How do you Classify Luxury Real Estate?

When looking at real estate, what do you consider to be luxury real estate? Is it the size of the home, the features, or how old it is? There are many factors that go into consideration when determining the price of a property.

Feature that is often considered in luxury homes is when it was built. According to one study, nearly half of all home buyers are looking for a home that has never been lived in. They want a new home that allows them to design it they way they want it.

They also want to avoid the need for remodeling, renovations, or issues with plumbing, heating, or electrical. They want to be able to just move in and start living their life in their new home. Unless the home has been on the market for a long time, new homes are significantly less likely to have maintenance issues.

Another study reported that nearly half of all home owners are interested in a new home that is energy efficient. This is the most desired feature when looking at homes. Energy efficient can refer to a wide range of features including the appliances in the home, a tank less water heater, solar panels, geothermal heating, and more. Having a “green” home is increasingly popular due to the popularity of it as well as the cost savings on utility costs.

Another thing home buyers are looking for in luxury real estate is walkable neighborhoods. In one study, over fifty percent of respondents stated that the walkibility of their neighborhood was a high priority. This applies to the overall safety of the area, but also to whether or not there are usable sidewalks, well-maintained landscapes, and more.

Obviously new homes are not automatically luxury houses. However, new homes will be up to code and have a finish to them that you don’t find when looking at a previously owned home. They are immaculately clean because they’ve never been lived in. They have that new home smell that you can’t fake with cleaning supplies or air fresheners.

While many people may assume the size makes a home a luxury, that was actually a fairly small factor in recent surveys. The newness of the home, the location, and the features were reported to be the most important.

Commonly sought after features include a master suite that includes a bathroom and walk in closets. A large kitchen with lots of storage is also a highly sought after feature. Extras that target the buyer’s inner desire for relaxation such as a Jacuzzi, hot tubs, swimming pools, and saunas are also sought after features.

When looking at luxury real estate, most people also look at the property. They want a large and well-maintained outdoor space. An outdoor living space has grown greatly in popularity over recent years. This is more than a fenced in yard and patio. People are creating outdoor spaces that can be literally used as a living space with a cooking area, tables, and seating.

When it comes down to it, an individual buyer may be looking for something completely different. These are based on trends and recent studies interviewing home buyers. It will also be based on who will be living in the house. Obviously, parents with six kids will be looking for something different than an older couple with no kids at home. The differences may apply to the house, the property, and the neighborhood.