Here are ten features that help make a trophy home worth eight digits or more in today’s real estate market.
Luxury home buyers preferences and needs no doubt vary from luxury real estate market to market, but there were clear themes. Sotheby’s International Realty Luxury Outlook 2021 noted that there were profound and unexpected home-price appreciation during the pandemic.
The kew takeaway is that Covid-19 pandemic changed the way high-net worth individuals view their home, and that change is likely here to stay. A home is no longer just a place to sleep after long days in the office and long nights out on the town. It is now where we sleep, work ,exercise, unwind, entertain, and where our kids are educated. It’s a refuge away from the chaos and unpredictability of the world beyond, said Sotheby’s International Realty.
Luxury home buyers are looking for sustainable materials, such as bamboo; solar panels; geothermal heat; and greywater systems that divert some wastewater to watering the garden. Even simply adding an electric-vehicle charging station may help get more eyes on a high-end property.
- Large Homes
Superlative size was one of the most frequent cited on Sotheby’s International Realty Luxury Outlook for 2021 of what contributed to a US$ 10 million-plus sale.
- Lots of Land
Large acreage or sprawling retreat are a key selling point for a US$ 10 million-plus property.
- Outdoor Space
Outdoor space, even in luxury condominiums, is now essential, and many wealthy buyers want more of it. For instance, they may want to exercise outdoors, and also have a place for their kids to play and another to host guests and entertain. All outdoor spaces should be attractive and well-maintained.
- Proximity to Natural Beauty
Views are always in demand when selling and buying a luxury property. Closeness to parks, mountains, and beaches is often a major selling point.
- Move-In Ready
A near-universal trend among properties that sold for US$ 10 million-plus was that they needed no updating.
- Privacy and Security
Gated entry, privacy fences, or high-tech security systems are all ways to give a luxury home some added appeal.
- Sustainable Features
In markets driven by the tech industry or with high levels of education, adding “green” elements instantly boosted a home’s value and appeal. Luxury home buyers are looking for sustainable materials, such as bamboo; solar panels; geothermal heat; and greywater systems that divert some wastewater to watering the garden. Even simply adding an electric-vehicle charging station may help get more eyes on a high-end property.
- Amenities Galore
The decked-out home office, home gym, and pools are as in-demand as ever. But affluent buyers today also want a variety of recreation options, which might include a yoga studio, basketball or tennis court, and home theater. They want spacious entertainment “bubble”, and a kitchen that can produce restaurant-quality meals.
- Focus on Wealth and Wellness
Other features that target emotional and spiritual wellness, such as spaces for meditation and massage and outdoor gardens and area where homeowners can find a sense of calm, also improve a home’s value.
- Defined Rooms
While open-floor plans still sell, some Sotheby’s luxury real estate agents have noted that separate spaces for cooking, dining, and working were preferred during this extended time a home. There has also been a return of the dining room, which many had begun to count out in favor of sprawling great rooms.