Inside the Mind of a Luxury Homebuyer

Posted by Terri McAuley on Thursday, November 17th, 2016 at 2:30pm

A potential homebuyer will have dozens of questions, concerns and desires. As they begin the house hunting process, they likely understand that it will be necessary to compromise on certain features or amenities. But for someone who’s buying a luxury home, their priorities may skew differently.

These people really want to be wowed. If they aren’t, what’s the point? As a luxury real estate agent, you’re bound to run into a lot of obstacles meeting all the client’s demands. Finding the perfect home for someone who has it all -- or who wants it all -- can prove to be a daunting task.

So what does the luxury home buyer really want?

The right price

Sure, these people are wealthy, but that doesn’t mean that they don’t love a good deal. They will ask about the home’s buyer history and what year it was built in, and will be on the lookout for any imperfections that can help drive the price even lower.

Additionally, luxury homebuyers often value personal touches. In many cases, these buyers are looking for a home with good “bones.” In fact, 32% of luxury buyers want to design their own home, but sometimes building a home from the ground up is more trouble than it’s worth. In that case, your client may be looking for a much lower priced home to renovate or tear down altogether.

Location

The importance of location cannot be stressed enough. Over every other attribute, 71% of homebuyers would pay for location. While interiors and exteriors can be renovated, moved, changed, etc., the views from your property likely cannot. If you like privacy, you won’t be able to find a 12-acre plot in a city center. A client who has her heart set on a brownstone won’t take kindly to your suggestion of a remote farmhouse, no matter how historic or luxurious.

As a realtor, location should be your primary research point. What kind of neighborhood do your clients want to live in? Do they have a specific one in mind? Are they looking to be in the middle of all the hustle and bustle of the city, or would they rather be secluded? Over 40% of homebuyers want a waterfront property; is that compatible with their neighborhood selection or budget?

Amenities

It’s possible that a homebuyer will be willing to add new amenities. An eco-friendly home is desired by many, so solar panels or geothermal heating may be on the top of their priority lists. Smart amenities have also become increasingly popular. Smart amenities can be controlled with a mobile device, and can be programmed to conserve energy when the homeowner is not home. Properties that already offer eco-friendly advantages may be particularly desirable, but these features are also relatively easy to add post-purchase.

Top-of-the-Line Appliances

When you move into a home, you often expect a dishwasher, stove, washer, and dryer to already be set up. But in a lot of cases, older appliances can be more off-putting than not having them at all.

Stainless steel is the most coveted appliance finish on the market. It’s cool, sleek, and doesn’t stand out the way a white dishwasher would against dark cabinets and stone floors. Many homeowners would rather push their budget to have new, high-end appliances installed already.

Size and Space

A luxury home is spacious almost by definition, and a buyer will want their space maximized. While some enjoy cooking and would prefer a large kitchen, others are willing to forego that option and choose a home with a larger living area or outdoor space.

Many can agree that an ensuite bathroom off of the master bedroom is a luxurious convenience, and is certainly preferred. Storage space is also important to some, whether it be closets or the need for a multi-car garage. 

Whatever it is that your client is looking for, it’s best to ask them what their ideal home looks like in detail. Luxury homes are hard to sell and even harder to find. To make the most out of your client’s time, don’t waste it. Know their priorities before you start looking.

Inside the Mind of a Luxury Homebuyer

By:  Terri McAuley

Chicago Condos for Sale

Cell: 312-330-3211
Website:
www.WeKnowChicagoRealEstate.com

“Chicago’s Luxury Condo Specialist”

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