Everyone talks about “luxury homes”, but what are they, exactly? What defines a home as a luxury home as compared to others? This can be a bit subjective as everyone has different preferential tastes and desires, and it seems arbitrary to define it as the “top 10% most expensive homes on the market.” Other factors can make a home expensive, such as historic nature, or the amount of land that goes with it. It turns out there’s no set definition of “luxury home” to all people, but when real estate agents use the term, they are generally referring to a home which possesses three qualities.
Three Things That Define A Luxury Home
- Smart technology
- Highest grade materials/amenities
Smart technology has creeped into every facet of our lives, including our homes. In luxury homes, smart technology may control the temperature, turn the oven on at a particular time, turn lights on/off at preset times, have keyless entry, voice commands for various appliances, and even tech-controlled fire and home protection systems. “Smart” homes may even tell you when a bulb needs replaced or open and close a doggie door. There’s really no limit to what smart technology can do, from practicalities to entertainment to upkeep of a home.
Luxury homes are built with the highest grade materials and have grade A amenities. You will frequently encounter marble, stone, granite, pure gold or silver, and may even some diamonds thrown in a floor or countertop. They frequently have balconies and/or piers, along with access to indoor swimming pools, spas, and possibly a lake. The floor plan tends to be very open with windows from ceiling to floor to let a maximum amount of light in. It is not unusual for a luxury home to have an indoor tennis or basketball court.
Location is really everything, so a home with all of the above features in a run-down part of the city wouldn’t make sense, and it wouldn’t define as a luxury home. These homes are frequently found near bodies of water – marinas, lakes, oceans. It is not uncommon for them to be on the outskirts of major cities where they can be hidden by densely wooded trees, but the owners can still get to work with less than a fifteen minute commute. Usually the driveways are gated and that may be the only visible part you see from the road. Other luxury homes are highly visible, such as ones right on an island or beach area, and usually have their own private dock and pier.
In the end, a luxury home is in the eye of the beholder, but if you are looking into one for investments purposes or resale value down the road, these are some things to keep in mind.
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