You may be dreaming of a luxury home set on acreage with room for horses, or a magnificent home overlooking a golf course, or a stately Victorian downtown on the best street. Whatever your preference, there are high-end homes available in all different locations with unique features. When shopping for a luxury home, you will want to be prepared with your wish list, but you will also want to know special considerations for buying a luxury property.
A Higher Price for the Area – Price is one of the first considerations when purchasing a luxury home. In one location, a million dollar home would be considered a luxury home. In another area, homes over five million would be considered luxury. Whatever area you are buying in, the home you buy will be a high price for the area. This is one of the first factors that sets a luxury home apart. The price is higher for many reasons, including size, location, construction, and amenities.
Desired Location – Ocean view, mountain view, hilltops, land with acreage, golf courses, and the best areas of town are where you will find luxury properties. As with any home in any price range, the location of the home is a huge factor in how desirable the home is and how easy it will be to resell. Only the most desired locations will draw luxury builders and home buyers. The location should not only be considered for your own enjoyment, but also for the home’s future value and saleability.
Exclusive Neighborhood – It’s unusual to see a luxury home in the middle of a modest neighborhood. Sometimes a luxury home will be custom built on private land, but a luxury home neighborhood will have an exclusive feel with the size, style and quality of the homes. There could be a homeowner association providing a clubhouse and pool or other amenities. The HOAs also govern property appearance and maintenance to a certain standard. Find out the overall offerings of a luxury neighborhood before you consider purchasing a home there.
Quality Construction – As a luxury home buyer, you may be looking for a home built by a certain builder or builders. In most areas there will be builders who are known for constructing quality, luxury homes. These homes have above-standard construction with premium materials such as wood, stone, stucco, Hardy board siding, marble, and travertine. The construction of the home is impeccable and built to the highest quality.
Grander Size – In most cases, a luxury home makes a big impression with its size and grandeur. Luxury homes can range anywhere from 3,000 to 10,000 plus square feet. Not only will you find more square feet, but expansive living areas, high ceilings, spacious bedrooms and bathrooms, and areas for hosting large gatherings. The sheer size of the home should bring a touch of awe, plus allow for all the special features you desire.
Custom Architecture– Special architectural details set a luxury home apart from regular homes. Features such as archways, pillars, or curved walls are thoughtfully placed to capture views or add elegance to a room. On the exterior, distinctive roof lines, expansive windows, and ornate doorways showcase the home’s style. These custom touches speak of exclusivity. They add value and charm to the overall home design.
Premium Kitchen & Bathrooms – You will not find small, outdated kitchens and bathrooms in a luxury home. This is where a luxury home shines! Expect to be dazzled with marble and quartz countertops, chef-style appliances, a butler’s pantry, and top line custom cabinetry. In the bathrooms, look for spa-like features, radiant floor heat, and convenient technology like bluetooth speakers. The kitchen and bathrooms of a luxury home should bring the “wow” factor.
Unique Amenities – A luxury property should offer everything you need for both daily enjoyment and entertaining. You will often find a movie theater, a home gym, and a swimming pool. Depending on the property, there could be anything from a wine cellar to a helipad to an elevator. In addition, it’s not unusual to find advanced technology in a luxury home like whole-house sound systems and intercoms. The sky’s the limit when it comes to amenities offered in a luxury property.
Outdoor Living – No luxury home is complete without amazing outdoor living and entertaining areas. High-end materials are used to create elegant spaces that are also durable and lasting. Beautiful hardscaping, outdoor kitchens and bars, and multiple seating areas provide an exceptional space for enjoying the outdoors. A swimming pool, hot tub, and fireplace may add extra fun for family and friends. In any case, a luxury property should include a generous and gorgeous outdoor living space.
Security and Privacy – A beautiful luxury home will be situated in an exclusive neighborhood or on a large, private lot. There should be a sense of privacy even with neighbors in view. In addition, a luxury home should be set up with a security system, such as security cameras, alarms, smart locks, and motion sensors. An owner may choose to add a fence and gate if the home is not already in a gated community. A home of this caliber calls for proper security measures.
Special Inspections – When purchasing a luxury property, there may be several special inspections that you choose to do that are not covered by a typical home inspection. Many of these homes incorporate stucco on the exterior design, which should be inspected for repair issues. Swimming pools and hot tubs require their own inspections, as well as fireplaces. Unless you’re buying a home “as is”, you may want to inspect the special features of the home.
Maintenance and Upkeep – A large property requires more maintenance and upkeep than a regular home. More cleaning, more yardwork, more heating and cooling, more filters, more lightbulbs, and the list goes on. Due to the size of the home and property, most likely you will need to hire help to keep the property in top condition. Be prepared for the extra work and costs associated with a luxury home.
Financing – A luxury home often exceeds the price limit of a conventional loan. You may need a jumbo loan, or super jumbo loan, typically used for mortgages over $1 million. Some buyers may decide to purchase a home with cash then refinance the property at a later date. If you plan to finance your luxury home purchase, you should check into lenders and products ahead of time to choose the best option.
A luxury home can be your escape from life’s demands. It’s a place where family and friends can gather for dinner, have a pool party, watch a movie, or simply relax in the great room. It’s a property with exceptional features and impressive amenities in the best area. What’s even better? It’s an incredible investment you can actually live in and enjoy.
By Launch Kits