Terms like "luxury real estate" and "luxury homes for sale" can seem confusing to home buyers who are ready to begin their search for their next home. The use of the word luxury could lead some prospective buyers to envision homes equipped with gold-plated fixtures, satin-covered surfaces or other very expensive features.
While opulent interiors are sure to be found on some properties advertised as luxury real estate, it is not an actual requirement. Instead, most properties that fall into the highest-priced categories in their localities are likely candidates for classification as a luxury home. This is true even when the property's value is related to its historical aspects, size, specific location or some other attribute, instead of fancy interior finishes.
Prestigious or historic homes
Homes and properties with significant prestigious or historical value are often marketed as luxury properties, even when the home has not been updated or does not meet with the market standards that are currently popular with most buyers. For example, homes built by well-known people, living or dead, may be considered a luxury property, even when updates are needed. Another example might be properties where a significant event was held or a well-known landmark was located.
Location and site
Homes that are situated to offer unique views or premium access to popular locations and areas may also fall into the luxury real estate category. Good examples are homes that overlook the water, those that have scenic views or those that are located within walking distance of popular cultural attractions, such as highly rated museums or parks.
Size and features
In some cases, homes marketed as luxury properties may offer exceptional amounts of square footage or design features that will provide a buyer with uncommon value. For instance, a home that needs updating but offers considerably more square footage than competing homes may be offered as a luxury property.
Some features can also move an average home into the luxury home classification. For instance, standard homes that offer well-designed outdoor spaces, such as outdoor kitchens, living areas or spas, might be seen as more luxurious than other homes in the immediate neighborhood. Similarly, some types of upgrades, such as renovating a kitchen with upscale cabinetry, finishes, and commercial appliances, could elevate the home's value and push it into the luxury range.
The luxury home market is heavily influenced by local factors. Prospective buyers who want to navigate their market more easily can get the help they need by partnering with a local real estate professional who offers experience with listing and selling luxury homes and properties.
To learn more, contact a resource that has luxury homes for sale.