Selling Tips for Luxury Homes

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Your luxury home is a major investment, so it’s important to make sure that you’re approaching the selling process the right way. Selling a luxury home comes with certain challenges that you’re less likely to encounter with a non-luxury home. Luxury homes aren’t as numerous overall, so you’ll have to work harder to attract more buyers. According to the National Association of Realtors, only 13 percent of first-time and repeat home buyers purchased homes costing $500,000 or more, and only 9 percent purchased homes measuring 3,501 square feet or more. Keep the following tips on selling luxury homes in mind before putting yours on the market.

Get the Pricing Right

Determining the right price for a luxury home can be a challenge. You might not have other comparable homes nearby to help you figure out your listing price, or your home might have special features that could make it worth more. Asking for too much for your luxury home could mean that it ends up staying on the market longer than you expected, especially since the number of buyers for these homes overall tends to be smaller. Asking too little means you’re missing out on getting what your luxury home is worth. 

Think Twice About Open Houses

Open houses are a common part of the marketing process for non-luxury homes. However, you might not want to have them for you luxury home. Anyone can attend open houses, which means you’re likely to have people stop by who have no intention of making an offer on your home. In addition to wasting your time, these open houses could also make it easy for criminals to target your home. Instead of open houses, consider arranging private showings for buyers who have a genuine interest in purchasing your home and the financial ability to do so.

Use High-Quality Photos and Videos

When marketing your luxury home, make sure you use high-end cameras for photos and videos. The quality of these can have a huge impact on how successful your online and offline marketing efforts are. High-quality photos and videos are an important part of attracting buyers and making an initial favorable impression on them.

Find an Experienced Real Estate Agent

When you work with a real estate agent to sell your home, make sure that you find one who has experience in the luxury market. Selling luxury homes involves taking different factors into consideration compared to selling non-luxury homes. A real estate agent without this experience might have a more difficult time selling your home or overlook important ways to attract the right buyer. Real estate agents with in-depth knowledge of how to sell luxury homes provide you with valuable help when your home is on the market, including helping you determine the right price for it.

Which HGTV’s Luxury Home Features are Right for You ?

 Photo by Viktor Birkus via Pixabay

Everyone covets the annual HGTV Dream Home that’s given away each year as part of a sweepstake. But the sad reality is that few winners are ever really able to take possession of their grand home and actually live out their happily-ever-after. There are, however, ways to pick and choose which features of these elegant, over-the-top homes you’d like to try for yourself. That’s why we’ve compiled a list of four luxury home features inspired by HGTV’s 2020 Dream Home Sweepstakes. Which one will you try? 

1. Golf-Cart Parking Bay

Because it’s located on Hilton Head Island, this year’s dream home includes an extra bay built on to the detached garage. It’s the perfect size and space to park a golf cart, which the locals use to get from place to place. According to Homeguide, the average cost to build garage space is $49 per square foot. To comfortably park a golf cart, plan on building a space that’s at least 7-feet wide by 15-feet long. This should cost somewhere in the vicinity of $5,145.

2. Industrial-Sized Ceiling Fan

The dream home features a ceiling fan that’s 10-feet wide to help keep the air circulating in a living space that features comfortable seating around a coffee table and fireplace. To purchase your own industrial-sized ceiling fan, you may first need to fortify your ceiling support and your wallet. Even a lightweight, aluminum version weighs a whopping 77 pounds and costs around $4,400. 

3. Multiple Porches on Each Level

Like outdoor space? Have you considered adding multiple porches to your existing home? This year’s dream home has a porch that runs the length of a single level, completely screened in. There’s a porch on the floor above, too. Each features dreamy sliding glass doors that allow guests to transition easily from inside to out. According to Improvenet, expect to spend around $30,000 to construct a wrap-around porch with full screening. 

4. Carriage House Garage Doors

They’re made of insulated steel, but the double garage doors on the dream home are crafted to look like wooden carriage house doors of old. They’re a perfect blend of beauty and energy-efficient construction that you’re going to love if you value architectural appeal but don’t want to sacrifice your energy bills. Doors such as these start at around $2,000. 

Small investments add up to big home improvements. And, over time, you can design your own dream home, using just the best and most functional features of this year’s TV version — features that work for you and your family to save you time or money. And if they also bring you joy and relaxation, that’s a bonus.