Larger spaces, fancier finishes: Here's what rich millennials want in a luxury home
Other must-haves include hot tubs and proximity to good restaurants.
By Bloomberg |
By Patrick Clark
A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding “the rise of the new aristocracy.”
Prospective homebuyers under 50 account for most of those shopping for homes priced at $1 million or more, according to the report. Nearly a quarter of high-net-worth consumers between 25 and 49 said they would look for at least 20,000 square feet when they made their next home purchase; it was just 6 percent for respondents 50 or older. The report is based on a survey of more than 500 consumers with at least $1 million in investable assets, conducted last month on behalf of Luxury Portfolio International, a network of real estate brokerages.
A millennial in search for the perfect abode.
Other home features deemed “essential” by a large share of these new aristocrats include hot tubs, at 45 percent; commercial-grade kitchen appliances, at 52 percent; and multiple-view security cameras, at 54 percent. Proximity to good restaurants was the most important community amenity in the survey results -- followed by proximity to family.
Three of five respondents under 50 said they expect to inherit at least $1 million, with an average inheritance of $3.8 million. Thanks to a tax provision passed under George W. Bush, a lot of that wealth is available sooner to today’s heirs. More than 171,000 families gave gifts of at least $1 million between 2011 and 2014, according to the report, a giant leap from about 7,600 families who made $1 million gifts between 2007 and 2010. Another boost will come from the new tax law, which cuts taxes on the rich, and a booming stock market that is translating into demand for luxury homes.
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The U.S. housing market has already responded to the demand for larger homes. In the years following the foreclosure crisis, builders focused on erecting larger, higher-end houses and condominiums, exacerbating a shortage of homes that entry-level buyers could afford. Median homes sizes have pulled back slightly since a peak in 2015, but today’s new homes are still nearly 50 percent larger than when the U.S. Census Bureau started keeping track in the late 1970s.
Want To Invest In A Rug For Your Home? Here's What You Should Know First
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Rugs and carpets have evolved over the years and each year there are different types, patterns, designs and colours that are on-trend. Carpets adorn your home like a piece of jewellery. Whether heirloom or newly-bought, a carpet can enhance the look and feel of a space.
Rugmaker Obeetee’s Angelique Dhama lists the trends to watch out for this year to ensure that you get the right embellishment for your home.
(Image: Obeetee)
Rugs and carpets have evolved over the years and each year there are different types, patterns, designs and colours that are on-trend. Carpets adorn your home like a piece of jewellery. Whether heirl..
Read More
In today’s often competitive space, everyone wants to make their homes attractive and unique. This is where designer handcrafted collections come into the picture. Fusing timeless traditional techniques with bold, contemporary colour palettes and edgy artistry, these rugs add unique character to a space. Opt for rugs that celebrate India's own textile traditions -- from vintage saris, to block prints, Ikat and even calligraphy -- but with an evolved design vocabulary.
(Image: Obeetee)
In today’s often competitive space, everyone wants to make their homes attractive and unique. This is where designer handcrafted collections come into the picture. Fusing timeless traditional techniq..
Read More
Whether based on age-old designs or modern updates, patterns and plays on patterns with all their nuances are making statements in rooms across the globe.
(Image: Obeetee)
Whether based on age-old designs or modern updates, patterns and plays on patterns with all their nuances are making statements in rooms across the globe.
(Image: Obeetee)
This year is all about muted, soothing shades. Blues combined with soft greys, or greige -- grey mixed with beige or ivory are the colours to watch out for.
(Image: Obeetee)
This year is all about muted, soothing shades. Blues combined with soft greys, or greige -- grey mixed with beige or ivory are the colours to watch out for.
(Image: Obeetee)
Carpets made from some quantity of recycled materials will make you feel good about doing your bit for nature. The world is turning towards sustainable fashion, and that stands true for the decor industry too. Rugs crafted from jute, hemp, organic cotton or nettle, and inspired by nature’s bounty are a great option.
Another trend to watch out for are carpet tiles and waterproof rugs.
Carpet tiles, some of which are made from recycled soda bottles, help you to remove stains in one go as you can simply take out that one tile and replace it with a new one. While waterproof carpets are the perfect substitute for hard mats to be placed outdoors as well as indoors.
(Image: Thinkstock)
Carpets made from some quantity of recycled materials will make you feel good about doing your bit for nature. The world is turning towards sustainable fashion, and that stands true for the decor ind..
Read More
This is a trend that will never go off the ‘top trends’ list. Handmade rugs -- whether hand-knotted, hand-tufted or flat-woven -- tell the story of the artisans that make them using ancient arts.
(Image: Thinkstock)
This is a trend that will never go off the ‘top trends’ list. Handmade rugs -- whether hand-knotted, hand-tufted or flat-woven -- tell the story of the artisans that make them using ancient arts.
(I..
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