If you have already looked at real estate listings and found one for a “luxury home”, you may have thought: “Oh, it must be something special!” But what exactly defines a luxury home? Is it determined by the price, location, area, or a magical combination of all the factors above? The rich are just getting richer and they have the real estate needed to prove it.
For the world’s super-rich – not the Angelina Jolies and George Clooney, but their billionaire CEOs and several much richer moguls than these peons – the price of a decent home is billions of dollars. Some very wealthy buyers, like the Brazilian philanthropist Lily Safra, buy historic properties and add personal details, like their own heliport. But many build a custom palace from scratch. Bill Gates spent seven years and a few million dollars in his ultra-corny Xanadu 2.0 complex overlooking Lake Washington. His personal stamp is everything from high-definition monitors to the evolution of art to underwater sound systems and technologically built pools. Investor Ira Rennert’s neighbors in the Hamptons were not very happy when he decided to build a $245 million mansion, but he still had his bowling and personal powerhouse.
First, “luxury” is not just about the amount of money left over when you buy it. It’s much more subjective and a mobile destination based on what high-level buyers expect in a particular area.
The cost of a villa depends in my opinion on the following factors:
Location / City / Town
Land size and square foot of the mansion
Quality, style and architecture
Legacy and Inheritance of the property, Houses of old celebrities may have more value.
Interiors and furniture (most houses are called villas if they are appropriate and fit into exquisite interiors that are part of them)
No matter how modest we look in a villa, we can say $1million or more. There may be small places where 800-900k USD bring large villas. Again, prices are largely determined by the location.
While it is difficult to specify a precise definition that encompasses this touch of opulence, luxury homes tend to share certain features. So, whether you want to buy an elegant place or describe your current digs so well, these are some of the common qualities that you can find in a luxury home.
A high price for the Area
Of course, a “luxury” price depends on where you live. A million-dollar home in Studio City, California may not qualify, but a house with similar prices in Hemet, just two hours away, would be one of the most expensive and luxurious properties in the city. In general, the lowest price you can expect for a luxury home starts between $500,000 and $3 million and increases from there.
No matter the city, the state or the country, luxury homes are the most sought after, whether they are on top of a mountain, on the beach or overlooking the bright lights of the city. But these areas are constantly expanding and evolving: a new line of trendy bars and restaurants can turn an average area into an access point that attracts high-end shoppers.
The construction materials, the finishes, the appliances and the design must all be above the standard. Marble, hardwood, Venetian plaster, glass and Miele appliances are common components of luxury homes.
When it comes to luxury homes, it’s about lifestyle, comfort, quality and style. Beautiful materials, high-end equipment and innovative design are also critical factors. In addition to simple features, luxury buyers are looking for special features; design or new technologies that make a house stand out, making it unique and unlike any other.
Most people have a pool in the courtyard, but if you really want something out of the ordinary, opt for a roof pool. You can relax, have more privacy and the views from the top are much more pleasant.
Forget about the traditional garage, which is a visible part of your home. We are referring to an underground parking lot with an elevator that disappears into the ground and is revealed at the touch of a button. It definitely has the surprise factor.
A beautiful garden can dramatically increase the value of a property. There are many possibilities For example; you can have a fireplace, a gazebo, an outdoor living room or beautiful flowerbeds and bridges. Combine some of these elements and more to get a beautiful look.
Many high-level buyers, especially celebrities who are hung by the paparazzi and fans in public, love their homes as a real hideaway. Therefore, privacy is a priority and can be secured with large patios, tall walls and foliage, and locked entrances with security personnel to prevent observers from observing or causing disturbances.
This will surprise you. Luxury real estate buyers may not be looking for flashy villas, but they feel it is an asset to their home to have sort of story if they wish. If a prominent architect built the house or if it is in an exceptional location, the value increases if it is not just another house.
In the end, however, the definition of “luxury home” is in the eye of the beholder. Luxury is the quality of construction, the location of a house, the size of a property, but also very personal. For some, luxury is privacy with panoramic views of the city and for others, lives in the sea with a private beach, some define ‘luxury’ as a smart home that is completely connected to all High-tech appliances, an architectural house modern mid-century. “Luxury” can mean many things, so instead of automatically destroying a particular list with that term, focus on the features you want in a house to find one that you like.