Here are the top 10 factors that luxury buyers’ consider when making a new home purchase.
While buying a luxury property, a buyer spends a fortune and therefore, they need to make sure they have their priorities right before spending the hefty amount that a luxury purchase involves. There are a lot of aspects that are taken into consideration in the process, including the location, type of community, amenities and re-sale value. The aspects also depend where they are from and why they are investing.
Lets have a look at the top 10 priorities that the buyers look for while buying luxury properties.
A good location is arguably the most important aspect which buyers take into consideration while buying luxury properties.
No buyer would want to spend on a property which is not easily accessible from their workplaces or schools where they and their children would need to visit on a regular basis. It is seen that buyers mostly prefer such areas to buy properties which are not more than a drive of 15 minutes from their workplaces and schools.
Also it is important for amenities like shopping, entertainment and dining to be available in the vicinity to make an area ideal for attracting luxury property buyers.
The kind of community you want to live in makes a big difference in choosing the right home for you.
Community and the kind of people an individual is living with plays an important role in their livelihood. Singles and young professionals mostly prefer to stay at vibrant communities that offer late night lounge destinations, whereas the family oriented individuals prefer staying at communities that are quiet and doesn’t have the noise of the city.
Many buyers also prioritise those communities which is are inhabited mostly by individuals of their own nationality, while others look for neighbours with similar kind of lifestyle. Luxury buyers, therefore, being no exception, consider the type of community, where the home is situated, a priority.
Every individual enjoy different types of lifestyles and while planning to settle down at a home of their own, it is very important for them to choose an area that matches their lifestyle.
There are some buyers who enjoy beach-side living, while others love to live amidst lush greenery. There are also buyers who would love to buy an apartment or a penthouse at one of the high-rise towers and enjoy the breathtaking views of the city.
Therefore, lifestyle does play an important role for buyers of luxury properties while making the decision.
4. SMART AMENITIES
The advancement of technology, has no doubt made life easier for people. The latest smart home technology, being an addition to the existing technologies has been a priority for luxury property buyers off late.
Smart homes feature controlled lighting, heating, air conditioning, video and security systems. They are connected to each other, and can be controlled remotely from any room in the house, or from any location in the world through an internet connection irrespective of anyone being at home or not.
5. DESIGN AND LAYOUT
Every individual has different sense of taste when it comes to the interiors of their homes.
Therefore, while spending on a luxury home, the buyers see to it that the designs of the interiors as well as the layout of the home is as par with his taste and choice. While some love to have a lot of sunlight pouring in their homes, others like soft colours to be a part of their lives.
Buyers’ popular priorities when it comes to interiors also include modern fixtures, well designed kitchens with good storage system and a bathroom that defines luxury.
6. MULTI CAR GARAGE
A person who buys a luxury property and owns multiple cars which he and his family member use wouldn’t ever want to go through the tedious process of finding parking spaces for the cars after having spent a lot on an expensive luxury home.
Therefore a garage, having space for multiple cars to be parked is something that every luxury property owners look out for. If the property is a villa, a garage is preferred by the buyers whereas in case of an apartment, parking space for cars in the building itself is looked out for.
Amenities play a key role in the process of decision making when it comes to the buyers of any property.
But when it especially comes to buyers of luxury properties, their expectations are a lot more, which are needed to be met with, in order to attract them in buying the properties.
The common amenities which the buyers prioritise while buying an expensive property include:
- Swimming pool
- Infinity pool
- Fully equipped gym
- Vitality pool
- Private elevators
- Access to private beaches or lakes
Safety and security are some of the major priorities for anyone out there as no buyers would want to buy a property in an area which doesn’t provide them with safety and end up living in constant fear.
Therefore, when someone spends a good sum of money on a luxury property, he makes sure that the home where he and his family will be residing is safe and secured. CCTV cameras and round-the-clock security are a must in a luxury property for buyers to even consider buying it.
A luxury property, complimented with breathtaking views would be the perfect cherry on the cake for any property buyer.
Whether an owner of a luxury apartment in one of the high rise towers enjoying the gorgeous views of the city or an owner of a luxury villa enjoying the view of the adjacent sea or gold course, a good view is always on the list of priorities when it comes to potential buyers of luxury properties.
10. RE-SALE VALUE
Luxury buyers, while buying luxury properties make sure to buy properties that has good re-sale value so as to not suffer loss at a later date.
Having spent a fortune on a luxury property, no buyer would want to suffer a loss while upgrading his home to a bigger one or while selling it off while moving to a better community or a different country.
Article Contributed By:
Lux Habitat high-end real estate brokerage and interior design company.