Whether you’re interested in purchasing a luxury home or purely curious as to what constitutes a living space as ‘high end, there are a few key things to consider. Royal LePage labels higher-end homes ‘luxury homes’ or ‘Carriage Trade homes’ if they are within the top five percent of the price range for the local market. Additional factors also include:
- Architectural prominence
- Ideal location
- Cultured decor
- Exceptional workmanship
- Remarkable landscaping
- Refined amenities
- Historical significance, and
- A breathtaking view
Now with that being said, some people enjoy the hustle and bustle of the downtown lifestyle so much that they’re willing to pay an arm and a leg for rent in a small condo, so why would one want to invest or live in a luxury home instead? Although a large investment, luxury homes offer massive benefits that pay off in the long term. Read on for some of our favorite aspects of owning a high-end home.
Architecture, workmanship, decor, and amenities – It goes without saying that luxury homes exhibit some of the finest architecture and furnishings available on the market. A vast majority of homes come fit with beautiful décor and furnishings already in the house. With money spent on furnishings starting on average at 10% of the house price, decorating a home yourself can get very expensive very quickly, especially if you decide to go with higher end furniture.
Ideal location – Whether living directly next to an urban core, driving on the most beautiful parkway, or secluded in a private location, luxury homes put you at the heart of what you desire. The higher price tag allows you to get a closer proximity to whatever unique locations are important to you and your family.
Historical significance – If a house is in an area that is rich with tradition, then there’s a good chance that said luxury home has some historical significance to it. Regardless of the location, each home will have its own unique backstory to it. For instance, several houses in Niagara on the lake provide unobstructed views of the oldest golf course in North America which is located on grounds involved in the war of 1812.
Landscaping and a breathtaking view- Gorgeous homes with back and front yards will have either an exceptional landscaping job, a beautiful view, or both. Some people greatly value the exterior visual appeal of their home and landscaping jobs can get expensive if you don’t have any type of previous landscaping done. For those lacking a green thumb, a full out job starting from scratch will run you approximately $10,000, and that’s not including the fees required to maintain your yard(s) or hiring a landscape designer. Consulting your priorities with an expert realtor ensures your list of homes is tailored to your specific interests and price point, optimizing your spend and return on investment.
Although a luxury home may bear the burden of a high price tag, it should be noted that owning such a location is more worth it than some think. Considering all the above advantages that come with purchasing a luxury home, you must remember that you will always be able to sell the house too. As you see the value in investing in a higher end home, many others do as well.