You may have noticed that a distinction is usually drawn between run-of-the-mill properties and luxury properties in the real estate market. You can expand your real estate portfolio into the luxury real estate market. Luxury real estate is not considered as such only because it is expensive. It also must be exclusive, unique, and considered superior.
What is luxury real estate?
Luxurious property is constructed with high-quality and long-lasting building materials and completed with an elegant touch. As a matter of fact, the aesthetic feature of a luxury property is the most vital aspect and the deciding element for many buyers.
Besides being a high-quality construction, the size of a luxurious property is usually more extensive than for traditional buildings, with the space being enough for each family member to have their privacy and space. The communal areas, including the living room and kitchen, is spacious and on a grander scale.
A luxury property also comes with exclusive features not present in traditional homes, such as swimming pools, spas, saunas, cellars, cinemas, or guesthouses. It is essential to understand the features that characterize luxury real estate property before you invest. High-end buyers are willing to pay the premium price for a property that is exclusive and perceived as superior.
Features of a luxury property
Many luxury homes such as Bendinat properties are found in the same neighborhood, with sizeable proximity to each other to maintain the owners' privacy. Often, they are located within gated communities with all-around security in quiet suburbs. Moreover, they are served by high-end services, including prestigious schools, hospitals, shopping centers, restaurants, country clubs, boutiques, and other amenities.
Luxury property buyers prefer locations with access to high-end activities with proximity to their homes. For instance, a trophy address such as New York City's Park Avenue adds value. Many may seek the same features that all home buyers look for but on a grander scale. They desire security and privacy at times to the point of seclusion.
Views from property
Many luxury property buyers look for properties that offer a surreal view, such as the natural beauty of a waterfront location, views of an ocean, lake, or river. Others go for mountainsides or countryside views. High-end property buyers desire beauty both inside and outside and can even afford custom architecture, designs, and opulent finishes of their property.
A luxury property features additional amenities on top of amenities such as an expansive owner's suite, a luxury pool, a chef's kitchen, an outdoor living space, temperature-controlled wine cellars, a sauna, spa, etc. It also features advanced home automation, including car lifts, mini theaters, and motion detectors. Many high-end buyers look for space, but not all luxury properties are massive. A luxurious property features a carefully designed and crafted home plan to give the entire home a modern look with vast space.
As earlier mentioned, many luxury properties are located in gated communities and quiet suburbs with the best security features. Advanced security features are is one of the things that separate traditional homes and luxury properties. A luxury house may feature smart locks, a video surveillance security system, motion detectors, smart fire safety alarms, alarms for floods and break-ins.
A luxury property is characterized by lavish interior decor inspired by international architecture, famous monuments, expensive wall paintings, and trending decor styles that make the home distinct. Art nooks, rounded corners, archways, and crown moldings installed in all the right places give the property the desired luxury feel.
Investing in luxury real estate
There are several ways of investing in luxury real estate, including flipping, buying a custom build, investing internationally, or buying a high-end vacation rental. When investing in luxury real estate, it is crucial to keep in mind the aspects of the property that cannot be reconfigured, such as the location of the ocean and the sun's path. The fact that there may be a flight path above the property can interfere with a quiet environment.
If you would like to invest in luxury real estate, take your time to prioritize your needs, identify your goals and figure out your financing options. Even if you are purchasing a high-end vacation rental, consider the amenities you would prefer in a luxury property and choose the right market.