The real estate industry is full of some fluid terms that do not always mean the same thing to different people. For example, what you may consider as a luxury property is not necessarily the same thing another person may consider as such. However, luxury properties have some things in common that can help you narrow down your search. Here are the common elements of luxury properties.
High Relative Price
A million-dollar house can either be a standard house or a luxury house depending on the prices of similar houses in the neighborhood. It can be a 3-bedroom house in Brandon, Vermont or an 8-bedroom mansion in Buffalo, West Virginia. Therefore, price alone is not indicative of the luxurious status of a house. However, if a home is considerably pricier than comparable homes in the same area, then the pricier home is likely to be a luxury property.
Big Relative Size
Just like price, size alone is not a definite indication of luxury. For example, rural and suburb homes tend to be more luxurious than urban homes. Therefore, for a home to be considered a luxury due to its size, the home must be big with regard to other homes in the neighborhood.
If there is one area where luxury homes stand out, it is the quality of the materials they are comprised of. Luxury home builders don't settle when it comes to quality. They go for high-quality materials such as crystal, marble, and hardwood. Even when it comes to appliances, the builders are likely to ignore the entry-level appliances that many homes use and go for the premium products. This is one reason luxury homes fetch premium prices.
In many ways, location is the defining feature of luxury homes. In fact, in any given city or area, the luxury homes are likely to be congregated in a specific neighborhood. These neighborhoods tend to have the best views, the best schools, good infrastructure, and luxury shopping brands. For example, in a neighborhood with a large water body, the luxury homes are likely to be strewn along the best waterfront locations.
Lastly, the variety and quality of amenities also define luxury homes. These are the homes where you are likely to find spas, wine cellars, home cinemas, and specialty bars, among others. In fact, it seems as if luxury home builders are in a continuous race to outdo each other with the type of amenities they can come up with.
For information about buying luxury homes in your area, contact a local real estate agent.