What do Luxury Real Estate Buyers Want in Their Homes?

“Have nothing in your house that you do not know to be useful, or believe to be beautiful.”

Words of great William Morris resonate to this day as the real estate industry continues to run trial and error to grasp, what do the buyers want in there as they walk through the door. The segment of buyers opting for a luxury home is small and growing. So, companies have an interest in hand to pursue. But are they thinking in the correct lines? You see a family looking for a luxury home is a consumer who has made a conscious decision to stay away from economic housing. They are looking for differentiators where their investment will give them value in terms of status, comfort, and lifestyle. To this day the real estate industry is asking what do we need at our homes. But the need doesn't drive a luxury home buyer. It's about what they want to be in their house. Because home is not only a living space but must also be a customizable area that can serve all-purpose of the people living there.

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So here are a few must-haves for Luxury real estate buyers in their homes.

Location

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Perhaps the first question asked when discussing a property by anyone is its location. While modern metros don't necessarily have the space to accommodate spacious properties, several localities throughout cities are known for their high-end luxury housing. The location is not limited to the address of course. The work commute time acts as an important parameter in this respect. A buyer spending money will more likely want the exclusivity of property. The apartment complex loses the appeal in this respect. However more high rising towers are coming up in the market to cater to the luxury segment. This obviously has an upside. The economies of scale provide saving in maintenance and proximity to business centers of the city. The downside is that buyers will not find enough space indoors and exclusive outdoor facilities. Many buyers look for properties that are away from the business centers, edging on the high-end suburban areas. The cost of land is lesser and it compensates for a larger open space and high customizability.

Indoor Space

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Once the buyers are settled on a location, they want to explore what they would like their homes to look like. Many prefer ready to move in properties, while others want to cherry-pick the interior based on the fashion of the time, their taste, and how they want to present it to the company. No matter what goes in or, more importantly, stays out of the door, nobody likes a noisy interior. A house with ample space, well-placed rooms, connected balconies, spacious washrooms, elegant decorations are bound to win a buyer's hearts.  Space may not be equated with size. A moderately sized home with all the features and the spacious arrangement probably hits the ball home when it comes to the interiors.

Outdoor Area

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Indoors sure is a touchy area for buyers, but agents make this mistake often to think it's the only one. Nobody likes to be cooped up inside for too long. With work-life being as hectic as they are, family time at the weekends will probably be an outdoor affair. The barbecue grill and the pool make a mini-vacation for a working family and a buyer paying huge sums want to have their closest vacation destination a few steps away from their living room. A garden or lawn attached gives the backyard a beautiful appearance with the much-needed touch of greenery.

Stocked Kitchen

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The kitchen can absolutely not be neglected when designing a luxury home. It falls directly in line with the open floor plan and adds value to the experience. The buyer wants their kitchen to be aesthetic, with no compromise for functionality. The texture should blend well with the overall house. The location of the kitchen is also an important parameter. The cleaning should be easy with ample space for storage. Freezer, liquor cabinets, icebox, and water dispenser are must-haves for the kitchen.  Adequate fire protection is also expected.

Technology

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Home automation is something real estate is still wrapping its head around. As the Internet of Things (IoT) develops more and mature as a technology, it keeps bringing new features into the delivery space. As per many popular luxury real estate agents, clients regularly seek smart homes while asking property choices. A touch of a phone that controls the air conditioning, home security, lightings, and even the water heater. These technologies have evolved more with the introduction of voice commands through voice assistants like Amazon Echo or Google Home. This adds up to the wow factor of any home. Buyers of this day and age are bound to have a high affinity towards staying updated as far as technology is concerned and wants it to be a part of their lifestyle.

Wellness Amenities

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Buyers look for an eco-friendly environment to live in, where there is an efficiency of energy in combination with quality. According to a recent Forbes article, "While traditional features such as spas and gyms may promote well-being, luxury home shoppers, Coldwell Banker's report states, want more in the form of amenities that emphasize holistic health as well as environmental stewardship" (Williams, 2020). Air and water flow and smart lighting is a criterion of interest for the buyers today. Of course, exercise room and sports facilities are important to be in a luxury home, but the home is marked "green" is equally important and it is suggested by some agents that buyers are even willing to pay a premium to reap the supposed health benefits associated with it.

Work space

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In today's work environment, work hardly stays at the office anymore. With more and more emphasis being made on the 'work from home' model, a home needs to be well equipped with a dedicated space for the family to be able to do their work peacefully, hygienically, and effectively. This will effectively be a designated room with appropriate lighting and suitable furniture to support all work-related necessities, keeping in mind the health of the user. Even home office furniture sales show and increase and if forecasted to grow a till 2024.

Entertainment

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A family doesn't always have the time to go out for a movie. A home entertainment system becomes very important to take the load off after a day of work. A convertible home movie theatre or a gaming den, equipped with the latest console and high-resolution screens acts as a great attraction for the buyer. Wealthy owners are trying to take this up a notch with home basketball courts and lavish sports bar.

Spa Bathroom

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Bathroom décor is a very heated area of customizability when it comes to luxury homeowners. Brands provide a load of options for the buyer to choose from. The buyer desires to bring the 5 stars feeling to the bathroom in terms of fittings, supply, and comfort. This aspect is undergoing significant growth with growth in fitting technology with innovation in heating equipment and tub comfort mechanisms. Walk-in showers, customized shower jets, towel warmers are all adding in value to the fittings as per the buyer needs.

Security & Safety

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A buyer today expects strict protocols against hostility from not only physical sources but also from cyber actions. A smart home, since its systems are hosted on a digital server, may be prone to cyber-attacks through malicious software or open codes. Protective protocols have to be in place to resist any breach of privacy. Fire safety is another factor of paramount importance. The property is expected to adhere to the fire safety guidelines of the authority. Also, strict infrastructure needs to be in place that fire can be controlled in worst-case scenarios. Anti-burglary measures, emergency power backup, emergency calling service, and first aid kit are a few more things buyers look for.