February 2, 2018 | Real Estate
Feel like your real estate vocabulary could use a boost? There’s plenty of real estate jargon out there, but which words carry the most meaning? Specifically, which of these real estate definitions apply best to the world of luxury real estate?
Here are 7 luxury terms that you need to know more about…
1. Private Showings
When it comes to homes of higher value, the term “open house” doesn’t really apply. Instead, it’s about private showings. This is where specific buyers are chosen to see your home, using networking and marketing tactics that really make the grade, and are given an exclusive look at your home. This not only helps generate more serious interest in your home, but it makes the overall experience that much more exclusive and luxurious.
2. High-End Amenities
What constitutes a truly high-end amenity? The idea here is that these are features that really “pop.” Not only do they enhance the lifestyle of the owner, but they bolster the value of the home overall. These might include things like high-end textures (wall, floor, and ceiling finishes), architectural nuances (like built-in cabinetry), or things like an at-home spa, an outdoor kitchen, or smart home technologies.
3. Emerging Luxury Areas
There was a time when luxury real estate was only available in downtown areas of metropolitan cities. Then it could be found throughout the suburbs (where space was plentiful). Nowadays, it can be found just about anywhere. The borders of luxury real estate are ever-expanding, which means that new neighbourhoods can become emergent spaces for high-net-worth homes. In Toronto, neighbourhoods that straddle the downtown core and the suburbs are where the finest homes can be found: Rosedale, the Annex, Lawrence Park, and others.
4. Conscious Living
In the same vein as the recent surge in smart home technologies, luxury real estate clients are truly concerned with conscious living (or, as we might also call it, living with purpose). This means that things can be luxurious, but they must have intent – rather than simply being there for the sake of being there. This means that home accents need to be more experiential, that they must exist with purpose, in order to emphasize those elements of art, education, travel, and architecture.
5. Turnkey-Ready
For certain luxury home buyers, the allure of purchasing a new home is about only ever having to bring your toothbrush. This is one of those real estate definitions that applies throughout the world of real estate, but when it comes to the subset of luxury real estate it truly has its own set of standards. This means that brand-new homes are outfitted with top-of-the-line amenities, and provide security and personalized touches from the moment someone walks in.
6. Collectible Concepts
One of the governing tenets of luxury real estate, and luxury real estate jargon, is the idea of having “collectible elements” as part of the home. This goes back to the idea that every high-value deserves to be unique, and that these unique elements are often baked right into the design of the home itself. Whether it’s limited-edition structures, unique plans from architects, or something you won’t find anywhere else. That element of collectability is paramount.
7. A Boutique Approach
When you’re buying a luxury home, you need more of a one-on-one approach. Having something boutique is having it catered to your specific needs, right from the very start. That means having a luxury buying process that gets you the right home, with the exact accoutrement, at the best possible price. It’s an approach that works to serve you, and it’s what we specialize in.
Interested in learning more about these real estate definitions, as well as our boutique approach and how it helps clients? Call us at 416-487-5131, send an e-mail to max@taycapproperties.com, or book an appointment right here to learn more.