Things a Luxury Home Must Have
Buying or building a high-end home for the first time? These properties have a goal to go above and beyond anything you would find in traditional real estate, so buyers should always be on the lookout for the following to ensure what they’re buying is truly luxury and they won’t have to spend any time building extras into the home. Open concept floor plans. The goal is for the home to look and feel as large and airy as possible, and too many walls take away from that goal. Also, don’t forget the entryway staircase—two are better than one. High-end homes demand that when someone enters, they immediately feel like they’re somewhere special. Exercise, game and theatre rooms. Who wants to make a trip to an offsite gym? Having a fully decked out home gym is a necessary part of a high-end home. Not only should it have the best possible machines and equipment, but a great view and a fully stocked water fridge. And if you’re a big movie fan, a home theatre is a must. Technology is key. If it’s important to you, look for a home decked out in the latest in smart technology, from lighting to climate control and the security system. Today’s buyers also expect that the home is as environmentally friendly as possible, and the smarter your home system is the better it is for the environment. Extensive walk-in closets. One of the truest marks of a high-end home is the amount and size of the walk-in closets available. Closet space is incredibly important when dealing with someone with unlimited purchasing power. A properly designed dressing room includes abundant shelving and racks, gorgeous lighting and ceiling-to-floor mirrors.
Buying a Home Without Ending Up House Poor
Most first-time buyers will tell you that finally closing a deal and getting the keys to a brand-new home feels pretty amazing. It’s afterwards, however, that things can take some getting used to. Between newly established mortgage payments and closing costs (not to mention the normal repair costs that sometimes come with owning your own home), many first-time buyers find themselves feeling “house poor,” with minimal disposable income to put toward retirement, vacations or small luxuries they may have taken for granted in the past. Here’s how to snag that home and avoid feeling like the trade off is a permanent state of being cash-strapped. Buy the home you need now. Some people think that buying a bigger house will mean more value down the road, or at least makes more sense if you plan to expand your family. But paying a mortgage on a second bedroom you don’t even use might mean heftier monthly payments. Keep within your budget and buy what makes sense for your needs. Don’t spend all of what the bank is willing to lend you. Canada has a mortgage stress test for a reason. If home interest rates rise, so will your monthly payments. Taking on a smaller mortgage goes a long way toward leaving you with some contingency funds, which is especially crucial if interest rates rise. Know what’s worth spending money on. When you feel house poor, it can be tempting to skimp on certain upkeep tasks. However, neglecting these tasks can cost more money over time, or result in you having to pay an unexpected lump sum (to replace a roof, for example). Make sure you understand the necessities of homeownership, as well as the “nice to do” improvements. Evaluate your life. If you feel like homeownership is causing you to give up things that make your life truly enjoyable—or causing you to lose out on crucial necessities (like medication)—it might be time to re-evaluate things. Maybe it’s time to downsize or look at moving into a more affordable part of the city. Maybe you can make some extra income by renting out a room or picking up a part-time job. Buying a house should never mean sacrificing an enjoyable life. With some careful planning and a full understanding of what homeownership really costs, you can have your own space and live a full life.
Competitive Edge in the Market
Whether you want to give your kitchen a luxury upgrade by gutting it before you sell, or you just purchased an older home and want to bring it into the 21st century, designing the kitchen layout will be critical. It’s one of the most well-used rooms in any house and can really make or break the sale for a buyer. For the ultimate kitchen, take these design points into consideration: Encourage conversation. The best kitchens, be they sprawling or compact, encourage socialization. They’re best designed to be open to the dining or entertaining area or otherwise part of the home’s natural flow. A large island with comfortable seating enables party guests or families to be part of the action while food is being prepared. Luxury features are still in proportion. Luxury doesn’t always mean large. Even a compact kitchen in a condo can still be a luxury kitchen, but the scale will reflect the size of the space. That might mean a sleeker, more compact fridge and an undermount sink instead of a farmhouse model. Make sure appliances are equidistant from each other. For a kitchen with optimal flow and function, the fridge, sink and cooking range should be positioned in a triangle, while still being close enough to be functional. If you’re rinsing vegetables in the sink at one end, you don’t want to be running to the opposite of the counter to put them in the oven. Be consistent. Appliances in a kitchen should not only come from high-end brand names, but they should have matching finishes and look harmonious with the rest of the kitchen’s palette. Luxury finishes can be striking to look at, but they should be cohesive and consistent.
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