We hear the term luxury home, but what does this mean? The definition of a luxury home has changed in time and can mean different things to different people. Typically, luxury home or luxury real estate is defined by the property’s value. What gives property value? There are a number of characteristics,which can include views or even amenities such as proximity to golf courses, a downtown district, particular school districts and such.
What else gives property value? Surrounding homes, the absence of a high crime-rate, the number of industrialization or unwanted commercialization in an area, how customized a home is and whether homes have historical or architectural significance.
With all of this taken into consideration, property values in a particular area could be worth a greater amount per square foot than a home in another part of the same city.
Some define luxury homes by what they are not. Luxury Home Digest did just this in an article where they stated that a luxury home is a home that is not a cookie cutter home within a subdivision tract. A luxury home does not lack presence or originality. A luxury home is not located in an ordinary location.
In a time where subdivisions are prominent throughout communities whereupon some of the homes built within these subdivisions are surpassing the 5,000 square foot size, some may question whether such homes within these subdivisions are considered luxury. Profesional realtors and specialists would then ask the above questions – is the home a cookie cutter model of the homes around it, does it offer views or amenities, and is it in a superb location.
Because such homes are popping up, the people at Luxury Home Digest state that in addition to size, price cannot distinguish luxury status. “A supersized McMansion does not qualify as a luxury home, unless it has the requisite extras, superior location and a view…perhaps.”
If one is distinguishing a luxury home on price alone, then what about the cottages in Malibu that are going for over million? The question then is does a home’s location make up for architectural design and luxury amenities? And what about opulence?
Many new homebuilders would like to fit their designs into the luxury category. They go for size while omitting the other necessary characteristics that make a home unique and distinguishing to its buyer. Cost isn’t always based on size either, one will pay extra per square foot for their home if it is located in a beautiful place with an ideal climate, views, accessibility to the things they desire, the types of neighbors they seek, quiet, amenities, and such. In this way, the modern luxury home definition has changed. The definition of a luxury home from the past may have been primarily on size and size alone. A home with 52 bedrooms and 29 bathrooms, no matter the location, was considered luxury. Today, many are opting for smaller footprints in their luxury home, something more environmentally friendly, a home that is better insulated and easier to care for as well as a home that’s character defines who they are.
While the definition of a luxury home changes and evolves, distinguishing home buyers and professionals could be the ultimate definers of what makes a luxury home in todays world.