We see it all the time, “Luxury Home for Sale”, but what truly defines a luxury home? What makes it different than all of the rest? In the real estate industry “luxury” is one of the most overused words right next to “spacious” and “convenient”. The truth is that if we use the word “luxury” in the proper manner there are very few homes on the market that truly fit the definition.
I define luxury as something that is an indulgence. Something that is not a necessity in any way but rather something that we all wish we could have. I don’t believe that a true luxury always requires a lot of money but many times it definitely does. Silk sheets are certainly a luxury but one does not to be wealthy in order to buy them. A Mercedes Benz is considered to be a luxury vehicle but many middle class families own one. Luxury is not just about money, it is about comfort, convenience and abundance.
Luxury also does not apply only to material possessions. Staying in a 5 star hotel is certainly a luxury but you don’t own anything, right? The experience of vacationing in the finest accommodations available is a true luxury but it is about the service and availability of all that you desire that makes the experience so worthwhile. Yes, it does cost money to stay in a highly rated hotel but it’s really more about lifestyle and less about possessions.
Another word that I think defines luxury very well is “special”. We fly first class because we are treated differently than when we fly coach. It’s true that the service is much better than lower priced travel and there is certainly more comfort to be had but somehow it all comes together to make us fell more “special”, more appreciated, more important. If this were not true who would spend the extra money for a simple 3 hour flight? It is the way in which something makes us “feel” that determines whether we consider it to be luxurious or not.
Finally I think that luxury can be defined as something that represents the best that is available. A private jet (or helicopter) is certainly the most comfortable and convenient way to travel and is by far the fastest way to get from one place to another. We would all choose this option if we had the choice, right?
So what does this have to do with real estate? As I had mentioned earlier the word “luxury” is often over used to describe an available home on the market. A true luxury home would meet all of the definitions above and more. A luxury home would also display excellent craftsmanship, superior design and be tastefully decorated. It would be peaceful, private and extravagant. Most of all it would be impressive, very impressive.