What Is a luxury home, and what makes it so special? Is it determined by price, location, square footage, or some magic combination of all of the above? Many times, luxury is simply in the heart of the very covetous neighborhood. No matter the city, state, or country, luxury homes are the ones with the most coveted locations, whether they’re atop a mountain, right on the beach, or overlooking the sparkling lights of the city far below. But these areas are constantly expanding and evolving. A new strip of trendy bars and restaurants can turn an otherwise average area into a hot spot that attracts high-end buyers. The bottom line is that luxury can mean many things. Rather than swooning over a certain listing boasting this term, focus on the features you’re keen to have in a home to find one that you will love.

Location

The home could be near a well-known waterfront, within a highly desired city, or located in the wilderness with a breathtaking view. Look for uniqueness, a feature the makes it the best luxury property, something that cannot be duplicated. Luxury homes are not necessarily flashy mansions, but an ultimate asset to have some sort of story, or history if you will. Whether the home was built by a prominent architect or situated in a noteworthy location, the value goes up if it’s not just another tract home. Never judge the property by looking at photographs, really look at the property as a whole.

Timeless Design

Timeless design is quietly understated, simple, and sophisticated. This style is one that is designed to be highly functional, yet not bland and boring. Your timeless style is subtle, adaptable, and outlasts. It’s a style that belongs to both its space and its environment.  Drawing inspiration from the columns and stripes of Greek architecture will ensure that your property is timeless! Luxury homes are often quite large, constructed from premium building materials, feature lavish decor, and have a variety of upscale amenities. They’re priced at the top 10% of the local real estate market. Buy a luxury home that is unique and timeless in design to ensure a good return on your investment.

Learn About Market Value

Having a luxury home might be a great investment. The soil on which a luxury property is constructed is often the source of a significant portion of its worth. First, establish the value of the land. Make sure you know and understand the importance of valuing the luxury property you are planning to purchase. educate yourself on property values in the area and be sure to buy a luxury home within the midrange of other properties nearby. do not buy the most expensive luxury property in the neighborhood.

Materials And Construction

The technique of luxury home construction is to follow the ways of old. Modern innovations have brought us many impressive and effective approaches to building. Still, they have not yet managed to replace the look and feel of something crafted by artisans. Take hand-tumbled brick, for example. It produces a level of quality that is obvious and distinctive. You want to know your luxury home is going to stand the test of time. Never purchase a luxury home built with subpar construction quality.

Maintenance And Upkeep

To afford a million-dollar home, you’ll need a minimum annual income of $225,384. This allows you to pay for ongoing costs, including monthly mortgage payments, maintenance, insurance, and landscaping fees and taxes. Keep in mind that maintenance of a luxury property is entirely different than maintaining a regular home. Think twice about a pool or tennis courts unless you know what they require for maintenance.

Open Concept Plan

An open concept floor plan is a layout where doors, walls, and distractions are eliminated by merging all living domains into a single space. As mentioned before, you are looking for a luxury property that will stand the test of time, an open concept interior will do just that. Look for grandiose features in the kitchen, living room, bathrooms, and closet. These are the rooms that you live in and entertain in the most.

Amenities

A luxury home usually includes highlights such as granite countertops, marble floors, and premium kitchen appliances. The homes may also include exclusive features such as an infinity pool and decking made of elegant travertine or flagstone. Many times, luxury homes showcase smart technology to make living as easy as possible. Look for fun features that fit into your lifestyle. These might include a: pool, sauna, wine cellar, or workout room. You will want to have a good handle on amenities you consider important to your lifestyle.

The Community

One of the most important distinctions that define a luxury home community is location as it’s nice to have plenty of restaurants, art galleries, local businesses, great schools, and family-friendly events to check out in the town of your luxury home. Do you enjoy outdoorsy fun like camping and whitewater rafting. or are you looking for oceanfront and beach entertainment? Maybe you want a cosmopolitan adventure and big-city culture. If you are moving to an area you aren’t familiar with, consider hiring a local expert to help narrow down your choices based on desirable neighborhood traits. Do buy where local businesses are thriving within the community.

Tax Laws

Property taxes typically are levied as a flat percentage of a property’s assessed value, regardless of how high the value is. Most state income taxes, in contrast, have a graduated rate structure, under which the rate rises as income rises. Some states and localities have begun to consider adopting this approach for their property taxes by setting a higher rate for high-value properties. There are also tax loopholes that can be advantageous when considering a luxury property. One loophole allows you to defer capital gains if using them to purchase a “1031exchange.” Under Section 1031 of the United States Internal Revenue Code, a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. Do learn the tax laws associated with the purchase of a new luxury property or hire a professional to review the implication with you.

 

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About Lisa Marie Jones, Realtor

Your hometown realtor! Lisa helps buyers and sellers of Luxury homes in Broward, Palm Beach, & Martin Counties. You need a real estate agent that will be with you every step of the way. Lisa Jones has earned a reputation for being one of the top real estate agents in South Florida.
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