Buying luxury real estate that gives you the highest level of comfort is an important financial decision. You want a property that meets your requirements and provides all amenities with security. If you are thinking of purchasing one, you need to know a few things about these luxury properties. Read further to get an idea.
How Much Does Luxury Real Estate Cost?
If you look into a lower-priced market, you will need approximately half a million to invest in a lavish property. On the other hand, you will need around $1 million to own a luxury house in the demanding cities, whereas the price goes up in the locations where the cost of living is high.
Generally, luxury property buyers offer cash, but another common approach is a jumbo mortgage. You might already know that if you are making a purchase, you will need:
- Excellent credit
- Large down payment
- Proof of assets and income, and
- Large cash reserves.
Some Amenities that Transform a Home into Luxury Real Estate
The owners of these properties decorate their homes with gorgeous, expensive, and premium furniture from prestigious brands. Most often, interior designers furnish this real estate by considering trends and high-end features.
As much as interiors are worth prioritizing, exterior features also have a significant role in making a house look luxurious. Well, it’s true that luxury real estate buyers want the best, high-end amenities according to their home décor, lifestyle, and preferences. However, some of the following ones are the most important features that you will find in most luxury properties.
- Gourmet kitchens
- Swimming pools
- Outdoor kitchens
- Game rooms
- Movie theatre
- Walk-in closets
- Exercise rooms
Besides that, a luxury condo building offering some exceptional services to its residents adds more value to your luxury house. These include:
- Spa service
- Rooftop deck with skyline views
- Yoga studios
- Temperature controlled wine cellars
- Residents only restaurants
Things You Need to Consider in a Luxury House
Besides amenities, there are some general and most crucial aspects that you need to consider when buying luxury real estate. Let’s take a look.
» Location
Location is everything when it comes to a luxurious property. Who doesn’t want to live far away from overcrowded and congested neighborhoods? For instance, a tree-lined private property that doesn’t allow anyone to intrude in your privacy is what most luxury estate buyers look for.
Moreover, high-end homebuyers look for an exclusive property, a concealed oasis, and a place to relax with secrecy and privacy. They want a place where no one can come until they want. It can be a house with a beachfront or on the top of a hill. This is also the reason why celebrities are creating their safe zones in Hollywood Hills. Hence, most luxury real estate buyers want to live in a tranquil and less chaotic area.
» Views
If you are investing millions of dollars in a house, you want a bedroom with a scenic view. Some people even say that only having a picturesque view is enough to make a house luxurious. Homes with a hill, beach, and forest views are the top choices of luxury real estate buyers.
» Private Outdoor Spaces
Wealthy individuals want their own outdoor spaces to relax, especially to enjoy summer days. But not in the form of small balconies. They want roof decks, terraces, backyards, and everything that is possible to live a lavish, entertaining, and carefree life.
Not to mention, outdoor spaces are the top preference of millennials than any other buyers, as they want a space to chill.
» Size
When it comes to size, there are no standard or specific dimensions. Some people think a luxury house should be like a mega-mansion – that’s not always the case. It should be big enough to accommodate high-end features and amenities. In other words, any place that is spacious enough to provide you all the luxury aspects such as open spaces, king-size bedrooms and bathrooms, pools, and much more is the best option. However, even a one-bedroom condo can be luxurious.
Other Demands of Luxury Home Buyers
Today, people have become more tech-savvy and look for smart ways to save time. They want quick solutions to everything in less time and with less effort. For this reason, luxury homebuyers also look for the following features in real estate.
» Move-in Ready Homes
Buyers look for furnished houses that incorporate modern decor and aesthetic ambiance. They don’t want to waste time hiring an interior designer and ask them to change the entire feel of the property.
Besides that, most of the purchasers have a busy schedule, and they want to move into a luxury palace without wasting much time. For this reason, move-in ready homes are the new demand of the buyers.
» Home Automation
Home automation is one of the top desirable features. More and more people are now looking for smart homes that are fully voice integrated. They look for houses comprising voice-enabled devices that offer electric car docking, smart security systems, and energy-efficient roofs. Smart home automation offers ease and control and also provides more security and peace to the owners.
How to Purchase Luxury Real Estate?
We must say finding luxury real estate in the market is a challenging task. This is because these properties are present in a lower percentage in the market. Not to mention, the demands and requirements of the buyers are too high, which makes it tricky to find their desired houses. It is also important to note that most of the luxury properties in the demanding neighborhoods in the US get sold within a few days or even before listing as real estate agents keep an eye on these properties for their clients. Therefore, sometimes, the best houses don’t even come into the market.
So, if you are thinking of finding an appealing and gorgeous condo, flat, or any other property, Park Regency Realty can help you get the best houses. Our experienced, skilled, and professional team will give you plenty of options based on your requirements and budget. The best part is that you can move into your new house in a month or two without going through any trouble. So, don’t wait, and contact us today. Call us now at 818-363-6116 to find out how you can get a personalized experience!