Have you ever found yourself browsing through glossy magazines, scrolling through real estate listings online, or binge-watching residential real estate shows and wondering what exactly qualifies as luxury real estate? Is it just a matter of price, or are there other factors at play? Well, as it turns out, the answer is a bit more complicated than you might think.
While price is certainly a major factor in determining whether or not a property can be considered luxurious, it’s not the only one. The definition of luxury real estate can vary quite a bit depending on the market and location. For some people, luxury might mean a home that’s packed with high-end amenities, while for others it could be all about the location, or the unique character and charm of the property itself.
Of course, several other factors can contribute to a property being considered luxurious. For example, if the home was designed by a notable architect, has a unique history or famous previous owners, or boasts one-of-a-kind land features, it might be considered more luxurious than a similarly-priced property without these features.
But beyond these more subjective factors, there are also some more objective criteria that many people look for when shopping for luxury real estate. Here are just a few:
Technological advancements:
One thing that many real estate developers and buyers consider essential in a luxury apartment is advanced technology. This might include things like energy-efficient systems, smart lighting and sound, climate control, and even smart toilets. Depending on the price range of the property, the extent of these technological advancements can vary quite a bit.
Quality construction:
Of course, one thing that almost everyone can agree on is that a luxury home needs to be well-built using high-quality materials. This might include everything from the raw materials used in construction to the fixtures and furnishings inside the home. In addition to construction, many luxury home providers also offer an array of services such as interior and exterior makeovers, concierge services, and even architectural renovations.
Spaciousness:
Another hallmark of luxury real estate is plenty of space. Even in cities where space is at a premium, luxury homes often boast square footage well above average. For example, in Mumbai, a luxury apartment might need to be at least 3,000 square feet or larger to qualify.
Location, location, location:
Of course, as with any real estate, location is a major factor when it comes to luxury properties. But what sets luxury properties apart is that they’re often located in the most coveted, aspirational areas. This might mean a prime location in a city center or a secluded estate in a desirable rural area.
A luxurious neighborhood:
Finally, luxury real estate is often defined by the neighborhood in which it’s located. These neighborhoods are typically targeted at a niche population that values privacy and exclusivity and often feature single-unit-per-floor concepts to maximize privacy. They also tend to feature amenities and designs that set them apart from more run-of-the-mill.
Entertainment First:
Entertainment zones equipped with a home theatre and personal gaming zones are becoming a must-have for all luxury homes. The latest gadgets are a must-have for the young and old alike, creating a space where homebuyers never feel the need to leave the luxuries of home.
Fitness:
Health is also a priority, so most luxury properties come equipped with a personal gym. Homeowners prefer to sweat it out in the comfort of their homes rather than sharing machines with others. These gyms also have a separate room that comprises all the required machines and weights, with added perks like televisions, wireless speakers, and other gadgets to let owners gyms in style.
A personal space like no other:
Bedrooms in luxury properties have great value, and the master bedroom is the crown jewel. It has a large space to accommodate a king-size bed with plenty of seating area, all the while including all the hi-tech features with built-in automation systems. An extension to a master bedroom is a walk-in closet that lets you display all your expensive designer clothes, shoes, and accessories. These closets are well-equipped with ample lighting, ceiling-to-floor mirrors, and best-in-class wooden wardrobes.
So, there you have it, a glimpse of the trendsetter amenities in luxury properties. If you want to keep up with the times and invest in a stylish, luxurious home, these features are a must-have.
Can you think of some more traits of luxury real estate? Let us know in the comments!