Is A Luxury Home Right For You?

Is A Luxury Home Right For You?

Your home should be comfortable, functional and inviting and that means luxury. Owning a luxury home might feel like it is out of reach but it is more attainable than ever. In the past, a high-end home was seen as a status symbol but now, it’s a lot more than that. Modern luxury doesn’t have to mean acres of land, bedrooms in the double digits or a multi-car garage. Luxury can mean modern high-end appliances, mother-in-law suites and even a private and desirable area.

If you are considering buying a luxury home, it is important to discuss your needs with a REALTOR®. With experience in luxury real estate, a local agent can help to identify the needs of their clients and find a property that ticks all of your boxes.

Luxury Winnipeg Real Estate: What to Know

The needs of every family, couple and individual are unique, so your home should be the same way. Heritage homes have character but are often small with little room for storage, while modern homes are often built on a template, meaning a cookie-cutter layout that likely won’t suit your needs. If you are having a hard time finding the perfect house to turn into a home, a luxury listing is the answer.

Advantages of Luxury Real Estate in Winnipeg:

More Space: With the cost of living on the rise, more and more families are choosing to live in communal homes on larger properties. Sharing a family home should not mean sacrificing your privacy or ability to live comfortably and this is where more square footage is a game changer. Additional bedrooms are great for residents and homeowners but they also create an easy space to host friends and family. Hosting a family reunion, holiday or entertaining visiting guests from abroad is incredibly easy in a home with extra bedrooms and bathrooms.

High End Amenities: Luxury homes are built using luxury materials, both for aesthetics and durability. A larger home often means larger rooms and the ability to create your ideal space, like a home fitness centre. More often than not, luxury properties will already come with amenities like swimming pools, large manicured gardens and gourmet kitchens. High ticket homes offer high end appliances like stoves, refrigerators, dishwashers, washers and dryers. 

Customization Options: Home buyers often don’t finalize a sale with the intention of moving again but it happens! Luxury homes can change hands multiple times and contractors understand that. Many aspects of high end homes are modular or easily customizable. This means being able to tweak layouts and features without the need for a full remodel.

Attractive Neighbourhoods: When you are browsing homes for sale, you should also be browsing the neighbourhoods around them. A great house in an undesirable neighbourhood will not get the same amount of value as the same house in a safer area within a good school district. Communities and surrounding amenities will effect the purchase price of a house, so it is important to speak with an experienced REALTOR® to fully understand the bigger picture. Luxury properties are often in the most desirable parts of the city, or on sprawling yards just outside of it. If you want to live in a high end home but don’t want to sacrifice quick access to grocery stores or nightlife, let a REALTOR® locate your ideal property.

Resale Value: High end properties are built for resale. Throughout Winnipeg, Manitoba, populations are on the rise and so is the demand for larger houses. Investing in a luxury home is just that, an investment. Simple additions and updates over time can help to keep homes on trend and help to maintain curb appeal and value over time. Home buyers can rest assured that their property will not lose value. 

Choose an Experienced REALTOR®: Finding an agent that is well-versed in the purchase, sale and lease of luxury homes can help to properly value homes before sale and negotiate on your behalf. A listing agent is fighting for the best price for their clients but it is up to the buyer’s agent to ensure that their clients are making the most out of their budget. A REALTOR® will also be able to inform you of the additional costs of owning a luxury home, like higher taxes, closing costs and identify professional services rendered by REALTOR® adjacent services (home inspections, etc.).


Obstacles to Owning a Luxury Home:

Use Restrictions (Communal Spaces Only): If you are choosing a high end home in a community, there may be some restrictions on amenities. For example, if you are sharing a swimming pool with other residents there may be issues with terms of use accessibility.

HOA: A homeowner’s association can be a helpful addition to managing communities around your home but it can also be a pain! If you are looking to do repairs, construction projects or landscaping, you may be faced with vendor restrictions. Even if you want to use independently owned and operated contracting services, an association may be able to veto your preferred companies in favour of their own.

Higher Property Taxes: Depending on the lot size of a property and the area that it is located in, you can expect a higher rate of property tax. Instead of being blindsided by this number at the end of the year, REALTORS® will discuss comparable properties in the area.

Luxury homes are a big financial investment but they are also an investment in your overall quality of life. If you find the perfect property priced high and featuring all of your desired features and enough space to create a cozy and inviting environment for residents and guests, just call Dino Stepic. Experienced agents are full of valuable insights into the attractive qualities and what to watch out for when committing to a luxury home.

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.