What is luxury and what does it look like when we’re talking about the real estate market? According to the Global Real Estate Report, luxury is an urban property with at least four bedrooms, three bathrooms, and 3000 to 5000 ft.². But, we can see a lot of homes that might have these criteria that are far from luxury. It really comes down to price and relativity. 45% of luxury homebuyers typically spend between $1 million to 1.5 million on luxury home and just 8% spend $5 million or more. But regardless of what they spend one of the actually looking for in a house? Here are some of the top search criteria many luxury home buyers are looking for, so it’s imperative that if you feel you have a luxury home that you’re planning on selling, make sure the home has some of these key features.
#1. Wireless home automation.
If a luxury home does not have built-in technology then it’s not technically a luxury home in today’s tech-savvy market. The ability to lock the front door, control temperature, and activate an alarm system right from your smartphone is not only convenient and economically friendly but almost imperative in today’s luxury market.
#2. Advanced kitchen amenities.
The kitchen is the heart of the home and commercial greater building great kitchen appliances just don’t cut it. As with home automation, luxury homebuyers want to control the temperature of their oven, their dishwasher, and their microwave all with a touch of a button or voice control.
#3. Additional entertainment rooms.
Luxury home buyers are looking for game rooms or media rooms with large-screen TVs, reclining theater lounge chairs, or space for billiards, video games, or even bowling.
#4. Backyard luxury.
Luxury home buyers are also looking for an outdoor kitchen and a beautiful outdoor entertainment space. This doesn’t necessarily mean a swimming pool, but a hot tub, a large entertainment space, a relaxing environment, and a space to entertain guests is always a plus.
#5. Lavish master bedrooms.
In a lot of luxury homes, the master bedroom is just as big as the kitchen, living room, and dining room combined. Buyers are looking for a lavish space with a large open design, grand furniture, en suite or sitting area, an oversized dressing room or closet, and a master bathroom.
#6. Spa-like bathrooms.
A spa-like bathroom or ensuite is essential to luxury homebuyers and should include a large walk-in shower, multiple jets, a deep soaking tub, maybe heated floors, towel warmers, and space to recline in a chaise lounge.
#7. Multi-car garage.
A luxury home is not going to cut it with a two-car garage. Most luxury homebuyers have multiple vehicles or simply want additional space such as a workbench, additional storage, or even additional rooms attached to the garage.
Safety and security are some of the top priorities for luxury homebuyers and they would not buy a property in an area which doesn’t provide them with safety so it’s important to spend a good amount of money making sure a home is safe and secure. Cameras and round-the-clock security are a must tap in a luxury property.
If you’re planning on selling your luxury home it’s important to know what buyers are looking for. Would you buy your house now? If it’s time to do some upgrades consider some advice from a luxury real estate agent. I can offer tips and suggestions on upgrades or changes specific to your home to appeal to today’s buyers.