A guide to luxury and fashionable living.
High-end home buyers have very specific wants and needs. As well as extra square-footage for their money, most have a long shopping list of amenities they want. The specific nature of what high-end buyers are looking for has varied in recent years as tastes have changed. A survey carried out by a US property company has revealed a few interesting trends.
Surprisingly, many wealthy homebuyers prefer modern architecture and homes with flowing layouts. While period properties do have their place in the upmarket homes sector, particularly in cities like London where boroughs such as Mayfair are predominantly period properties, buyers tend to favour newly constructed homes.
Flexible Living
Buyers also want flexible living spaces where they can work from home, relax with their families, and entertain. Traditional living rooms and separate dining rooms are no longer in favour. Modern buyers much prefer open plan living spaces that move seamlessly into different areas. Luxury property developers understand the desire for a living space that is multifunctional. Clients want a room they can use for a business meeting in the morning and a dinner party in the evening.
Today’s luxury home buyer doesn’t want the hassle of converting a property into their dream home. Dealing with architects and building contractors is a lot of effort, and many wealthy people don’t want older and often outdated features. They much prefer modern technology and all the mod-cons that come with a newbuild, in particular, smart home technology.
Smart Homes
Buyers with a lot of money to spend want fully integrated smart home technology that manages their energy efficiency and daily living, such as smart lighting, smart home security, and smart energy management systems.
Wellness
Finally, the other consideration wealthy buyers look for is whether a property has been designed with wellness in mind. By wellness, we mean functionality to aid ease of use, how eco-friendly the building is, the amount of natural light, whether it has access to a gym, spa, and swimming pool, and more. These features are now prized over extravagant décor, which is a far cry from the types of properties in vogue in the 80s and 90s.
Modern Home Conversions
Developers have cashed in on this trend in recent years, by converting period buildings into high-end accommodation. The development of the former Chelsea barracks is a good example of how a former public building has been developed into a luxurious selection of penthouses and townhouses with distinct themes.
In Birmingham, the renovation of a former textiles factory into unique and characterful properties has attracted a lot of interest. The space has a distinct modern, industrial vibe, which is sure to appeal to younger buyers seeking a luxurious, open-plan living space right in the heart of the city.
Funding a Luxury Home Purchase
A luxury property purchase is a huge investment. Some buyers pay cash, but the majority use mortgage funding from companies like Enness Global, which helps high net worth individuals with high-value mortgages and bridging finance. They also offer large mortgage advice and have private advisors available. Using the expertise of a professional company like this will help make sure the buyer gets the luxury property they desire, with the right financial support.
If you are in the market for a luxury home purchase, now is an excellent time to buy, with many homeowners looking to offload expensive properties in London and other major cities.