As with everything that can be consumed, what constitutes luxury differs from person to person. If you are currently on the hunt for your next residence and have spent any time recently browsing through your local real estate listings, you might have had some questions regarding ads that classify residences as a luxury home. You might be asking yourself, “What exactly is it about these particular abodes that label them as luxury listings? And, can I possibly have one?”
Before you shudder away at the mere thought of the affixing price tag, let me tell you that it isn’t always all about price. The subjective nature of the term luxury means that it is an ever changing ideal. It isn’t a concept that has an absolute interpretation and instead depends far more on the wants and needs of a particular area’s high-end buyers.
That being said, luxury homes do tend to have some characteristics in common, so here are five essential factors that define a luxury home.
1. Location, Location, Location
First, of course, is the age-old real estate motto, “Location, location, location.” No matter which continent or city you are looking in, the homes situated in dazzling locations are always the ones that are most coveted by the public. Obviously the specific views and locations differ depending on locales, so luxury homes in Perth, Australia are going to be very different from luxury homes in New York City, as an example.
That being said, you can guarantee that a house that sits on top of a mountain, has sandy beaches on its doorstep, or boasts of views of a sparkling city below, is going to fall under the luxury category. A special and unique setting is an essential factor in the creation of a luxury home.
2. Elevated Quality and Design
Quality is often more valued than quantity, especially when it comes to the luxury housing market. Luxury homes don’t necessarily have to be the biggest and most palatial building around (although a lot of times, they are), but it does have to be the one with the most premium finishes.
A home featuring high-caliber construction, gracious and meticulous architectural strokes, and elevated quality in finish and design elements is definitely a dwelling that will be considered luxurious. Details such as marble countertops, hardwood floors, heated floors, crystal chandeliers, Miele appliances and Venetian plaster are all essential ingredients in the luxury home recipe.
3. High-End Amenities for High-End Buyers
Similarly, high-end buyers are looking for high-end amenities in their homes. These include (but will probably not be limited to) IMAX movie theatres, spacious gyms, bowling alleys, coffee bars, tennis and basketball courts, super spas and closets larger than most apartments.
Additionally, there may be a circular driveway which provides a spacious, attractive parking area and removes the difficulty and danger of backing out onto the street. Luxury is anything but ordinary, and these types of amenities are for anything but ordinary lifestyles.
4. Price Relative to the Area
While the cost of the home itself doesn’t necessarily make it a luxury home, its price tag relative to the area might. A custom built luxury home in one area of Australia is going to have a very different valuation to one in another area of the country.
So while a million-dollar home in Sydney would probably not qualify as luxury, a similarly priced home in Hobart may be one of the most stately around. In general, the price of a luxury home will start at around $1 million and then exponentially increase from there.
5. Prestige and Privacy
While luxury is often in the eyes of the beholder, no one can argue that owning a condo or home built by a world-renowned architect is anything less than luxurious. Outside of major cities, prestige may come in the form of living inside a gated community, or being included in a group or association whose membership is exclusive. On the other hand, privacy may be the biggest factor that high-end buyers are seeking, in which case a home with massive gardens, soaring walls and gated entrances with security guards will be included in their definition of luxury.