What is a Luxury Home and What Makes It So Special?

If you’ve ever looked over real estate listings and came across an ad for a “luxury home”, you might have thought…”Wow, this one must be special!” But what exactly defines a luxury home? Is it determined by price, location, square footage, or some combination of all of those?

“Luxury” isn’t strictly how much you pay for a property. It’s more subjective and based upon what a particular area’s high-end buyers have come to expect.

While it’s difficult to pin down exactly what defines this air of influence, luxury homes to tend to have certain features in common. So whether you’re looking to buy a posh place or wondering if you can describe your current home as luxury, here are some general qualities you can expect to find in a luxury home.

1. A High Price For The Area

A “luxury” price depends on where you live. In general, the lowest price you can expect to pay for a luxury home starts anywhere from $500,000 to $3 million and goes up from there…way up.

In our area, $750,000 and up qualifies as a luxury property.

2. Prime Location

No matter the city, state, or country, luxury homes are the ones with the most coveted locations. They may be on a mountain, beachfront, overlooking a scenic cityscape, a high-rise condo, or located in the hippest part of town.

3. Premier Quality

The construction materials, finishes, appliances, and design all must be a cut above what’s considered standard. Marble, hardwood, Venetian plaster, crystal, and high-end appliances have all become common components of luxury homes.

4. Luxe Amenities

From theater rooms, outdoor kitchens, and his and hers bathrooms, these homes incorporate the most exquisite amenities.

5. Privacy

Many high-end buyers like their home to be a true refuge. Therefore, privacy is a premium and can be noted with large yards (lots), high bushes, and gated entrances.

6. Background

This may surprise you. Luxury home buyers are not necessarily looking for flashy mansions, but do consider it an ultimate asset for their property to have some sort of story…history. Whether the home was built by a prominent architect, is situated in a noteworthy area, or was once once owned by a well-known person, the value goes up if it’s not just another tract home.

Ultimately, the definition of “luxury home” is in the eye of the beholder.

“Luxury” can mean many things; so rather than automatically swooning over a certain listing boasting this term, focus on the features you’re keen to have in a home to find one that you love.