was constructed using rare materials or techniques.
The Perks of Buying a Luxury Home
The amount of work that goes into building a luxury home should not be underestimated. Countless hours were spent in its design, construction, development, and maintenance to transform the property into what it is today.
If you’re considering buying a luxury property, one thing that may be going through your mind is: is it worth it? The short answer is yes due to the following reasons:
- Level of Security. Luxury properties are designed with security and privacy in mind. These typically come with privacy and security features such as high walls, complex security systems, and security personnel. Being in an affluent neighborhood surrounded by neighbors of similar social and economic status also adds to the level of security luxury home living provides.
- Desirable Amenities. Luxury homes will usually have a few desirable amenities that you may be looking for in a property. When choosing a property to buy, it is important to consider what amenities you find desirable and whether you’ll use them regularly. Otherwise, they might only end up collecting dust.
- High Resale Value. Although there are other factors to consider, luxury homeowners can typically expect a better return on their investment when they eventually sell their property. Although the buying cycle can be long, you can still expect to sell your property at a higher price than your original purchase.
Luxury Homes, Your Way
The true definition of a luxury home will always be in the eye of the beholder. Luxury will depend on your personal experience and can be found everywhere, whether it be beachfront, mountainside, or near a prestigious school.
At Chelsea, we are committed to providing you with a true luxury experience by building you a fully customized home tailored to your needs. We offer support services as you build the home of your dreams, with spaces and features that you can proudly call your own. Get started on your dream home project today by sending us a message today! Our experts are more than happy to answer any questions or requests you may have.