The United States has attracted a great deal of luxury property development from investors around the globe. There are many stunning neighborhoods to invest in when it comes to your ideal luxury home of choice. That said, it depends what sort of luxury home you are looking for when you are trying to decide which part of the United States to relocate to. For example, luxury homes in California can have a view of the famous coastline, luxury homes in Colorado can have access to incredible skiing and mountain views or luxury homes in New England can have a historic flair that enjoys all four seasons.
When trying to decide which neighborhood to choose within the United States, it is wise to do a careful cost analysis of what the final total cost of your luxury home will be. Consider the data below when making your final decision about where to buy your dream luxury home in the United States.
Where Can You Find Dream Luxury Homes in the USA?
The luxury market is a fascinating market to analyze within the United States because many of the areas are hidden gems that you would not expect. Consider the charts below when seeing potential areas to find your ideal luxury home.
The chart on RealTrends shows several popular fastest growing areas to investigate in the United States. Many of these areas are in the Western part of the United States where there is a better climate in both the Winter and the Summer. Individuals who enjoy the skiing will invest in places such as Summit, Utah or Eagle, Colorado while those that prefer the beach will investigate Hawaii. Another important thing to note about these locations is that there is a lot to do nearby. For example, Marin is within an hour of San Francisco and Napa Valley.
Surprisingly, the biggest growing market for luxury homes is Maui, Hawaii, followed by Eagle, Colorado and then Brooklyn. Not the typical destinations for luxury homes but that is precisely why they are growing markets rather than the traditional established markets.
In terms of cost, New York, California, and Colorado are some of the most expensive luxury markets in the United States to explore for those that want the best that the United States can offer in terms of luxury. What is important to consider is what kind of luxury home you are interested in. For example, those that are interested in trendy penthouses should move towards New York City and those that want spacious mansions with natural scenery should go towards Hawaii, California, and Colorado.
In terms of the luxury market within the United States, it has been hit by the housing downturn, but there are still an elite sector of properties that sell all over the country. In terms of additional markets to consider, Miami, Florida, Palm Beach, Florida, East Hampton, New York, Martha’s Vineyard, Massachusetts, and Stamford Connecticut are other locales to add to your list.
What Do Dream Homes Consist of
What makes a dream home incredible is the amenities that it can come with. One of the top latest trends is to make your home “SMART.” SMART technology that makes your quality of life easier is a fun way to integrate a hint of luxury into your home such as: the Internet of Things with your appliances that communicate to heat your home and lock your doors for you. In the larger mansions, it is popular to have enormous home movie theatres, wine cellars, private gyms and/or spa treatment rooms, luxury car showcase garages, indoor and outdoor living, guest houses/staff houses on the property, luxurious pools and Jacuzzis, elaborate gardens, up close views of nature, sports courts, extensive land, helicopter landing pads, and privacy.
How Much Will Every Luxury Component Cost & What Is the Cost of Repair?
When you are trying to consider the realistic cost of maintenance of your luxury home, it is essential to know what you are signing up for before purchasing your home. There are several theories to calculate your costs to include: the 1% rule of thumb, the Square Foot rule of thumb, the age, local weather, base utility cost, and additional amenity cost. The 1% rule of thumb refers to 1% of the total purchase price in maintenance and the Square Foot rule is $1 per square foot per year. These two frameworks are great starting indicators; however, it is important to also factor in weather, base utility cost, and additional amenity cost to those numbers to give yourself a financial cushion. For example, if you have an enormous pool/Jacuzzi with a water heating bill and light show, that has to be added on top of your existing base utility expense.
Why Should You Be Considering a Home Warranty?
When you invest a substantial amount of capital in a luxury home, a home warranty such as the one provided by American Home Guard becomes more important so that you are able to be certain that your finances are protected should there be costly repairs that can occur throughout the duration of home ownership. Be sure to research potential home warranties that are applicable to luxury homes before buying your luxury home.
Final Remarks on the Subject
The luxury home market absolutely remains constant in spite of the housing downturn in the United States. These luxurious homes are famous for their posh amenities and incredible views of some of the best locations in America. When deciding to purchase a luxury home in the United States, be sure to carefully research and consider which area is best for your interests and lifestyle. This way, you will make a spectacular investment that also provides you with a hint of luxury and decadence.