Real Estate

What the Next Generation of Luxury Real Estate Buyers Wants in a Home

Up until recently, rich real estate buyers used to be all about huge spaces. Generally, vastness of space used to be a symbol of luxury and lavishness. If you give it some thought, you’ll probably realize there were huge houses in your hometown where some very rich people used to live. The more colossal the house, the better your status symbol was. It has been a fact for a long time. However, times are changing. Nowadays, the big bucked folks have other priorities and new demands, so let’s see what some of them include and how to lure them into buying new property.

Location, location, location

Wealthy potential buyers of today are especially fond of a remarkable location. This can mean different things to each buyer. Most of them are business people who spend a lot of time at the office and they’d like it to be close to their work. Others prefer an amazing view such as a waterfront, the mountains or anything that is considered the location with the most stunning view in the tristate area. Some like to live away from civilization, while others simply adore the busy allure of the city centre and its energy.

More than property

When buying a house, opulent people want the whole package. They’re often lazy and would prefer buying a fully equipped top class house instead of having to redecorate. This is why the way the house looks on the inside is quite important. Prospective buyers aren’t just buying property, but the whole experience. They need to fall in love with the place and what better vibe is there than an exotic one to win them over? For instance, the Asian theme is quite popular and it can be delivered perfectly with some enchanting Persian rugs and Asian artwork.

Giant patio space

Having a patio is amazing, especially for those outdoorsy people who like spending time in the open. However, not just any patio will do, and wealthy buyers are looking for an enormous space with enough room for an outdoor kitchen, a bar and comfortable chairs. Also, they want to be protected from the sun, and may insist on protective commercial shade sails that will come in great during those long summer afternoons. This easy upgrade will be perfect for throwing parties, spending lazy Sundays or enjoying a nice meal out in the open.

Specialty rooms

Having money often means wishing for much more than the very essential for yourself, which seems logical. Why wouldn’t you like to use the money to get a great space and much more than just a simple set of rooms any other house has? Some like having a media room with a great sound system, others have their own party rooms with a bar, disco lights and even special effects to make it look like the inside of a club. On the other hand, some prefer having their own spa room, a gym or an indoor pool. You just need to find that special something the customer wants and use it to your advantage.

Smart home elements

The development of technology has brought us a new generation of rich folks – the tech freaks. Regardless of how much they actually know about technology, these people just need to have the latest cell phones, computers, laptops, as well as automated systems for everything in their own home. Turning the lights on and off using your mobile phone or the sound of your voice and being able to control any appliance in the house this way is simply a must with these tech freaks. This is why smart homes sell much faster as everyone wants one.

Energy efficiency

We mustn’t neglect the group of environmentally aware buyers. Some rich people simply love being eco-friendly. Whether it’s because of the cause itself or merely for the buzz, a whole bunch of people are into the best energy and money saving systems. Energy saving bulbs, appliances, renewable energy heating and cooling systems, as well as solar panels, are an excellent addition to the needs of many extravagant future property owners.

As you can see, times are changing and some of the priorities of estate purchasers are changing rapidly. Truth be told, it’s a change for the better and the requirements are more exciting, as well as more challenging for real estate agents. All in all, it must be thrilling trying to get inside the heads of your prospective buyers and being able to understand their mindset. It’s definitely a dynamic field of work!

You may also be interested in: How to Save Money For a House: A Quick Guide


Writer: Cooper Klien

Disclaimer: All investing can potentially be risky. Investing or borrowing can lead into financial losses. All content on Bay Street Blog are solely for educational purposes. All other information are obtained from credible and authoritative references. Bay Street Blog is not responsible for any financial losses from the information provided. When investing or borrowing, always consult with an industry professional.

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