Luxury Real Estate: What Makes It Different?

It’s been some time now since luxury real estate became a major segment of the whole realty market. However, there are still people who live in blissful ignorance about what exactly makes luxury real estate so special. This post is intended to educate such an audience.

Hearing about luxury homes, the image that comes to most people’s mind is of an over the top residence having lavish interiors where only the richest can reside. However, the truth is that there are many types of luxury homes. You can call a high-rise condominium overlooking the sea as luxury home the similar way you would call a grand estate spread over multiple acres having beautiful landscaped gardens. One common thread that joins these luxury homes is their target audience which invariably belongs to a high socioeconomic group.

As the rich are growing richer, it also marks the growth of the niche market of luxury real estate. In fact, the luxury segment has shown the best growth rate amongst all sections of real estate. Defining luxury real estate is a very different from defining a regular property type. While it varies from place to place and also depends on the views that property offers, the main criteria for categorizing a property as luxury is its location. A beachfront property with an unhindered view of the sea will definitely be called luxury, even if it doesn’t have the largest of build area. For the sake of simplicity, in some places it is the price tag of the property that is used as a classification characteristic to differentiate between a luxury and regular property type.

Characteristics of Luxury Homes

The first thing that you would notice about a luxury home is the view that it offers. Every luxury home worth its money would come with an excellent view that showcases the nature in its entire splendor. This is the reason that even a 500 square feet waterfront home would be selling for a far greater price than a villa for sale in an industrial neighborhood.

When it comes to amenities, the sky is the limit. Luxury houses are intended to be more than just a house; they are a symbol of an eclectic and fabulous lifestyle. While your usual home would look for ways to make maximum utilization of available resources, that includes land, and accessories, a luxury home isn’t bound by any such constraints. Splurge is a common theme across all premium properties.

And therefore, the awe-inspiring range of amenities that these properties offer can leave an average buyer surprised at the very least. Extraordinary features like bowling alleys, landing strips, private hangars, private golf courses, ballrooms, salt-water aquariums and roof-top observatories are not-so-uncommon in this world of upscale real estate.

New must-haves for Luxury Homes of Today

As it is with most creations of man, luxury homes have also experienced a bevy of modifications with the changing time. While the features discussed above remain as it is, the new rage in luxury homes is inclusion of smart home technologies that monitor and manage systems inside the house, and that too without the intervention of humans. Tasks as simple as ensuring the doors is locked or as complex as changing the indoor temperature as per the ambient surroundings can be completed from anywhere in the world using smart phones only.

Although green living is the necessity of time, it has also emerged as a fashionable way of contributing your bit towards the nature.  Upscale consumers are turning to energy-efficient products and green features, which obviously cost a bomb right now, well beyond the affordability of layman. It is certainly easier for luxury home owners to incorporate eco-friendly technologies, and material in their home than a regular home owner. The best part is that these technologies satiate the status-hungry ego of high net worth individuals and also gives them an opportunity to contribute towards the betterment of nature.

Saurabh Tyagi is an expert writer having interest in diverse topics like education, technology, career and Web 2.0. He is a social media enthusiast and a self-confessed gadget-freak, who loves to follow the latest happenings in the tech world.

Categorized as Real Estate

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