How to Recognize True Luxury Properties

What to Consider

Other Than Location

When luxury home buyers are looking for a new abode, they are often advised to pay most of their attention to location, location, location. And it’s true that good locations often have better properties, but if you’re only looking at location then you might be forgetting what it is in a luxury property that makes it luxury. You could view a property in a great location, and because you completely ignored any of the other factors that make a property high end, you might find that once you move in, you aren’t as pleased with the actual house itself as you thought you would be. Here are the other things you should look out for when purchasing a luxury home:

• Architectural Uniqueness: The simple fact is that good architecture retains its value. Do your homework on architects and find the ones that have a good track record of designing beautiful, but practical homes. Don’t simply pay attention to how the building looks today. Consider how it will look in a few decades. Keep an eye out for the “bones” of the building, and decide whether they will stand the test of time or not. Things such as a solid foundation, high-grade materials, unusual details, and artistic components are good aspects to consider. Will the structure hold up well or will it degrade and crumble without constant upkeep? That funky molding may look artistic today, but in ten years will it be considered artistic or just plain weird?

Practical Layout: Make sure you have enough room to live in comfort. As a buyer of luxury property, you probably have quite a busy social schedule. You want to make sure that the layout will lend itself to helping you maintain clear separation between your social areas and private ones. You don’t want guests having to go back into your bedroom to use the bathroom. Look out for places with stairwells, awkward columns, long hallways, and other wastes of space.

• Unobstructed Views and Light: You want to live in a home that gives you lots of natural light, such as one that is open to the outdoors. That natural light will improve your mood, as well as the resale value. The openness of a space filled with natural light will make you feel more comfortable and happy in your new home. What about the view? Do you see a park, a bridge, a river, or a skyline? Is the fantastic view out your window protected? You’ll need to understand the surrounding air rights and zoning allowances of neighboring buildings to understand the possible risks.

Do you see a park, a bridge, a river, or a skyline?

• Windows: Windows are the primary source of losing heat and cooling. Make sure they are double-paned with good insulation that will protect your home against weather and noise. Unless the windows are already like this, it is unlikely that the condo or co-op board will allow you to install your own.

• Ceiling Height: Consider the cubic footage of the property. You want to look for high ceilings that increase the openness of a room. Of course, you don’t want to go too high. Above 14 feet will get you diminished marginal returns.

• Storage: If you’re a woman, you will understand this one. We need lots of closets and additional storage room to fit all of our clothes, shoes, jackets, hats, purses, etc. However, lucky for you, your potential home’s existing closet square footage will not limit you from putting in more storage space. Custom closet companies can create any kind of storage space you desire. You will have to, however, make sure that your new home does have an area that you can turn into this storage space.

• In-Unit Laundry: In-unit laundry has become necessary for any luxury home or apartment. Do you really want to have to trek down flights of stairs to use the basement laundry? If you still consider it wasted space, you can convert it into more closet space.

• The Gym: Having a fitness area nearby is an amenity that is especially important, particularly in winter when you don’t feel like walking to the gym a few blocks down. One thing to consider is the size of the gym in relation to the size of the building in light of common area fees.

Do you really want to have to trek down flights of stairs?

• Move-In Ready: I’d advise against buying time-consuming and frustrating fixer-uppers no matter how much you want to add custom kitchens, finishes, fixtures, and other characteristics. Choose a property that already has all of these amenities taken care of. These properties have already had the same designers you would hire fashion the house at a fraction of the cost you would pay to have them do it after you move in. In this light, it is worthwhile to pay a little extra for the move-in ready home.

• Reputation: Pay attention to the reputation of the building. A property that has a good reputation tends to retain its value. You can easily find this out online on posts, and established locals are likely to have an opinion.

If you want to buy luxury property that is really worth it’s price, then I would suggest adding these points to your list of things your new home must have. If you want to get a high quality home that is a true luxury, you’ll want to watch out for these aspects as well as the location. Some properties might claim to be luxury based on their location, but when compared against this list, they don’t make the cut. So, don’t be fooled by imposters, and make sure you find a true high-end property.

Growing up with a family who worked in property development, REALTOR® Ray Wu learned the ins and outs of real estate from a young age. His first career was in banking, but in 2013, he decided to follow in the footsteps of his family by joining their property development firm. Just last year, he made the move to become a full-time REALTOR® after realizing the joy it brought him to help people buy and sell homes.

A longtime resident of Brooklyn, New York, Ray enjoys the vibrancy of the area and the opportunities it provides his career. “Brooklyn is a really dynamic place to live and it is constantly changing,” he says. “On the plus side, it means that I am always meeting new people. Living in this area has really helped expand my professional community.” He represents a wide spectrum of clientele with their real estate needs, particularly people of Asian and Italian lineage. “Families of immigrants work really hard,” he says. “It motivates me to work hard for them to help them find a great place to live.”

A part of a real estate team, Ray relies on a strong network to bring in a steady stream of clients throughout the year. Over 70% of his business is from referrals and repeat clients, which demonstrates just how successful his practice is. Throughout the process, Ray keeps his clients informed and uses his background in finance to negotiate deals on their behalf. “It’s not about personal gain for me,” he explains. “It’s about helping people who aren’t sure which way to turn when it comes to home ownership.”

To market his listings, Ray uses a two-pronged approach of traditional and digital marketing tactics. Specifically, he sends out targeted mailings to clients and uses social media advertisements to reach new potential home buyers and sellers. “The combination of these two strategies works really well in promoting our team and company,” explains Ray. To complement his day-to-day routines, Ray hosts events and fundraisers throughout the year to engage with his clients and community while giving back. He finds that doing good things for others comes back to him in kind. “Real estate is a two-way street,” he says.

Looking to the future of his business, Ray has big plans to scale his business. Within five years, he wants to grow his team to up to twenty people and franchise his company so that they can expand to other areas. While Ray aims to widen his scope and help more people, he asserts that he will always maintain the same level of care with his clients. To summarize it in a few words, he says, “Sales and success come from service.”