In recent years, the concept of “luxury” linked to properties, cars, clothing and accessories in general, has taken on special importance. However, it is worth asking the following question: what determines that something is considered luxury, and more specifically, what is considered luxury in the sale of real estate? Discover below the most important aspects when buying a luxury property in Mexico.
In the specific case of real estate, the answer to this question has to do directly with simple but very important aspects to identify a luxury property, such as materials, finishes, design proposal, architecture, location, among others. Discover the most important ones below.
What defines a luxury property? Characteristics and main aspects to take into account
Investing in a luxury property can happen even before the house or apartment is started to be built. That is to say, there are real estate investment schemes called pre-sales, which allow you to buy at a price up to 30% less than the final value of the house or apartment.
In general, these types of projects are carried out by teams and professionals with extensive experience in the sector, which provides security and confidence throughout the process. Find out here everything you need to know before buying in presale.
The pre-sale concept is important because from this point it defines how the property will be delivered, and this is relevant in terms of pricing, interior design and habitability.
4 types of property delivery
- Shell
Prior to the black work, shell is a delivery modality where the fundamental structural part of the property has been completed. The advantage of this modality is that the new owner can define where he wants his walls, rooms, bedrooms, even outdoor areas.
- Black work
Includes the finished structure of the property, specifically walls, slabs, roofs and main pipes. At this point the property is still not habitable at all.
- Gray work
This stage already includes the installation of internal plumbing such as in the kitchen, bathrooms and patios, as well as wiring, utility connections and the like. This is when the property is ready to move on to the finishing stage.
- White work
It is here when the property already has all the basic finishes to make this place a livable space. Such as: painting, bathrooms, kitchen, floors, doors, among others.
During the process of these 3 stages, it is important to define what is most important to you and your habitability for the next 5, 10, 20 or as many years as necessaryThe property is considered luxury for people in general if you plan to view the property as a short-term investment (sale).
Real estate experts affirm that, by themselves, the size of the property, location, or even price, are not exactly relevant aspects to define whether a property is luxury or not. Although the sum of them is important to define it. Let’s take a look at it below.
In principle, for a property to be considered “luxury”, it is necessary that it meets the expectations and needs of the person who is going to live in it. It is in this journey where factors such as materials, finishes, interior design, space distribution and the value of the area come into play.
3 materials to create luxury interiors
- Stainless steels
This material stands out for its resistance and modern and minimalist aesthetics. Given the great natural prominence of this material, it is recommended to use it in a decorative way so as not to fall into excess. It works perfectly on tables, decorative centers, lamps, certain stair structures, kitchens and bathrooms .
- Timbers
Oak, mahogany, walnut and cherry are woods that relate directly to the elegance of sophistication in the details of a home. In general, these woods are highly durable as they maintain their solidity and natural color despite time. The dark brown and red tones they provide are unmatched when compared to other types of wood and paint.
- Natural stones
The use of natural stones for the interior and exterior decoration of a property gives unique dimensions and sensations, thanks to the variety of colors and textures that can be achieved. According to the type of stone you choose, you will achieve more elegant, rustic or modern environments. In this process, granite, slate and marble in its different variants will be your main allies.
Creative approach to design and functionality
Just like a limited edition car, or a high-end watch, it is important for a luxury property to have a unique architecture, design and exclusivity. In that sense, it is important that you as a buyer, or the real estate agent that accompanies you in the process, knows first hand top styles in the market, even a little bit of history. This will add significant value to the property.
An excellent example for this are the innovations and ideas that the great architect and urban planner Le Corbusier left as a legacy for modern design. The artist’s creative proposals range from large sliding windows, facades, gardens, internal distribution and structural function.
The Villa Savoye is a forerunner of modern design in many of today’s real estate developments. Technological elements of the time, such as functional pillars to support the structure, are rescued from this work.
Likewise, the interior of the house opts for the integration of ample spaces and the maximum use of natural light, thus projecting an aura of harmony and a completely new lifestyle .
Following this line we find the Olivo Gomes residence , located in Brazil. Although Le Corbusier’ s central ideas are respected, other core aspects are taken into account, such as the natural relationship with the environment and the organic integration of outdoor spaces.
The trend of organic integration of a home with nature has taken on special relevance in recent years. The following is an example of how luxury properties have been created in Valle de Bravo, State of Mexico, one of the areas with the highest added value and interest as a leisure destination in Mexico.
Property appreciation
Regarding this point, we remind you that we previously talked about the most important aspects to define the capital gain of a property, you can consult that information here.
High-end real estate is a great option to invest and obtain important profits thanks to the capital gains generated. In the Wealth Report 2021 by real estate intelligence firm Knight Frank found that 23% of average asset allocation in investment portfolios is focused on private real estate, while 20% on office and 9% on retail.
The world’s investors see luxury real estate as an opportunity to safeguard their wealth against the natural inflation of the passage of time. In order to obtain a return on this type of investment, the location of the house or apartment is taken into account, as well as the lifestyle and purchasing power of the nearby communities and the urban development projects that the government and private companies have in the pipeline. All this, added to the previous points, is what generates exclusivity and desire in a property in the long term.
Services also play an important role. In general, quieter areas away from the chaos of everyday life are very sought after, however, it is important to be able to carry out the daily activities of a person on a regular basis, such as going to: shopping centers, banks, hospitals, schools, supermarkets, etc. This is why access roads are essential, as well as the security of the area.
Knowledge of the luxury real estate market
Once the property has complied with the above points, it is necessary to have an overview of the market and what are the prices that are handled in a general way. While experience in investing in this type of real estate is important, it will always be much better to have access to a database that supports the purchase decision you are about to make .
At Nolab we have the necessary information and specialists with extensive experience to support you throughout your process. Finding your dream home has never been easier! Contact us, we currently have properties in the best areas of the Mexico City and State of Mexico, in addition, we are already in the Portugal, Spain and the United States.
