Luxury Home Buying Guides And Pro Tips
By Bashir Ademola Yusuf
Luxury Home Buying Guides And Pro Tips
By Bashir Ademola Yusuf
Considering the huge capital involved in buying an exclusive and luxurious item, it is very imperative to understand what will make the buying process a success. The dream of many people is to live in a luxurious home and experience the ultimate comfort. The access to limitless pleasure, minimalistic architectural lines, a serene atmosphere, a spacious garden, and exquisite features that mix with smart technology is the only option for several high-ticket individuals who can afford luxurious lives.
The luxury real estate market has continued to grow across America, Africa, Asia and other parts of the world, despite the expensive commitment involved. That is why the demand for luxury homes has been on rising in Nigeria, particularly in places like Abuja, Lagos, Port Harcourt and a few other parties of the country. Districts like Maitama, Asokoro, Guzape. Katampe Extension and Wuse 2 are amenity-rich neighbourhoods with high-ticket luxurious properties in Abuja, while places like Ikoyi, Victoria Island and Lekki are the best-known for luxurious properties in Lagos.
Whether you are buying a luxury home in Lagos, Tokyo, or Los Angeles, the undeniable fact is that every luxury home has a characteristic that makes it appealing to the buyer. That means there are features to be looking out for and factors to be considered while shopping for a luxury home. As a specialist in luxury real estate, I will be discussing luxury home-buying guides and tips in this article.
What are luxury homes and their features?
What exactly defines a luxury home? Is it determined by location, land size, price, high-class amenities or some magic combination of all the above?
To be candid, a luxury home may not necessarily be determined by the property price or square footage. Most times, a combination of some features needs to be considered before qualified property as luxury. Although, it is hard to give a single definition that encapsulates this air of affluence. One needs to consider an extravagant amount of space, an aesthetically pleasing appearance, high-end amenities and a high price tag to define a luxury home.
According to Lisa Gild, an associate partner with Partners Trust, “Luxury is the quality of the build, the location of a home, the magnitude of a property—but it is also very personal,”
We should consider the following factors before qualifying a home as luxurious.
- The price tag for the home
- Size of the house and external space
- The Uniqueness of Architectural Design
- Amenities in the home
- Location
So, whether you’re looking to buy a luxurious mansion or confusing if you can describe your 2-bedroom apartment with such an opulent term, here are some general features you can expect to see in a luxury home.
Prime Location with Beautiful Neighborhood: Location is one of the most significant characteristics of luxury homes, whether they are right on the beach, on top of the mountain or in amenity-rich neighbourhoods, people seek out luxury homes in the most coveted locations, no matter the city, state or country.
A high price for the area: Before you can regard a property as a luxury in terms of price, you need to determine its price side-by-side with the value of properties in that location. That means the price depends on the area under review. A Five Hundred Million Naira home in a high-end priced area like Maitama, Abuja, where an average cost of a plot of land worth Four Hundred and Fifty Million Naira may not qualify as a luxury home. Meanwhile, a similarly priced home in a less expensive neighbourhood like Gwarinpa, Abuja, where a plot of land can cost less than Fifty Million Naira, with merely less than thirty minutes drive away, would be one of the most expensive and luxurious properties in the area.
Luxurious Amenities: From the external view to the entrance porch, through the living area, down to the kitchen and toilet, every corner and space must be lavishly finished with the most exquisite amenities that will not only give the desirable aesthetically pleasing appearance but also enhance convenience.
Exquisite Architecture Design and attention to detail: Right from the architectural design to the construction materials, appliances, and finishes, all must be cut above what can be considered standard. Swimming pools, gym houses, Marble, high ceilings, Venetian plaster, and crystal appliances have all become common components of luxury homes. More so, proper attention must be paid to every detail during the construction and finishing phases.
Integration of smart technology: The growing rate of the popularity of smart home technology has been making smart home integration a compulsory feature to be considered in a luxurious home, for its convinces and smartness. Therefore, in today’s world, luxury homes are mostly automated.
Greater Footage: Whether the home was built by a prominent architect or situated in a noteworthy location, a massive size of space is another premium feature to be looking for in a luxury home. From the internal spaces to a lavishly decorated external area, they have to be in reasonably large sizes in order to deliver the feel and experience of a luxurious home.
Other notable common features of luxury homes are:
- High-quality interior finishing
- Lavish home office
- Designer dressing room
- Expensive lightening
- Outdoor living space, gazebo, and outdoor living room, among other
- Stylish kitchen
- Spa bathrooms
Luxury House-Buying Guides
Now that you have learnt about luxury homes and their features, it is very important to understand the most effective luxury home-buying process that can save you time, money and energy. The following are the lists of the factors that need to be considered when you are about to shop for your dream luxury home.
Understand the home buying process: Buying real estate is a capital-intensive project. Meanwhile, buying a luxury property even involves a greater commitment. Hence, it is very risky. Therefore, you need to learn and understand the buying process to avoid any pitfalls in the process. This will allow you to get familiar with the process and gain a better knowledge of what to expect throughout the transaction.
Jumping into the home-buying process may cause you a lot of money, time and even avoidable headaches. So, to avoid this, you need to equip yourself with the right education, which will also assist you in finding an excellent house.
Location matters: Understanding the importance of location in any real estate deal is the beginning of wisdom. Before committing yourself to any deal, whether you are buying a luxury or standard home, always research your dream location to determine its current state of infrastructure, and security, as well as its future prospects and problem. Your choice of location will always determine the future value of your property.
Work with a reputable luxury real estate agent: One of the most important steps in the process of luxury home buying is to carefully select a reputable luxury real estate specialist, who has an understanding of the process and that of your preferred neighbourhood. I used to say in many of my training sessions that a qualified real estate agent is as important to a home buyer, just like the way a lifejacket is important to an inexperienced swimmer, who wants to try a gigantic pool or river.
Working with the best in the industry will not only save you time and stress but also save you a lot of money and open you to the best options around the town. They can also help you find a great neighbourhood. While selecting your agent, it is always better to go for an experienced luxury real estate specialist, who has a clear understanding of what you are looking for in a top-end home, rather than choosing just an agent who is not specialized in luxury properties.
Make your luxury home checklist: One of the most important things you can do before you begin the journey of searching is to figure out things you want in a luxury home. Making a list of priorities in a significant order is a smart way to go as you look for top-of-the-line amenities in your new house. Just as I have established above, the definition of a luxury home is in the beholder’s eyes, which means the individual’s definition will be largely determined by their priorities. So, list out your priority, and check it through during inspection.
Pro Tip: You can negotiate the price in your favour by identifying any missing features that need to be fixed.
Don’t rush the deal: Real estate requires a huge financial commitment. Therefore, it involves an enormous amount of risk and a buyer or investor should reasonably take caution while dealing. Don’t ever make the mistake of rushing through the process of home buying, it may be very disastrous.
Due diligence is imperative while you are embarking on the journey of buying your luxury home. Check through the construction details, home finishing and features, title document and necessary building approvals and other relevant statutory documents to avoid future litigation or in a worst-case scenario demolition.
Your budget matters: A luxury home is an open-ended statement, which means that it doesn’t have a price tag. The cost of a luxury home varies depending on the location; it could be Five Hundred Million Naira in one place, but up to Three Billion Naira in another. Having a budget will not only guide you through the process and help your agent to work out a tailor-made option for you but also going to save you time and energy that could have been used in inspecting houses that are not within your budget range.
Go for inspection: Concluding a real estate deal based on its appealing look in the photo or video is one of the biggest mistakes a lot of people are making. No matter how elegant a property may look in a video or how photogenic it appears, it is never sufficient as a basis to conclude the deal. There are tons of image editing apps on the internet that can make unattractive beautiful. Hence, you must take your time to go for a physical inspection with a home inspection specialist.
Buy a Future in your new home: It is essential to understand that the future value of your home matters. No matter how aesthetically stable a home can be, it future matters. Checking through some fundamental details in the construction process, understanding the neighbourhood to smell any possible upgrading or downgrading of the infrastructural facilities in the area, as well as buying at the best price. These are some of the smart ways to avoid losing the value of your investment while selling your home in the future.
With the above-detailed explanation of luxury homes and the home-buying guides, I believe they will guide you when next you are thinking of buying a luxury home in Nigeria or elsewhere. Don’t forget to reach out to me for all your luxury real estate needs in Abuja.
For more real estate tips and tricks, follow me on my Facebook and Instagram or Subscribe to my YouTube channel. Subscribe to my newsletter for more important updates on the Nigeria luxury homes space.
