Understanding real estate terminology is important when selling or buying a home, more so for luxury real estate properties. Knowing what words mean can play a big role in closing a sale or making sure that you’ll be getting a good deal. In this article, we've compiled the must-know terms you need to brush up with when selling or buying luxury real estate.Using A Boutique Approach
Using a boutique approach when selling or buying a luxury home means employing a one on one approach. It is about having a luxury home buying process that focuses on finding the right home, within the right price range, and in the right location while making sure both parties' needs are taken cared of.Collectible Concepts
Details that are unique to a project or a home is one of the hallmarks of luxury real estate. Luxury means exclusivity and high-value, not something mass produced. Collectible concepts in luxury real estate is what gives a property that extra factor that makes it special.Conscious Living
Conscious living is about using luxury with intent or purpose. Things should be beautiful but they should be added for a reason, be it a function or something else. This does not only mean natural additions but also include the use of smart home technologies.Emerging Luxury Areas
Luxury real estate need not be restricted to established metropolitan or affluent areas. These days, luxury real estate can be anywhere and collectively, the new forming neighbourhood is referred to as an emerging luxury area. Wherever there is an increase of high-net-worth homes, then that place can be called an emergent luxury area.High-End Amenities
High-End Amenities can be anything of value that makes living in a luxury home more enjoyable and comfortable. This can include expensive finishes for ceilings, floors, cabinetry, and counters, architectural features such as engraved doors, extra home features such as a home spa or outdoor kitchen, or the use of smart home technologies such as automatic lighting, motorized doors, and more.Private Showings
Although open houses are more popular when it comes to viewing houses that are for sale, luxury real estate is more about private showings to maintain exclusivity. Only a few chosen buyers get to see a luxury home for sale. This is a way to generate more interest as well as screen out those who are truly interested to purchase versus those who are merely posing as buyers.Turnkey-Ready
Convenience is a big factor as to why some home buyers choose to purchase luxury real estate. Not only do they want the whole process of buying to be hassle-free, they also want the home to be ready for moving in as soon as the papers are signed. This means that the home should be turnkey-ready with both security and top-of-the-line features already installed for a new owner any time.