Some 75% of luxury home buyers believe home ownership is a sounder investment than the stock market and 57% say it is a bigger indicator of success than their job or title, the poll by Better Homes and Gardens Real Estate found.
‘The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with home is very significant as we look at the real estate market as a whole,’ said Sherry Chris, president and chief executive officer of Better Homes and Gardens Real Estate.
‘The luxury home buyer has high standards and invests the money, the time, and the commitment to making their home fit their needs and reflect who they are. It’s remarkable that they do this so well that nearly all, 93%, believe their house is the best one on their block,’ she added.
The survey also found that rich people like having many homes with 53% saying that they prefer owning multiple lifestyle homes to support their lifestyle activities, such as skiing or attending the theatre. Indeed, some 58% say they already owned multiple homes to support their lifestyle activities.
It also found that they are willing to sacrifice square footage for luxurious amenities. Some 60% say they would rather have as many upgrades as they can afford in their home rather than greater space and 94% would be willing to give up 1,000 square feet of living space in their next home in order to get the amenities they most desire, such as living in a better neighbourhood, living in a house with character, more land, access to dining and entertainment, and a shorter commute.
They also want the latest technology and 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 wasn’t technology friendly.
Outdoor spaces are also important and luxury home buyers place a high value on outdoor amenities as must have essentials such as having a garden oasis, outdoor fireplace or firepit, and a separate guest house outside of the main home.
They also reveal that they are happy to look to real estate agents for guidance and advice with 65% wanting information on lifestyle in the area they are looking to buy, 64% wanting advance new listing notices, 55% wanting advice on housing trends and 53% wanting support at a personal level throughout the buying process.
