Here’s what high-end homebuyers want most

The home feature that high net worth individuals (HNWIs) currently value most is an open-plan layout, according to a new survey by Coldwell Banker Previews International and the Luxury Institute.

Open plan

In addition, the survey found online customer reviews had a much greater influence on HNWIs when it came to choosing an agent than any social medium.

While full automation in “smart” homes ranked as the most sought-after feature now among almost one third (32%) of the survey respondents, 39% said an open floor plan was more important to them now than it was three years ago.

The next most wanted luxury features were swimming pools (28%), outdoor kitchens (23%), home gyms (20%), home theatres (19%), and “green” certification (18%).

However, features such as staff quarters, tennis and other sports courts, safe rooms, and multiple garages, were all ranked by the HNWIs surveys as less important now than they were three years ago.

And these results reflect the fact that the luxury real estate market is currently being driven by younger buyers, the report says.

Quoted on www.worldpropertychannel.com, Coldwell Banker Previews International NRT Betty Graham said the audience for luxury property was growing younger, and that wealthy young people were often willing to pay more than buyers aged 55 or older.

“Our survey showed that 43% of younger HNWIs were considering purchasing residential property in the next 12 months, compared to 21% of those aged 55 and older. In addition, we found that the younger buyers spent an average of US$2,1 million on their most recent purchase of residential property – or about twice as much as their older counterparts.

“And this trend toward younger luxury buyers is the main reason for the change in desired home amenities. Whether these younger buyers have young families or are single without children, they are looking for homes that fit their modern, active lifestyles.”

Other findings from the report included the fact that 38% of the HNWIs already owned two or more properties and (surprise, surprise) that a whopping 70% of respondents still rank location over any other consideration when buying a new property.

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