Upgrades that will increase your luxury home’s value

Luxury homes are typically greater in terms of size, features, and amenities than your average home. Usually found in prime locations, they offer a high level of comfort, convenience, and style. Acquiring a luxury home will also require a higher investment than if you buy a standard single-family home but you can be guaranteed hefty returns upon resale, especially for a well-maintained one – more so for one with smart upgrades.

If you already own a luxury home or are considering purchasing one, here are several great renovation ideas that will give your abode a substantial boost in value, as well as other relevant information that will help you in deciding the best course of action to take in the aspect of luxury home makeovers. 

WHAT DEFINES A LUXURY HOME?

Size is a standard characteristic of luxury homes. Buyers expect these homes to have plenty of space for entertaining, relaxing, and storing all of their belongings. But note that there are other factors that make luxury homes what they are apart from mere size. 

A luxury home’s location, especially if near a natural setting like a body of water or a mountain, makes them a rarity. After all, there’s only so much shoreline or mountainside on which to build a house. Moreover, their prime location also tends to make these homes more exposed to the elements. That said, home builders construct these homes using top-grade materials that are able to withstand the harshest weather conditions. 

Special amenities and high-end finishes are also expected among luxury homes. Examples of these amenities include an indoor pool, a home theater, a gourmet kitchen, and a furnished patio. Countertops in marble, quartz, granite, or soapstone with elegant ceramic or glass tiles for backsplashes elevate a kitchen’s style; so do floorings in natural stone or exotic hardwood. 

WHAT BUYERS LOOK FOR IN LUXURY HOMES

With the pandemic changing the way people live, work, and play, it has also altered the way they view their respective homes. When before, the home was simply a place to live, now it serves as a sanctuary, an office, a gym, a school, and more. With the home transforming into a more flexible living space, it’s no surprise that home buyers’ desired amenities and fixtures have changed, as well. 

According to Coldwell Banker’s 2022 luxury report, buyers consider home automation to be the most desirable feature. Around 81% of the real estate agents who took part in the survey revealed that their clients are searching for smart homes, specifically those with features like smart security systems, electric car docking stations, and wireless sound systems.

As for top amenities on luxury home buyers’ must-have lists these days, Coldwell Banker’s report indicates that large yards and pools were the top rankers in the list.

Below are the said report’s findings on the most preferred amenities by luxury home buyers:

1. Pools (24.3%) 
2. Large yard (24.3%) 
3. Open floor plan (18.9%)
4. Separate spaces (16.2%) 
5. Home office (8.1%)  
6. Recreation room (5.4%)
7. Home gym (2.7%)

BENEFITS OF UPGRADING YOUR LUXURY HOME

As mentioned before, buying a luxury home comes at a much higher price than a standard one. Naturally, you’ll also want to see generous returns on your investment when the time for resale arrives. One great way of ensuring this is through upgrading your luxury home. Here’s why. 

• Increased property value: While this may not apply all the time, with a larger investment comes larger returns. When you keep your luxury home trendy and well-maintained through smart modifications, it will come easier to dictate a higher price point during negotiations.
• Improved energy efficiency: Many luxury home upgrades, such as new windows or an improved HVAC system running in optimal condition, can improve your home’s energy efficiency, saving you money on your energy bills.
• Enhanced curb appeal: A luxury home with upgrades like a smart outdoor lighting system not only extend the use of your exteriors for evening enjoyment but also give your home a higher aesthetic value. You’ll be increasing your home’s curb appeal and attracting buyer attention at the same time.
• Improved comfort and convenience: Why deal with cold floors especially during wintertime when you can have them fitted with a heating system? Why go for a simple bathroom when you can elevate it into a personal spa? These are just some cool convenient features that you can add when you decide to renovate or remodel your luxury home. You and your home’s future buyers will be able to enjoy these features for many years to come.

ESSENTIAL LUXURY HOME UPGRADES

Before starting any project, consider where to start first. The kitchen, bathroom, and bedroom are usually the living spaces that most buyers would first want to see during home viewings. Thus, it makes sense to begin your renovation or remodel projects in these areas.

After deciding on where to first work on your home remodeling project, you then need to choose projects that will add the most value to your property. These luxury home renovation ideas below are great options.

1. Install a home automation system 

A home automation system allows you to control and automate various aspects of your home no matter where you are. You can integrate almost any home fixture into this system, including lights, appliances, security cameras, and more. The center of your network could be a tablet, your mobile phone, a remote control, or even a smart speaker – all you need is to swipe, clap, push a button, or talk.

Most smart tech devices also have the ability to be remotely controlled so you can program a device to turn on or off depending on when you’ll use them – even if you’re not around. Lights can be programmed to turn on by sunset. Motion sensors can instantly activate the moment you leave your house and monitor unusual movements like a potential break-in.

2. Amp up your kitchen

The kitchen is often considered the heart of the home, so it’s no surprise that this is among the most popular rooms to renovate. Apart from its usual function as a space for cooking and eating – it has also turned into a space for entertaining, especially with the rise of the open floor plan trend. Usual remodels done for a luxury kitchen include investing in quality materials and appliances, premium finishes like marble or granite countertops, more storage space, and custom cabinetry. 

Data from the National Association of the Remodeling Industry’s 2022 Remodeling Impact Report states that homeowners can recover up to 67% of the cost of a kitchen upgrade upon selling the home.

To make sure you get the best possible profits from this endeavor, make sure to choose a reputable designer or architect to work on your kitchen remodel. This professional can help you create a layout and design that will suit both your aesthetic taste and practical needs. They will also have a network of affiliated industry colleagues from whom they could source the most ideal materials and appliances that will meet your standards.

3. Turn your bathroom into a spa-like retreat

Another living space with a highly profitable ROI post-renovation is your bathroom. The same 2022 report by the National Association of the Remodeling Industry reveals that homeowners could potentially recover up to 71% of the cost of a bathroom renovation once they sell their home. 

For maximum returns and a more luxurious feel, you can turn this area into your personal spa. Consider the luxury home renovation idea of installing high-end fixtures and finishes like marble countertops, heated floors, rain showerheads, and more. Throw in some new and energy-efficient light fixtures that could be controlled to give soft, diffused lighting for a relaxing vibe. Add candles, fresh flowers, potted plants, soft towels, and fragrant oils for a luxurious touch. 

4. Enhance outdoor living spaces

Outdoor living spaces are becoming more and more popular as homeowners look for ways to generate a seamless flow from their home’s interiors to the exteriors and, in effect, extend their spaces for coming together or entertaining guests. Given the lay of the land in Ashland, Oregon, where scenic nature views can instantly be appreciated just outside your doorstep, this home renovation will allow you to have the full outdoor experience while keeping yourself comfortable and protected. 

A pool makes a wonderful addition among luxury homes, as well as a patio for relaxing, or an outdoor kitchen for fun grill cookouts. If you entertain often, you may want to consider an outdoor bar. A mini-playground can also be great for your kids. Love camping? You can do that in your own backyard and swap stories by a fire pit.

To create visual interest once the sun goes down, consider lighting up the trees on your property or adding solar-powered lights that will add flair to any pathway, driveway, or yard. Lighting your home exteriors during evenings isn’t only for aesthetics but also for function and safety. It will help you to see the path to your front door clearly so you can avoid obstacles that could cause accidents. Moreover, an outdoor space bathed in light at night is a great deterrent for anyone planning to trespass on your property.

5. Upgrade your home’s HVAC

Considering a luxury home’s spacious interiors, a high-quality HVAC system is crucial in ensuring that all its living spaces are kept at the right temps in any season. But if you notice a steady rise in your electricity bills, this could be a sign that your HVAC needs either repairs or an upgrade.

If you choose to upgrade your HVAC, make sure that it’s Energy Star-certified. This guarantees that you have a product that has passed the energy efficiency standards of the U.S. Environmental Protection Agency or the U.S. Department of Energy. Not only will this translate to savings in your utility bills but this will also give you as much as 85% returns in the cost of an HVAC replacement during your home’s resale. 

6. Go for an open floor plan

Much has been said about the benefits of having an open floor plan for your luxury home. Fewer walls mean wider spaces and more ease of movement. Natural light can pass more freely throughout the home and people could converse with each other better sans any barriers to face-to-face communication. That makes common areas of the home ideal for entertaining guests and keeping conversations flowing freely and continuously. Keeping an eye on children also becomes easier as this layout gives parents an unhindered view of them while they play.

Then again, this concept isn’t about simply knocking down walls and calling it an open floor plan. There are several things to consider before transforming your home’s layout:

• Is it a load-bearing wall? That particular wall might be supporting something above it. Whether it’s a room above, a portion of the ceiling, or anything else above it that requires support, you might weaken its foundation if the wall comes off. Then again, if you have a good architect working with you on this project, there’s a chance that this wall can still be substituted with columns or another supporting structure.
• Will it run into plumbing or electrical wires? Make sure to have an electrician or plumber on call prior to the project to reroute pipes or wires.
• Will this require a permit? In Ashland, yes. Read more about this here.
• Should you be worried about noise levels? Walls have the ability to absorb noise. Without them, all that noise will resonate throughout your home. This might become particularly bothersome if, for example, you open up your home office to the living room and the sound of your kids playing will be heard over your online meetings.

ECO-FRIENDLY LUXURY UPGRADES

Sustainability, energy efficiency, and carbon footprint are becoming the most common by-words these days, given the issues of climate change and global warming. The good news is that many luxury homeowners are imbibing this “green” concept, especially in their home upgrades. 

Here are some luxury home renovation ideas that are environment-friendly, as well:

1. Install low-flow toilets

Toilets are one of the biggest water hogs in a house. But you don’t have to sacrifice flushing power to save water. Low-flow toilets use around 1.6 gallons of water per flush, which is about 20% less than the amount of water used for standard toilets.

2. Install a tankless water heater 

A tankless water heater only heats water when you need it, so you’re not wasting energy by keeping a tank of hot water heated at all times. This is a great eco-friendly upgrade for luxury homes with big families or for those frequented by guests since there’s never a risk of running out of hot water. 

3. Update your windows

If your luxury home has single-pane windows, they might not be doing a good job of keeping your home warm in the winter or cool in the summer. Update to double- or triple-pane windows to help insulate your home better. 

WHEN IS THE BEST TIME TO START HOME MAKEOVERS?

Embarking on a luxury home upgrade takes a certain level of preparation. Below are factors to look into as you choose the best time for your luxury home makeover.

• The season. Summers are usually the best time for home renovations that involve opening certain parts of your house to the elements. That way, you won’t have to worry too much about rain or snow making a mess of the construction. In Ashland, that would be around the months of June to September. 
• Your budget. If you have a limited budget, you may want to spread out your projects over a longer period of time. That way, you avoid going over your budget or cutting corners on your makeover.
• Your schedule. If you have a busy lifestyle, you may want to plan your makeover around your free time. That way, you avoid being overwhelmed by the project and actually get things done.

GET GREAT ADVICE ON ASHLAND LUXURY PROPERTIES WITH ASHLAND HOMES REAL ESTATE INC.

There’s more where these luxury home renovation ideas came from, especially when you entrust your real estate transactions to the top-notch team of luxury Realtors in Ashland, OR: Ashland Homes Real Estate. They’re the team to beat when you need high-quality, client-centered service, as well as time-tested expertise in the local real estate market.

Let Ashland Homes Real Estate guide you toward success in your home-buying or selling endeavor! Contact the team at 800.334.7499 or send an email   here   to start.