What do luxury buyers want in a home?
NEW YORK – Sept. 12, 2013 – Luxury homeowners and buyers place a high value on real estate, according to a new survey of 500 luxury homebuyers conducted by Better Homes and Gardens.
According to the survey, 75 percent of luxury homebuyers believe homeownership is a sounder investment than the stock market. What’s more, 57 percent of luxury homeowners said homeownership is a bigger indicator of success than their job or title.
“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “The luxury homebuyer has high standards and invests the money, the time, and the commitment to making their home fit their needs and reflect who they are. It’s remarkable that they do this so well that nearly all – 93 percent – believe their house is the best one on their block.”
The survey revealed some of the following insights into the luxury homebuyer and owner:
• They want more than one home: Fifty-three percent of those surveyed said they prefer owning multiple “lifestyle” homes to support their lifestyle activities, such as skiing or attending the theatre. Fifty-eight percent said they already own multiple homes.
• They’re willing to sacrifice square footage for amenities: Sixty-percent of luxury homebuyers said they would rather have as many upgrades as they can afford in their home rather than greater square footage. Ninety-four percent would be willing to give up 1,000 square feet of living space to get the amenities they most desire, such as living in a better neighborhood, living in a house with “character,” more land, access to dining and entertainment and a shorter commute.
• They want a high-tech home: Sixty-six percent expressed a stronger desire for having a “smart” home than a “green” home. Eighty-seven percent said they wouldn’t consider purchasing a home that wasn’t tech-friendly.
• They value their outdoor space: Luxury homebuyers also placed a high value on outdoor amenities as must-have essentials in a home. For example, they expressed a big interest in having a garden oasis, outdoor fireplace or fire pit, and a separate guesthouse outside the main home.
• They turn to a real estate agent for guidance and greater insights: The luxury homebuyer looks for their real estate agent to provide them insight into the neighborhood lifestyle (65 percent), advance notice of new listings (64 percent), advice on housing trends (55 percent), and support at a personal level throughout the buying process (53 percent).
Source: “Luxury Home Owners Believe Home Ownership is a More Sound Investment Than the Stock Market, Survey,” RISMedia (Sept. 10, 2013)
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