The luxury real estate market is considered to encompass the top 10% of the highest valued properties in the local area. Of course, depending on where you are, homes in luxury real estate could range from millions to hundreds of millions of dollars.
Tell-Tale Signs of a Luxury Property
Most luxury homes boast of immaculate construction and high-end finishes, but here are some other tell-tale signs that luxury properties exhibit:
• Smart home features
• Exclusive locations or amenities
• Spa features in the bathroom
• Master wardrobes and dressing rooms
• Entertainment rooms (movie room, games room, in-door sports, bowling alley)
However, there is plenty more to know about this lucrative sector of the market. Keep reading to find out more…
Location, Location, Location
The luxury real estate market isn’t just about high-end finishes, it’s about location too. If your property is in a unique and exclusive area, it will be considered more luxurious than others.
Luxury locations can include beautiful natural landscapes, such as waterfront views or countryside land. In urban cities, luxury locations are in the middle of the town or perhaps in a building with extravagant amenities. Custom architecture and design are also standout features of these opulent properties.
Depending on the location, the cost of the luxury home may vary significantly. Prime properties have skyrocketing prices. However, many real estate loans, such as commercial real estate bridge loans, allow buyers to access short-term loans easily, so they don’t have to say goodbye to their dream luxury home.
Specialised Luxury Realtors
Luxury realtors are those who focus on this niche segment of the real estate market. They boast of a certain prestige since they are experts on the high-end side of the sector.
Not only this, but luxury realtors also benefit from a higher earning potential and more flexible hours. In some states, you might need a specialised permit or background check to start in this line of work. If you’re interested in learning how to become a luxury real estate agent, check out this article.
It’s All About Who You Know
Networking is extremely important in the luxury real estate niche. If you want to sell premium homes, you’ll need to know people with enough spending money to purchase them. Think about who you know that lives in a luxury neighbourhood and ask them if they would be willing to sit down for a chat.
Another way you can network is by partaking in luxury hobbies, such as golf or wine tasting clubs. This is a great way to strengthen existing relationships and create new ones too.
Opt for a Home Inspection
Before you invest or take on a luxury property, it’s important that you undergo a home inspection. Even if this home has all the high-tech features that you’ve been looking for, structural damages are difficult to fix. After a home inspection, you’ll be able to evaluate the asking price more accurately.
Whether you are looking to invest in the luxury market, become a luxury realtor, or you’re thinking of selling your luxury property, it’s important that you educate yourself on the ins and outs of the industry. The internet is a great place to start, make sure you do your own research and examine the state of the luxury market in your local area.