If you're bored and browsing the most expensive homes on Zillow, you're not alone. It's always interesting to know what kind of homes the wealthy can afford. But what kind of homes are they actually buying? We asked real estate experts to answer the question: what are wealthy buyers looking for in a property?
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Turnkey Homes
Experts say that people with money don't want to spend money on home improvements. Instead, they're looking for homes that already have modern amenities so they can move in and enjoy them right away.
“Their goal is to buy, work with a designer, if possible, to decide on the interior and then move in quickly without having to do any major construction work themselves,” said Ralph Herrera, senior real estate adviser at Engel & Völkers.
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Minimal maintenance housing
The days of fluffy floors and expansive green spaces in the front and back yards may be over, says Laurel Vernazza, a residential design expert at The Plan Collection.
“Many people are looking for materials in their homes that require little time or maintenance, such as hardwood floors over carpet, metal roofing and composite decking. Outdoor xeriscaping and native plant gardens are also trending.”
Xeriscaping means there is almost no need for irrigation, which actually makes for a more environmentally friendly garden as there is little to no water waste.
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Smart Home
Smart technology has come a long way, and that includes homes. Now, affluent buyers want homes that are as smart as their phones.
“They expect their homes to be fully connected,” Benazza says, “and they want programmable LED lighting, energy-efficient heating and cooling, and audio systems all at their mobile home's fingertips. The interior of the home needs plenty of electrical outlets and a layout that facilitates the placement of charging stations, preferably out of sight.”
This trend is spreading rapidly, with approximately 69 million U.S. households using some sort of smart home device.
A house with a relaxing room
You may not have heard of a relaxation room before, but Nicolette Box, a real estate agent who works with luxury and NFL sports properties for Hunt Country Sotheby's International Realty, said it's becoming more common among wealthy buyers.
“Dedicated relaxation spaces are a recent trend among elite clientele,” says Boxe. “Meditation rooms, designed for tranquility and spiritual restoration, are becoming popular amenities for those who value mindfulness in their daily lives.”
Boxe said this includes cryogenic water freezing treatments that can remove warts and skin tags.
Super safe housing
Having a lot of money can make you a target for theft, and wealthy buyers tend to look for homes with lots of security features to protect their assets and themselves.
“Having a secure security room equipped with state-of-the-art technology provides added protection and peace of mind,” Boxe said. “The bulletproof windows further underscore our commitment to safety and resilience in the face of unexpected challenges.”
Vernazza added that wealthy buyers might choose to include panic rooms or safe rooms for an extra layer of security. The most basic panic rooms include a sturdy door with a deadbolt lock and a means of contacting police. Depending on where you live, these rooms may also be designed to withstand severe weather such as tornadoes. More upscale panic rooms might have bulletproof glass or steel walls.
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House with a large plot of land
Kirsten Reed Bowman, a real estate agent with Corcoran Reverie, says wealthy buyers are looking for homes that offer privacy, which means lots of land to get away from neighbors.
“As new developments take over popular areas, it's becoming harder to find land.”
This scarcity increases the allure of purchasing a home with this much land, but also provides a greater sense of solitude.
Residences with gyms
Who needs a gym membership when you can build one at home? Experts say building a home gym is a top priority for wealthy buyers.
“People with wealth can be more cautious and discerning when buying a home,” says Chelsea Warner, global real estate advisor at One Sotheby's International Realty. “They will also want homes with non-traditional amenities, such as a gym with a sauna, cold tub and steam room, or a rooftop deck with an outdoor kitchen and pool.”
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This article originally appeared on GOBankingRates.com: 7 Types of Homes the Wealthy Will Buy in 2024
