A recent survey of luxury home owners and buyers by national real estate chain Better Homes and Gardens Real Estate reveals some interesting insight into what wealthy buyers want in a property. While most home buyers may not fit into the “wealthy” category, it is important to note that wealthy consumers are considered trend setters in most industries. A trend towards smaller, more tech-friendly homes will eventually trickle into an overall trend among home buyers outside the luxury market as well.
The survey found that luxury buyers are abandoning mega-mansions for smaller homes with cutting-edge technologies. 66% expressed a stronger desire for having a smart home than a green home while 87% said they would not even consider purchasing a home that isn’t tech-friendly. These buyers aren’t talking about just homes that are wired for high-speed internet or surround sound. They want features like key-less entry and the ability to manage their homes remotely, including controlling the climate, lighting, garage or security systems through their mobile devices.
And while everyone wants a spacious, functional kitchen, luxury buyers want an outdoor one. In fact, according to another survey by the National Association of Home Builders, nearly half of people looking at homes priced above $500,000 said they wanted an outdoor kitchen. Luxury home buyers also place a high value on outdoor amenities. A garden oasis, outdoor fireplace or fire pit, and a separate guest house outside of the main home top the list of must-have amenities.
Inside the home, Better Homes and Gardens found luxury buyers expect other amenities as well- like a climate-controlled wine cooler or a warming drawer. 42% of high-end buyers desire a wet bar and half said they want an exercise room.
Many wealthy buyers are willing to downsize to get these features, marking a new trend in the world of luxury real estate. Some 60% say they would rather have as many upgrades as they can afford in their home rather than greater space. 94% of luxury homebuyers surveyed said they would be willing to give up 1,000 square feet of living space from their next home in exchange for living in a better neighborhood and living in a house with character. Other features that people are looking for include more land, access to dining and entertainment, and a shorter commute.