What To Look For When Buying A Luxury Home

From coastal houses that are just a walk to the beach, to ski in ski out mountain estates near the best ski resorts, these kind of properties are what luxury home dreams are made of.

Your goals with buying a luxury home may revolve around enhancing your lifestyle, fulfilling personal aspirations, or diversifying your assets and financial investments.

You may be wondering if you should compromise on the location, how to decide what amenities truly matter, or how much to budget for home maintenance. Do you know what property management services to look for, and whether or not your breathtaking views will be protected in the future?

Top 8 Things To Consider When Buying Luxury Home

In this guide, Mountain Luxury shares the top 8 things to look for in your next luxury home.

1 — Location

Location is the most important factor to consider, whether you are wondering where to buy your next luxury home or where the best places to buy a vacation home are.

The desirability of a location can shape the intrinsic and extrinsic value of the home, so choose your top neighborhoods and areas with the help of a trusted real estate agent who understands the luxury market and local trends.

Consider the lifestyle associated with an area. Prime locations will provide convenient access to dining, shopping, festivals, art, and the trails, slopes, lakes or beaches that contribute to a high quality of life. The natural beauty and surroundings of a location can greatly influence the appeal of a luxury home. Gated communities and secluded estates can offer a sense of security and exclusivity.

Properties in sought-after locations like these tend to appreciate more over time, making them better investments.

Here at Mountain Luxury in Eden, Utah, when we work with high-end buyers searching for luxury homes along the Wasatch Mountains, we help them navigate neighborhoods like Prospector and Old Town — resort communities in the heart of Park City.

If proximity to world-class skiing is a priority, we show them areas like Federal Heights, known for its high-end real estate market and one of the most desirable areas in Salt Lake City, or the new Powder Mountain developments, with some of the best ski in ski out access in Ogden Valley.

By understanding what qualities to look for in a luxury location, you will be able to find the best property for your goals and lifestyle.

2 — Budget

Luxury homes come with a price point to match.

Your budget will guide your property search and determine the range of luxury homes you can consider. Account for the higher costs associated with luxury residences in the most popular or exclusive locations.

Luxury homes often come with higher maintenance and upkeep costs due to the specialized care involved with high-end amenities like pools, spas, theater rooms, grounds keeping services, and house cleaning. And don't overlook the utilities that come with an impressive amount of square footage, and plan for higher property taxes and insurance costs.

Understanding the true costs of owning and maintaining an investment property or luxury home is crucial in setting your budget, to ensure your purchase aligns with your financial goals and lifestyle.

3 — Purpose

Will your luxury home be your full-time residence, a vacation home, an investment property, or a boutique-stay rental? By defining its purpose, you'll have a clear idea of what your priorities in a luxury home are.

Many luxury homes are primary residences where homeowners enjoy a high-end lifestyle on a daily basis, or vacation homes, so recreation opportunities are a high priority.

Some luxury homes are purchased as investment properties for long-term appreciation, or as a boutique stay short-term rental.

Decisions concerning floor plan layout, bedroom and bathroom count, high-end features, and proximity to amenities and outdoor recreation will all be impacted by the purpose of your luxury home.

By clarifying your goals and vision for your luxury home, you can decide what amenities and features are important to you and/or potential guests. With the help of a trusted real estate agent, you can research the local rental market and potential returns on investment.

4 — Amenities & Features

You know a luxury home when you see one. Their prestigious location, high-end amenities, and expansive square footage set them apart from other properties.

What features do you desire most in your luxury home? Prioritizing must-haves and nice-to-haves will help you narrow down your options. These qualities and features of a luxury home can serve as a starting point in your search:

• Large, open floor plans with high ceilings, high-end materials, and floor-to-ceiling windows that take advantage of incredible views.
• Smart home tech systems for automation, security, lighting, and climate control.
• Gourmet kitchens with top-of-the-line appliances, expansive islands and a butler's pantry.
• Luxurious spa-like bathrooms with oversized showers, soaking tubs, and heated floors.
• Large bedrooms with en-suite bathrooms and walk-in closets.
• Home theaters with large screens, surround sound systems, and plush seating.
• Home gyms, saunas, and steam rooms for wellness and relaxation.
• Well-appointed home offices and libraries.
• Elevator access.
• Spacious, climate-controlled garages.
• Integrated indoor-outdoor living spaces, including balconies, courtyards, and outdoor kitchens.
• Pools, infinity pools, hot tubs, and water features.
• Beautifully landscaped gardens.

Collectively, the qualities and features of a luxury home will create an opulent and full living experience.

5 — Property Condition

You may expect a luxury home to be in pristine condition but don't skip the home inspection.

A home inspection becomes even more critical for the luxury home buyer when you consider the sophisticated systems, high-end materials, and custom-built design and additions that you'll find in an upscale property.

While the average home inspection might take just a couple of hours, a luxury home inspection may take several days to complete, as it is a much more elaborate process.

Hire a home inspector who is familiar with the amenities, intricate technologies, and sheer size found in prestigious homes. They can confirm that these premium features and systems that enhance comfort, convenience, and security, have been installed correctly and are in good working order.

Knowing your luxury home has been thoroughly inspected not only provides peace of mind and confidence in your purchase, but protects your investment and can be a valuable tool for negotiation and future planning.

6 — Property Management

Routine management is crucial to preserving the immaculate condition of a luxury home.

Whether you're maintaining a property as a second home, boutique-stay rental, or full-time residence, homeowners may opt for specialized services such as regular house cleaning, pool care, landscaping maintenance, periodic inspections of high-end appliances as well as smart tech, and security system upkeep.

If you choose to rent out your luxury home, a property manager can manage bookings, streamline the rental process, handle guest-related tasks, and serve as a point of contact for guests.

A well-managed property typically has a higher property value and is a way to keep your investment sound.

7 — Hire A Realtor With Luxury Home Experience

Not every real estate agent has the experience needed to help you navigate the complexities of the luxury real estate market.

You want to get a luxury home from a top luxury realtor who has specialized market knowledge and understand the nuances of high-stakes transactions.

You'll benefit from their connections within the luxury real estate community, as they often have access to exclusive listings that may not be publicly advertised. They are familiar with high-end amenities and can advise you on their condition and kind of maintenance you can expect with these luxuries.

A Luxury home realtor will have a network of professionals who specialize in serving high-net-worth clients including inspectors, appraisers, architects, interior designers, and contractors.

Along the Wasatch Mountain Range, the Mountain Luxury team has sold $1B in real estate and has unbeatable experience working with luxury home clients in Northern Utah.

8 — Future Plans

Think about how your luxury home will fit into your long-term plans, such as a future resale or retirement. There are several ways buying a luxury home can contribute to your financial goals:

• Appreciation — luxury real estate in desirable locations with luxury home outdoor amenities often appreciate in value over time.
• Rental income — high-end properties often command premium rents.
• Portfolio diversification — luxury real estate has historically demonstrated low correlation with other asset classes such as stocks and bonds.
• Tax benefits — benefits may include deductions for mortgage interest, property taxes, depreciation, and other expenses. Consult with your tax advisor.
• Legacy & estate planning — luxury real estate can serve as a valuable asset, providing a legacy for heirs and beneficiaries, and allows you to pass down wealth to future generations.

Luxury homes can offer not only financial returns but provide lifestyle benefits as well, so remember to enjoy the fruits of your labor!

Ready For The Next Step?

Now you've explored the top things to consider when buying a luxury home. From finding a desirable location, to defining your budget and purpose, to choosing which amenities are most important to you, you're ready for the next step.

It’s important to work with an experienced agent who specializes in your local luxury home real estate market. In Northern Utah, our Mountain Luxury real estate agents can guide you through the process of buying a luxury home near some of the best ski resort destinations in Utah. Look for a ski in ski out property at Powder Mountain in Eden, Utah. Or explore real estate in Huntsville, Utah so you can be as close to the world-class ski resort and Winter Olympics venue Snowbasin Ski Resort.