5 things to Look For in Luxury Real Estate
Location, location, location. Regardless of what type of real estate you’re buying, its proximity to services, distance from the beach or slopes, and the neighborhood it’s in are always a priority. When it comes to luxury real estate, there are more factors to consider than just if you can see waves crashing on the beach or mountains in the backdrop.
What things are important to look for when shopping for a luxury home? Here are five aspects to consider when browsing homes for sale.
In the Coldwell Banker Luxury Report, 81% of buyers in the luxury real estate market are looking for a home that’s automated. Smart technology is highly sought-after for high-value homes including things like voice-enabled devices, electric car charging capabilities, energy efficiencies like solar charging roof tiles, and smart security systems.
A home is worth what someone is willing to pay for it, and beauty is in the eye of the beholder. How do you know if it’s just you that sees the beauty? If it is, you could have a terrible time reselling the luxury home afterward. Most realtors will either have the property’s sales history on hand or are willing to research it from the county office. This data will show if you’re about to pay exorbitantly more than the previous buyer did. If you are, consider whether you’re overpaying and may have a tough time getting out of it without losing later.
High-quality finishing and appliances
Gourmet kitchens are a sign of a luxury property along with built-in appliances and huge slabs of natural or engineered stone counters. If the property appears to lack cohesion in finishing from room to room or there are corners cut for lower-level details, it could be a sign that it might be a premium home but not up to the luxury standard.
It may not make a difference to you. However, in a neighborhood with luxury real estate all around, it could prove difficult to resell if the quality isn’t up to par with other buyers’ standards.
Home gym and, or pool
It’s no surprise that 37% of luxury homes have an in-ground swimming pool and even more have a personal gym with professional-grade equipment. Since privacy is important for luxury homes and their discreet owners, the ability to work out in your own space is crucial.
Massive entertaining space
More than 55% of luxury real estate properties are equipped with a wet bar and more than one-third have a wine cellar. Along with a designer kitchen, the ability to host parties and functions with both friends and colleagues centers around an elegant, open area that flows from inside to outside. Whether it’s hosting a catered dinner or celebrating a business deal or birthday, entertaining space might be the most important aspect of a luxury home you’re thrilled to own.
Looking to acquire a luxury home? At MBANC, we specialize in helping qualified buyers complete real estate purchases quickly and easily. With most deals closing in 30 days or less and personal service at every stage, MBANC is a great choice to help you reach your home buying goals.