7 Types of Homes the Rich Will Buy in 2024
If you’ve been browsing the most expensive homes on Zillow when you get bored, you’re not alone. It’s always interesting to see what kinds of homes are available to the rich. But, what kinds of homes are they actually buying? Real estate experts weighed in to answer what wealthy buyers are looking for in real estate.
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Turnkey Homes
Experts say that those with the money don’t want to spend it on fixing up a home. Instead, they’re looking for something that already has the updated bells and whistles so they can just move in and enjoy.
“Their goal is to purchase, possibly work with their designer on interior items and then move right in quickly with no major work to be done by them,” said Ralph Herrera, the senior real estate advisor at Engel & Völkers.
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Homes With Minimal Maintenance
The days of fuzzy flooring and expansive greenery in the front and back yards might be behind us according to Laurel Vernazza, a home design expert at The Plan Collection.
“Many want materials in their home that require little to no time and upkeep, like hardwood floors over carpet, metal roofs, and composite decking. Outdoor xeriscaping and native plant gardens are also a trend.”
Xeriscaping means there’s little irrigation needed, which actually makes for a more environmentally friendly yard, as there’s little to no water waste.
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Smart Homes
Smart technology has come a long way, and that extends to homes. Now, wealthy buyers are looking for their residences to be just as smart as their cellphones.
“They expect their home to be totally connected,” Venazza said. “From the tips of their fingers on a mobile home, they want programmable LED lighting, energy-efficient heating and cooling, and audio systems. The home’s interior needs many outlets and a layout that facilitates the placement of charging stations, preferably hidden from view.”
This trend is really catching on: About 69 million homes in the United States are using some sort of smart home device.
Homes With Rooms for Relaxation
You might have not heard of a room catering to relaxation, but Nicolette Boxe, the luxury and NFL sports real estate agent at Hunt Country Sotheby’s International Realty, said that’s becoming more common for wealthy buyers.
“The latest trend among elite clientele involves the incorporation of specialized spaces that cater to relaxation,” Boxe said. “Meditation rooms designed for tranquility and mental rejuvenation are becoming a sought-after amenity for those who value mindfulness in their daily lives.”
Boxe said this goes as far as to include cryogenic water-freezing treatments, which can remove warts and skin tags.
Ultra-Secure Homes
If you have a lot of money, you might become a target for theft. Wealthy buyers tend to look for homes that offer a lot of security features to protect their assets and themselves.
“The inclusion of safe security rooms equipped with state-of-the-art technology offers a heightened sense of protection and peace of mind,” Boxe said. “Ballistic windows further emphasize the commitment to safety and resilience in the face of unforeseen challenges.”
Vernazza added that wealthier buyers might even opt to include a panic room or safe room for an added layer of security. At its most basic, a panic room includes a solid door with a deadbolt lock and a means for communicating with law enforcement. Depending on where a person lives, these rooms might be designed to withstand inclement weather events, like tornadoes. Some more upscale panic rooms might have walls of bulletproof glass and walls made out of steel.
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Homes With Substantial Acreage
Kersten Reed Bowman is a realtor at Corcoran Reverie who said that wealthy buyers are looking for homes that provide a lot of privacy. That means they need to have a lot of land to keep them far away from neighbors.
“Acreage is getting harder and harder to find as new developments take over popular areas.”
The rarity adds to some of the allure of getting a home with this much land, plus it gives you a great amount of solitude.
Homes With Gyms
Who needs a gym membership when you can build a gym right inside your home? Experts said building a gym into a home is a top priority for wealthy buyers.
“People who have means have the ability to be picky and more discerning when purchasing a home,” said Chelsea Werner, global real estate advisor at ONE Sotheby’s International Realty. “They will also want homes that provide untraditional amenities such as: gyms equipped with sauna, cold plunges, steam rooms or a roof deck with an outdoor kitchen and pool.”
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