Imagine a house with a uniquely designed facade, standing on a spacious lot that provides different areas for outdoor activities. And inside, the rooms and furniture give a comforting atmosphere. This kind of luxury house is ideal and beneficial to invest in and live in.
The pandemic situation made some people have new preferences in their living spaces, given that everyone was told to stay at home, such as wanting spaces that could allow them to do activities usually done outside before. For others, they could find the spaces and living that they seek in luxury homes.
At the start of 2021, real estate services firm KMC Savills, Inc. has, in fact, noted a rise in the demand for luxury homes during the pandemic. “Residential real estate is a need, and amid the pandemic, people will still purchase,” KMC Senior Manager for Research Gerfer Mindoro said in article published on the firm’s website. “Now that the need of having a safe home is amplified, more people have realized the importance of investing in a high-quality home for their families.”
But what really makes up a luxury home? Of course, hearing the word “luxury” already indicates a high price tag, but it is not merely all that. Luxury homes are touted for their exclusivity and unique comfort and are even considered to be a sound investment opportunity.
One of the features that matter in a luxury home, whether a house or condominium, is its location. The location of a luxury home gives its residents various advantages. This can come in being in exclusive neighborhoods or communities or a place that ensures security and privacy.
Some may look for luxury homes residing in central business districts, where they can experience the conveniences that the city center can offer. But for some, they look to invest in a luxury vacation home outside the city to have a place to stay whenever they travel to and wind down in a vacation destination.
But aside from the high-end convenience offered by certain locations, some luxury homes are situated in areas that can present a panoramic view of cityscapes or landscapes, which can give residents a stunning backdrop from their homes.
The outdoors within a luxury home, meanwhile, usually also encompass spaces for various activities. Features such as a swimming pool, outdoor kitchen and dining, and a space for entertainment or a gazebo where families and friends can hang out are among the notable components of a luxury residential. Simply put, this meant having a spacious area to enjoy the outdoors without having to leave their homes.
An expansive space is also typically seen even inside a luxury home. Some include a wide space for the kitchen, rooms for entertainment such as a gym, game room, or home theater, a relaxing spa-inspired bathroom, walk-in closets, or great master suites.
These spaces in a luxury home are also designed with high-end materials, some are even equipped with smart home technologies. A luxury kitchen, for instance, is usually furnished with a kitchen island made with quartz or granite countertops as well as smart appliances from the refrigerator to the oven.
Looking at it from the exterior, luxury homes are also exquisitely architectured, from their façade to the landscape.
These are among the elements that typically constitute a luxury home, which gives its residents an opulent space for different activities that let them have a comfy lifestyle. But aside from offering a unique home living experience, luxury homes are also seen as a safe and sound investment to add to one’s portfolio.
Investing in real estate is commonly considered a low risk. Luxury real estate is also believed to be a good inflation hedge. It was thought that it could be able to keep going with inflation as rents could also be rose reasonably along with inflation rates. Over time, the value of a luxury home could also appreciate. Nonetheless, one should also remember that just like other investments, luxury real estate can have its downside. So better understand and assess the upside and downside of luxury homes as an investment and ask for help from a professional to be able to make a sound investment decision.
Luxury homes usually attract wealthy buyers and tenants who can pay to live in such a kind of home, which means, in turn, yields to the investors. This, especially, when the luxury residential properties they invested in are built with well-designed exteriors, furnished with high-quality materials and innovative appliances, expansive spaces, and standing in a good location, which some people might be looking for in a home. — Chelsey Keith P. Ignacio