Buying a home is a big decision, especially when you’re a first time buyer (and most prospective buyers are – over 50%). There’s a lot to consider when looking into luxury real estate, from the best neighborhoods to live in to what you want out of the house itself. In fact, most people spend over four months looking at luxury real estate before actually buying a house. It’s important to take your time with what’s a major decision in your life, considering all the pros and cons of each home you look at.
For example, a good number of prospective home owners want to live in a home that’s never been lived in before. Approximately half of buyers are looking for new homes, according to statistics from Zillow. And half of THESE prospective buyers of luxury real estate want a new home because of the energy efficiency that newer homes provide at a more consistent rate than older houses do. It’s important to consider other needs as well, such as privacy, one of the top three home needs cited by home buyers (alongside family needs and asset accumulation).
It’s also important to consider why you’re looking at luxury homes and for what purpose it will be used. Many people buy a home for the first time after they get married and as many will go on to have children, it’s important to live in a home that will accommodate a growing family. 56% of prospective home buyers prefer single family homes, many of them with the hopes of filling those homes with children. Townhouses are also popular and can provide a comfortable life and a safe place for children to grow up, and are often considerably less expensive than a single family home would be.
If you have children or are planning to have children, it’s crucial to consider the neighborhood you move to as well. You want to be by the best schools possible, for the sake of both education and safety. Many home buyers also cite walkability as a top priority when looking at homes. In fact, around half of home buyers consider walkability the top priority, and many others consider it important still.
When looking into luxury real estate, it’s important to keep in mind your wants and needs. You want to buy a home that feels right to you, one in a neighborhood you love with qualities you prioritized. Buying a new home should be a carefully thought out decision, one involving lots of research and reflection, so that you and your family can feel safe and happy for years to come.