Whether it is a stunning countryside home on vast acreage, a plush vacation home by the lake, or a landmark, architecturally significant property, luxury homes are the crème de la crème of the real estate market.
Boasting price tags in the high sixes to the sevens (and even the eights), a gorgeous location, and all the modern conveniences, a luxury home is more than just a simple real estate purchase.
Prices fluctuate, market conditions change. But the market for luxury real estate is in a class of its own. In 2014, while home prices in the regular market stayed stagnant, the price of luxury homes appreciated by 8 percent.
When you’re considering investing in a luxury property, it’s important to understand what makes it a unique purchase. Knowing how these properties differ from the rest will save you time, money and needless headaches.
Moreover, the fast-changing definition of luxury in real estate yields surprising information about high-end properties.
The new meaning of luxury
- Location is essential to a certain degree
A prominent address and prestigious ZIP code are no longer the only yardsticks of a luxury home. While the age-old saying that “location is everything” is as timely as ever, buyers should look beyond the boundaries of gated communities. With the rapid spread of gentrification, areas you don’t normally find a luxury home in are now the hot new locations.
- Convenience is key
A luxury property’s selling point also hinges on the level of convenience it offers. Your top-dollar home should not only have the best amenities it should have easy access to essentials such as schools, open spaces, commercial areas, healthcare, and more.
- Turnkey readiness
A luxury home should be move-in ready. These days, buyers expect that they’ll be able to turn up and get set for a life of luxury without having to worry about anything.
- Only the best amenities and upgrades
This is a definitive characteristic of a luxury home. The quality and craftsmanship of amenities and upgrades are a determining factor that can affect the property’s value. Such upgrades can include a guest house, outdoor kitchens, exquisite bathroom fixtures, an outdoor oasis, and so on. The home should be outfitted with top-of-line features, from energy-efficient appliances to security systems.
- Excellent resale value
This is an important point to consider, even for regular real estate properties. You should be able to recover what you paid for when you need to sell the property. Location and the home’s condition are strong indicators of the property’s resale value.
It’s also important to note that high-net-worth/high-profile individuals often prefer to sell their luxury homes quietly. This means that you probably won’t see the full spectrum of luxury properties for sale by simply searching the MLS. It’s best to work with an agent experienced in luxury real estate in Austin – they can provide you with access to pocket listings and help you prepare the best offer.
Get in touch with us at Dominion Global Properties for more information today. Call (512) 777-1366.