Much like beauty, luxury can be said to be in the eye of the beholder. Often elusive, sometimes overused, but always out of the ordinary, “luxury” means different things to different people. In its broadest sense, luxury connotes quality, refinement, and exclusivity. But in the rarefied world of prime real estate, its definitions also encompass changing lifestyles, shifting economic hubs, the need for greater privacy, and environmental concerns.
What qualifies as a “luxury” home differs significantly worldwide in terms of both price and attributes of individual properties. Based on a survey of our Affiliated brokerages in more than 80 prestige real estate markets worldwide for our 2016 Luxury Defined white paper, the average starting price for a luxury home across all housing markets is US$2 million, ranging from US$750,000 in markets such as Durban in South Africa to an astounding US$8 million in Beverly Hills, California.
Given this disparity in prices for the basic starting point of luxury property, comparing the standard measurements of the luxury real estate market in a global economic powerhouse city to a smaller second-home resort destination fails to account for key market differences. Therefore, to more accurately reflect and interpret the trends and market dynamics at play, we segmented surveyed real estate markets into several categories, largely identified by population size, number of high-net-worth residents, buyer types, home purchase type, housing mix, and general economic indicators.
Cities and their surroundings dominate our first umbrella category, the “primary markets.” The majority of luxury homes in these areas are purchased as primary residences. Markets grouped under this umbrella include:
- Global Economic Hubs (large international cities).
- Metropolitan (mid-and small-sized cities).
- Suburban markets that surround cities.
10 Must-Have Items That Luxury Home Buyers Want Most
The epitome of a luxurious home is not just a well-appointed home. Rather, a luxurious home is one whose amenities allow for the owner to feel lavished upon or spoiled. Think royalty; Think opulence; Think extreme extravagance. The word luxury brings to mind plenty of conveniences such as pools, saunas, in-home gyms, backyard tennis courts, game rooms, and fully-stocked kitchens? But what are the items that luxury home buyers want the most? What is a luxury home buyer looking for when shopping for their new abode? Here are ten ideas listed in order of popularity that we think may intrigue even the wealthiest of home shoppers (or if you’re not among the jet-set, then here are ten lavish home ideas that you can attempt to replicate on a much lower scale and less affluent budget).
A Home Where Character Counts – Open Floor Plans Triumph
A home is not luxurious unless it has a grand entryway with a large two-story staircase and an expansive, airy open floor plan. An open floor plan is the number one criteria cited in a 2013 luxury home survey done by Coldwell Banker.
Technology
We cannot shy away from the ever-increasing swarm of technological innovations. Today’s homeowners want it all when it comes to technology, and the builders that cater to this tech trend are the ones who stay at the top of the real estate market. Literally, with a touch of a button on your iPhone, you can now lock your doors, control your homes climate, control lights and control your alarm system ? all from the other side of the country! These are the built-in features that today’s luxury homebuyers are looking for. Builders who install these wireless home automation devices are spot-on with the trends that luxury homebuyers want. On the opposite end of the technology spectrum is a growing trend for reclaimed materials. Homeowners are increasingly becoming aware of their environmental imprint and are looking for homes that use old reclaimed materials such as wood beams, wood flooring and doors.
Fully-Stocked Kitchen with Warming Draws and Wine Cellar
Ah, the kitchen, the heart of the home. Opulent living requires a magnificent kitchen. Forbes Magazine cites that an appliance-lined, commercial-grade kitchen is a necessity when it comes to a million-dollar home. An affluent kitchen will always contain warming draws, wine fridges, restaurant-quality appliances, and plenty of storage via a walk-in pantry.
Outdoor Kitchens and Pools
A fully-stocked indoor kitchen is simply not enough for one who seeks luxury. Wealthy buyers now crave the creature comforts of a cozy outdoor kitchen and cooking area. The top amenities of the ideal outdoor kitchen would include a built-in gas grill, a sink and stainless food prep area, a small fridge for food and drink storage and plenty of lavish stone patio seating areas for entertaining. Large pools, hot tubs and changing cabanas also top this lavish wish list. Expansive pools with water features such as waterfalls and plenty of privacy are a must. The leisure life is moving out of doors, and those homes with this al fresco flair rank high in the upper crust lifestyle.
Location, Location, Location
Location is the crown jewel of homeownership. Rich or poor? Everyone desires their little piece of paradise. An expansive, private, tree-lined property that keeps prying eyes out is a necessity when it comes to luxuriant living. But, on the other hand, wealthy buyers desire exclusivity on their property, a concealed oasis, a place to be free to relax and wind down in the utmost of secrecy. Whether the property be exclusive beachfront or an expansive ranch? All luxury home buyers want the perfect clandestine location.
Game and Theatre Rooms
Gaming and movie rooms are an oldie but still a goodie when it comes to luxuriant living. It is already a given that a million-dollar home should have an in-home theatre and game room. Wealthy homeowners are looking to take this trend even farther with amenities such as indoor basketball courts, indoor pools, and lavish sports bar set-ups that feature televisions and liquor storage. Essentially, the unique gaming and theatre facilities there are, the better; the main goal is to create a space where a homeowner never feels the need to leave the comforts of home – it’s all there at their fingertips.
Spa Bathroom
A sumptuous life requires a sumptuous bathroom. Of course, the travels of affluent individuals will take them to some of the world’s best spas and hotels. However, homeowners want to re-create this opulence into their everyday lives via spa-like bathrooms in their very own homes. This includes massive walk-in showers with head-to-toe shower jets, floors with radiant heat, towel warmers, and of course, a huge soaker tub where one can escape the stresses of Wall Street.
Exercise Room
The wealthy don’t like to sweat it out at the gym in front of everyone. So who can blame them when they can afford their private fitness facilities in their very own homes? The zenith of home gyms would include plenty of space for weights and equipment but would also include built-in wireless speakers, televisions, and of course, a sauna and indoor pool for post-workout relaxation.
Bedroom Fit for a King and Queen
Luxury shouldn’t stop when one crosses the threshold of their most private sanctuary – the bedroom. So many hours of our lives are spent in the bedroom. The bedroom must be a large open space with a massive bed and plenty of seating areas. Top-notch technology is also desired in this private abode. With built-in automation systems for lighting, security, remote control window shades and climate control topping the list of bedroom must-haves.
Dressing Room – Superlative Storage Space
An extension of the bedroom is the dressing room. A high priority for wealthy women is storing and displaying their extravagant purchases such as shoes and purses. Women and men alike seem to have an increasing desire for a large separate room for dressing and displaying their high-end garments. This home area would require walls lined with cedar shelves, racks to display shoes, purses and neckties, and of course, plenty of lighting and mirrors to model your chosen outfit or apply makeup.
Your version of luxury and style may drastically vary from others –we all have our décor tastes and lifestyle goals – however, one thing is for certain – luxury is attainable in your home by including the most modern amenities, technologies and comforts. Do you have all of these abundant amenities in your home? Are you thinking of a remodel or on the market for a new home? If so, print out this list and take it with you when shopping for your next dream escape? It will surely help you find the perfect luxury home!
How Make Your Home Look and Feel Luxurious on a Budget
If you’re thinking about how you can add a touch of luxury to your living experience within your own home, there are several ways to make a home look and feel more luxurious on a budget. Often they revolve around making small aesthetic and quality of life changes. As you’ll notice in this article, adding a touch of luxury is often just about paying attention to the small details and doesn’t have to necessarily cost a fortune. Doing small renovations can make a lot of sense for certain items. Still, most of the items on our list simply involve working within your existing space without major upgrades or modifications.
Here are seven budget-friendly designs and décor items that can add a touch of luxury to your home.
Start With Your Towels
Towels are not always meant to be drab pieces of cloth that you use to dry yourself. Sure, they’re the warm embrace that follows a shower, but investing in high-quality towels that are bold in colour and fluffy in feel will make your home feel more luxurious, welcoming and overall improve your day-to-day showering experience.
Hide Your Lights
To make your rooms feel bigger, you need as much floor space as possible. Callidus Electric, a Las Vegas, NV electrician, has worked on hundreds of luxurious homes, adding creative lighting to make a home look luxurious. This means getting rid of lamps and shades is a great idea. Instead, replace them with built-in ceiling lights with custom colour dimmers or get high hanging and bold lighting fixtures. Built-in ceiling lights are probably less expensive than you’d imagine and would have a huge impact on your home’s feel.
Replace Your Fixtures
Invest a little bit of money into getting new doorknobs, handles, and light switches. All these items have the potential of upgrading the look and feel of your home and to the room that they’re in. For example, replacing old handles with new ones will give a refreshing vibe to your home.
Add More Mirrors
Mirrors are wonderful for making rooms look a lot bigger than they are. While this is an essential staging accessory that many real estate agents use to help sell smaller homes, it can also be a great way to up your living spaces. Adding large mirrors to areas like your living room or bedroom will have a huge impact on how bright and luxurious your home will feel.
Work With Colors
Colours are such an underrated and important aspect of human life. Studies have shown that the colours you pick for your home have a powerful impact on your overall mood. So while colours can bring your mood down, they can also bring your mood up. So consider painting a few rooms in your house with bolder and more solid colours to give it a more luxurious feel.
Declutter
There’s probably a few useless items hanging around your house in the name of “decoration”. If your home is decorated with tacky items, faded pictures, and old knick-knacks, then it’s time to declutter. Removing visual waste from your house will open up more space and thus instantly make your home look more luxurious.
ReFurnish
If you’ve taken care of the small things, then maybe it’s time to focus on bigger ones, such as refurbishing a room or two of your house. What’s considered luxurious these days is modern or minimalist furniture. Generally, you’ll want to pick 2 or 3 colours and follow the theme throughout the room. Look for furniture that has bold and powerful colours like jet black or pure white. Avoid drab and faded colours like browns and light blues.