A luxury home is not just about large spaces, up-market neighborhood, or high-end specifications. Unlike what most people think, luxury home buyers are not looking for golden countertops, Jacuzzi pools, or such extravagances alone. For that matter, they are probably more strategic than affordable home buyers. Usually, they have a plan and are working towards something allowing themselves some luxuries in the process. While each luxury home buyer has a different requirement, you can broadly classify it into four needs: experience, opportunity, investment, and exclusivity.
First things first, people who buy a luxury home are those who have the resources to do whatever they want. They can have experiences that most people are not even aware of. Therefore, when it comes to buying a luxury home, the overall experience of the house plays a vital role. The house must be able to offer them an experience at par with the way they perceive a good experience.
Luxury home buyers are rational in their approach but can also be impulsive if the experience is awesome. Right from the time the car pulls in the driveway to the time they leave, the property must awe them in new and interesting ways. It might be an interesting design, a natural water pool or any other feature which makes them experience luxury. Some such features are customizable open floor plans, latest and high-tech appliances, optimum indoor and outdoor living, and basically a private oasis in the middle of the neighborhood.
Luxury home buyers are driven by opportunity. For most of them, it is not about how large the house is or how good the pool is, but about it being a good opportunity to purchase the house in the area or locality. They like to know which prominent personalities live in the neighborhood or surrounding areas.
Luxury home offers luxury primarily because of its location and lifestyle. The buyers look at it as an opportunity to be a part of the group of people who are driven and successful like them.
Just because luxury home buyers can afford to buy a costly property, does not mean that they don’t weigh their investment carefully. Most luxury buyers are future-focused and purchase the property to build towards something that will pay off in the future. Not necessarily the sale price. For example, a businessman might opt for a luxury home with a well-landscaped garden a great pool and a nice corner for barbecue nights with his partners to enhance their networking potential.
Also, these buyers are usually well-networked and are aware of the market prices and have a fair idea of what their money can buy. Therefore, it is important that the property is priced optimally making it a good investment decision. Further, if there are more amenities being planned in the neighborhood like a yacht club or a golf course, etc., then the buyers might find this the right time to invest and get a good pay off in the future.
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Luxury is all about exclusivity. A luxurious vacation is one where general people don’t go like a $200,000 one-day trip to Antarctica, a submarine trip to see the Titanic, or even a $1.3 million, 124-day cruise taking them around the world. It is about things and experiences that most people cannot have. The same is true for a property.
Luxury home buyers constantly look for ‘something special’. While most would argue that the high buying price of luxury houses make them exclusive and available only to those who can afford it, luxury home buyers tend to look much beyond the price. They need to find some features of the property which make it exclusive, see those features and feel them.
Luxury is probably one of the most over-used terms in today’s property market. Many developers are calling their apartments/homes luxurious residences to attract the buyers. However, true luxury home seekers know how to separate the grain from the chaff. Here are some quick tips for luxury home buyers:
- Choose your agent carefully. Try to find one who has the experience and a proven track record of offering luxury homes to buyers. Ensure that the agent understands the concept of luxury and spends time understanding your expectations from the property. Also, someone who is probably a local and understands the market well.
- Being a luxury buyer, the future of the area in terms of development should be a primary area of focus apart from the neighborhood and the property itself. What are the developments planned by the government? What developments are under construction? Try to find out as much as you can. Imagine buying a beautiful apartment only to have its view obstructed by a new affordable housing project!
- Hire a property inspector who specializes in luxury properties. You are paying for luxury and even if the property requires some work, it’s better to get it done before you move in. Further, it gives you some negotiating fuel.
- Take your time and research well. The luxury property market has few sellers and fewer buyers. Nobody is in a hurry. The amount of investment is huge and a wrong decision can be emotionally and financially painful. Therefore, ensure that you research all aspects before investing.
The line between the luxury properties and high-end houses is blurring and it is becoming difficult to tell one from the other. As a luxury home buyer, it is important to be clear about what you want from your luxury accommodation before you start looking for one.