Luxury homes in the United States or Canada can’t be pinpointed. Determining whether a house is in the luxury category is more relative than objective. Ask one person, they’ll say location, another will say price, yet another will insist it’s size; both square footage and property size.
Location, location, location
Even though location is a prime factor in determining a luxury home, it too is relative. Take a multi-million dollar estate in Beverly Hills, California. Build the exact same house in Lincoln, Nebraska and it will be 50 percent to 75 percent cheaper.
Of course there are those areas that conjure up images of luxury just at the mention of their location.
It’s not the size that counts
For most of us the thought of a 10,000 sq ft house, or a 500 acre parcel of land screams luxury. Does this mean that a typical 2500 sq ft home can’t be luxurious? If it’s decked out with the right amenities any home can be sumptuous. Fine fabrics, stones and woods, mixed with the proper furnishings go a long way it creating luxury.
Of course not everyone can be a Vanderbilt, a Rockefeller, or a Trump. These names inflict visions of luxury to the extreme. In all actuality, with a little effort, a luxury home is well within the means of many people.
- Mountain hideaway
- Urban penthouse
- The country manor
If it costs more, does that make it more luxurious? As shown above, location plays a key role in the cost of a home, but there are many other factors to take into consideration. In a study conducted by Coldwell Banker Real Estate Corporation, in 2004, 85 percent of all luxury home owners have an annual household income of $150,000 or more, and 50 percent of them bring in $300,000 or more. Unlike the majority of Americans who have to make big cut backs when interest rates soar, 61 percent of those poled said interest rates do not affect their spending. And spend they do.
The high ticket cost of their luxury home plays out further with costly renovations and high-end home décor. To create the luxury home, this list of lavish add-ons is most always a must.
- Large designer kitchen with pizza oven
- Home theater
- In-ground swimming pool
- Wine cellar
- Heated floors
- Boat house and dock
- Tennis court
- Security System
- Professional landscaping
- Hot tub
- Workout room
- Resistance pool
- Breakfast bar in master suite
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