Luxury homebuyers prefer amenities over space, survey finds

Most luxury homebuyers would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage, according to a new survey by Better Homes and Gardens® Real Estate.

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” said Sherry Chris, president and CEO of Better Homes and Gardens® Real Estate, in a statement.

The online survey of 500 affluent homebuyers is one of the largest surveys ever done on luxury homeowners, with some noteworthy results.

They desire multiple homes

Fifty-three percent say they prefer owning multiple “lifestyle” homes to support their lifestyle activities, such as skiing or attending the theatre. Fifty-eight percent of the luxury homebuyers surveyed say they already owned multiple homes to support their lifestyle activities.

They’re willing to sacrifice square footage for luxurious amenities

Sixty-percent of luxury home buyers surveyed said they would rather have as many upgrades as they can afford in their home rather than greater square footage. Ninety-four percent of those surveyed would be willing to give up 1,000 square feet of living space in their next home in order to get the amenities they most desire, such as living in a better neighborhood, living in a house with “character,” more land, access to dining and entertainment, and a shorter commute.

They want a high-tech home

Sixty-six percent expressed a stronger desire for having a “smart” home than a “green” home. Eighty-seven percent said they would not even consider purchasing a home that wasn’t tech-friendly.

They also value their outdoor spaces

Luxury homebuyers also placed a high value on outdoor amenities as must-have essentials in a home. For example, they expressed a big interest in having a garden oasis, outdoor fireplace or fire pit, and a separate guesthouse outside of the main home.

They turn to a Realtor® for guidance and greater insights 

The luxury home buyer is looking for their Realtor® to provide them insight into the neighborhood lifestyle (65 percent), advance new listing notices (64 percent), advice on housing trends (55 percent), and support at a personal level throughout the buying process (53 percent), the survey finds.