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Luxury Real Estate Depends on Exclusivity, Features

Despite the current market conditions with high mortgage rates and low inventory, investing in luxury real estate is still a great place to park some of your savings.

The housing shortage is expected to keep home values elevated, and if you have difficulty finding a buyer right away, luxury rentals will still be a draw for restless homeowners who’ve decided to wait out the interest rate surge. Better yet, you can live in it for a few years!

There are many classes of real estate to look into: luxury homes, condos, even angling your custom build for greater rewards five or 10 years down the line.

But you need to be selective — it takes more than a high price for a home to be a luxury residence. There are other “it” factors a property needs to draw the high-end buyers and tenants who will give you that great ROI:

Location

This includes the surrounding environment as well as location in relation to amenities including fine shops, restaurants and services.

Preferences for climate and scenery vary between buyers, but certain features are nearly always going to be an asset like water or mountain views or a skyline in major metro cities.

But they should also be convenient to the amenities that make a neighborhood and community strong: good schools, fine shops, services and restaurants, engaging activities and convenience to airports for longer-distance getaways.

Efficient space

Large lots and generous square footage are valued by many luxury buyers and keep home values high. That said, smaller, more manageable properties hold a lot of appeal as long as they’re smartly designed.

Overabundant storage or office space could be seen as a drag on the space by some shoppers, but floor plans where that area can incorporate over-the-top amenities like a home gym or theater without giving short shrift to the bedrooms or kitchen are a prize that should be snapped up.

Exclusivity

Most luxury buyers want convenience to amenities but still value privacy and security. Well-monitored gated communities encompassing golf clubs, fitness centers, spas and even restaurants or shops are going to be especially good for your bottom line.

Security features go hand-in-hand with and include smart home features and alarm systems, but availability of private security services and top-notch first responder agencies matters.

Extraordinariness

This is as a catchall for all of the other pieces that fit together in various ways that elevate a great home into a luxury residence. Impressive architectural features like floor-to-ceiling windows, an expansive entryway or a layout that integrates indoor and outdoor living earn lots of points, especially when designed by a noted architect.

The materials in the home need to be of the highest quality and durability. Sustainability through features like solar panels, harvested rainwater and backyard gardens is increasingly in demand.

Look for homes and lots full of tangible and intangible facets that create an opulent world of its own.

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