During your real estate search, you may have come across the term “luxury” or maybe you’ve been watching a lot of Million Dollar Listings. Either way, the term luxury seems to appear a lot, but what exactly does “luxury” mean?
What makes a home luxury?
In real estate listings, luxury is all about the details. If there’s nothing to back up the word luxury in the home’s description, this is a red flag. This usually means the agent is just aspiring for the property to be luxury rather than it actually being luxury. Here are some qualities you can look for to determine whether a property is luxury.
The lowest price you can expect for a luxury home can be anywhere between $500,000 and $3 million. In some hot markets, such as New York City, the lower end of luxury falls around $4 million.
The phrase “location, location, location” is especially true in the case of luxury properties. Luxury properties tend to be in the most highly coveted locations in a city, state, or county. Be that because of a beach or mountain view, nearby the town center, or overlooking the cityscape.
Standard construction materials, finishes, appliances, and design won’t fly for luxury properties. Materials such as marble, hardwood, crystal and professional-grade kitchen appliances are featured often in luxury properties. Another marking of quality comes from who designed the building. Renowned architects bring a sense of prestige that other buildings don’t have.
Many high-end buyers want their home to be a true escape. Privacy is a huge concern for most of these buyers. Features such as a large yard, high walls, and gated entrances with security guards all provide extra privacy and protection for these buyers.