Luxury home buyers expect a certain quality from their homes. They’re going to spend a lot of money on them after all. Why do they spend all that money though? What motivates people to buy a luxury home? Luxury homes are highly valued for several reasons. They provide homeowners the opportunity to live a lavish and comfortable lifestyle. Luxury real estate tends to be more expensive, which makes it vital to make the right choice. In this article, you can learn more about the key motivations for purchasing a luxury home.
What is Luxury?
Before jumping into the motivating factors, let’s first address what luxury looks like. When buying a home in the Bay area, you want to be sure you are getting something that counts as “luxury”. It’s hard to pin down just what is meant by luxury, but most elite people these days are looking for an urban property that has four bedrooms and three bathrooms and is between 5,000 – 7,000 square feet.
Why Do People Buy Luxury Real Estate?
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The Quality – A good motivating factor for buying East Bay homes for sale is the quality of the build materials and the design. Luxury homes break the mold and they go above and beyond what is considered standard. Things such as marble, hardwood, crystal, and Venetian plaster are considered a part of the luxury home experience.
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The Location – No matter what city, state, or county property is in a luxury home is considered to be the one in the most coveted location. Luxury homes are set against mountains, beaches, and gorgeous city views. These are locations that people are willing to pay extra for because they value them. Living in just the right location can sometimes come with a cost and being able to live in that location is more than enough for some people to seek out an East Bay realtor for luxury property.
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Privacy – Privacy is a major motivating factor for affluent people looking for luxury East Bay San Francisco real estate. Public figures such as celebrities enjoy the privacy that these homes bring. They serve as a respite from the paparazzi and the public that hound them while they are just trying to live their lives. Privacy is delivered through large yards, extra foliage for cover, high walls, gated entrances, and the latest security. Luxury homes are generally built out of the way and offer a lot of privacy to people who are more than willing to pay for it. One of our tips for buying a house is that if you want privacy it doesn’t get much more private than luxury real estate.
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Provenance – Provenance is defined as “: the history of ownership of a valued object or work of art or literature”. To put it simply, not everyone who wants to buy luxury property is interested in buying a mansion. They are looking for something that has a rich history to it. They want to buy something that has a story behind it, such as it being built by a prominent architect, being involved with world events, or just being in a location that has important historical significance.
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Luxurious Living – Wanting to live in luxury and create a real home is another reason people look into luxury properties. Just over a third of affluent buyers say that they want to feel some kind of emotional connection to the home. The emotional value of a property can outweigh the physical location and the other practical features for some people. They want to live a happy and healthy life. They want a customized environment that offers security and the chance for personal growth; somewhere they can make a lot of happy memories together with their family.
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Investment – Last but not least we have the idea of buying a luxury home as an investment. Real estate is always a good investment choice, and the luxury property is no exception. Buying a home that appreciates is an important part of real estate investment. Luxury home sales reportedly increased 11% annually in 2017, which gives an example of how the price of luxury homes can increase. There’s also the issue of supply and demand. The supply of these homes is limited while demand continues to grow. Luxury real estate offers a great investment opportunity for those who can afford it.
Closing Thoughts
There are lots of reasons that people choose to invest in real estate; they want to live out of the way away from others; they want to live somewhere luxurious made from high-quality materials; they want to own a piece of history, or they just want to invest. The main reason is the same reason anyone buys a home though – to have somewhere to live happily and make a life for themselves. Find out more about the best luxury homes in East Bay and let me help you find the perfect home. Leave me a note here on this website or call me at (510) 406-4836.
