Increasingly, high net worth homebuyers are looking for luxury homes that offer a more luxury living experience and not a materialistic one - influenced by their experiences in top class exclusive hotels.
This is a prime home buying trend that has been noted by more than one survey recently with one digital consultancy finding that wealthy consumers today are not just more globally exposed; they are also more informed and have a strong desire to create a home they can enjoy living in.
Indeed, the survey highlights that these luxury home buyers are more sophisticated than previous generations and they are being led into enjoying a luxury experience by some of the world's most prestigious brands. It's this shift towards experiences that is seeing buyers looking to spend money on features in a property such as an outdoor shower or a meditation garden.
One reason for this is that high net worth individuals are increasingly looking for a better life balance and to gain meaning from their work. They also want to enjoy a family life that is enriched with access to lifestyle and amenity options that they can experience every day.
What are some luxury living experiences?
- Ground-level water garden
- Glass walled gym
- Rooftop cinema
- Wine cellars are increasingly popular
- Bathrooms that resemble a day spa
- Rooftop heated infinity pool
It should also be noted that modern luxury homes have progressed along with evolving technology; most offer a wide range of tech-driven amenities.
Essentially, this means having smart home technology so everything can be controlled from a mobile phone. This is a very popular choice for high net worth individuals.
They can use their smart home technology to control their experience such as:
- Controlling the thermostat
- Locking doors
- Switching on the hot tub
- Controlling music and lights
- Switching on appliances
The luxury home owner can do all of this and more wherever they are in the world. The system will also notify them when motion is detected in the property and security cameras can be monitored.
Luxury home buyers
For many luxury home buyers, the kitchen is at the centre of their home and is an important feature so why not have one with features that enhance the experience, including:
- Restaurant quality appliances
- Warming drawers
- Walk-in pantry
- Wine fridges (Complete with LED lights and glass door)
There are even coffee brewing machines that can be controlled from a smartphone to create the homeowner's favourite coffee or tea at the touch of a button. The notion of a luxury living experience extends to outdoor living with doors that stretch from ceiling to floor and will slide seamlessly into the wall to open up the garden.
Other features will include an outdoor kitchen along with outdoor seating and a fire pit. There may also be room for a koi pond or an infinity pool. Alternatively, there may be a meditation garden and/or outdoor shower area available.
As mentioned earlier, the growing popularity of spa bathrooms means the experience element comes with offering steam and rain showers, radiant heated floors, heated toilet seats, walk-in showers with seats and a large bath as a centrepiece. Some properties will opt for a sunken bath and skylights as well as a double sided linear fireplace to really set the room apart as something special and a place to spend time relaxing in.
Why shouldn't high net worth individuals create something unusual?
And if luxury homes are big on experience, why shouldn't high net worth individuals create something unusual with their home gym?
These private fitness facilities will be impressive in most gyms and feature flatscreen TVs, built-in speakers and there's the option of an indoor lap swimming pool and top-end work out equipment.
Along with gyms and bathrooms, it's also possible to develop a dressing room into something rather special.
The Wall Street Journal reported recently on high-end dressing rooms offering the experience of entering a designer store or a plush lounge.
This means the owner's clothes and handbags are on display in glass cases and lit like sculptures with custom designed couches for friends and family to sit on.
This trend towards experience
Make no mistake this trend towards a luxury living experience has been underlined by the Wealth-X Billionaire Index which also highlights that the experience luxury sector is outperforming all other sectors of luxury goods.
If you're looking to sell your home without making these improvements, we can buy your home in its current condition. Read more about how a fast house sale to Yes Homebuyers works by following this link.
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